Common use of Events of Default Defined; Acceleration of Maturity Clause in Contracts

Events of Default Defined; Acceleration of Maturity. If any one or more of the following events ("EVENTS OF DEFAULT") shall occur and is continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), that is to say: (a) if default shall be made in the due and punctual payment of all or any part of the principal of, or premium (if any) on, any Note when and as the same shall become due and payable, whether at the stated maturity thereof, by notice of or demand for prepayment, or otherwise; (b) if default shall be made in the due and punctual payment of any interest on any Note when and as such interest shall become due and payable and such default shall have continued for a period of five days;

Events of Default Defined; Acceleration of Maturity. If any one or more of the following events ("EVENTS OF DEFAULTEvents of Default") shall occur and is continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), that is to say: (a) if default shall be made in the due and punctual payment of all or any part of the principal of, of or any premium (if any) on, any Note when and as the same shall become due and payable, whether at the stated maturity thereof, by notice of or demand for prepayment, or otherwise; (b) if default shall be made in the due and punctual payment of any interest on any Note or any fee or other amount due under the Notes when and as such interest the same shall become due and payable and such default shall have continued for a period of five days;