Definition of Potential Payment Default

  1. Potential Payment Default means a Potential Default arising from a failure of the Company or the Lessee to pay any amount owing by it under this Agreement or the Operative Documents to which it is a party, which Potential Default has not yet become an Event of Default due to the effect of a grace period applicable thereto.

Examples of Potential Payment Default in a sentence

  1. No Potential Payment Default shall have occurred and be continuing; and

Definition of Potential Payment Default in Amended and Restated Credit Agreement

Potential Payment Default means a Potential Default arising from a failure of the Company or the Lessee to pay any amount owing by it under this Agreement or the Operative Documents to which it is a party, which Potential Default has not yet become an Event of Default due to the effect of a grace period applicable thereto.