Common use of Consequences of a Default Clause in Contracts

Consequences of a Default. (1) On or after the occurrence of any Event of Default that is continuing, at the option of the Collateral Agent, (a) any or all of the Obligations not yet payable will become immediately payable, without presentment, protest, notice of protest or notice of dishonour, all of which are expressly waived and (b) the security granted hereby will become immediately enforceable.

Consequences of a Default. (1) On or after the occurrence of any Event of Default that is continuing, at the option of the Collateral AgentNoteholder, (a) any or all of the Obligations not yet payable will become immediately payable, without presentment, protest, notice of protest or notice of dishonour, all of which are expressly waived and (b) the security granted hereby will become immediately enforceable.