Common use of Note Event of Default Clause in Contracts

Note Event of Default. The Issuer Security will become immediately enforceable upon the service of a Note Acceleration Notice or, if there are no Notes outstanding, upon failure by the Issuer to pay any other Issuer Secured Obligation on its due date (subject to any applicable grace period).

Note Event of Default. The Issuer Security will become immediately enforceable upon the service occurrence of a Note Acceleration Notice Event of Default or, if there are no Notes outstanding, upon failure by the Issuer to pay any other Issuer Secured Obligation Liability on its due date (subject to any applicable grace period).