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If you want to know if something is possible, why don't you try it? If you try this with your example, you will get an error, because "OR" operators work on booleans, and your IFNULL() functions return date-times. I suggest you nest them: IFNULL([Time],IFNULL([Time 2],IFNULL([Time 3],[Time 4]))), which will return a single date-time value.
Yes I know that it throws an error, thats why I'm asking if what I am trying to do is possible:) Thanks your suggestion works.