Common use of Effects of an Event of Default Clause in Contracts

Effects of an Event of Default. Upon the happening of one or more Events of Default: 4.2.1 If an Event of Default occurs under paragraphs 5.1.1 through 5.1.8 hereof, the Lender’s obligations hereunder shall be cancelled immediately, automatically and without notice, and the unpaid principal of the Loan with interest accrued thereon shall become immediately due and payable without any presentment, demand, protest, notice of protest or notice of any kind, all of which are hereby expressly waived.

Effects of an Event of Default. Upon the happening of one or more Events of Default: 4.2.1 5.2.1 If an Event of Default occurs under paragraphs 5.1.1 through 5.1.8 hereof, the LenderBank’s obligations hereunder shall be cancelled immediately, automatically and without notice, and the unpaid principal of the Loan with interest accrued thereon shall become immediately due and payable without any presentment, demand, protest, notice of protest or notice of any kind, all of which are hereby expressly waived.