Common use of Statement as to Default Clause in Contracts

Statement as to Default. (a) PEC will deliver to the Trustee, within 120 days after the end of each fiscal year of PEC ending after the date hereof, a certificate, signed by the principal executive officer, principal financial officer or principal accounting officer of PEC, stating whether or not to the best knowledge of the signers thereof PEC, is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if PEC shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge.

Statement as to Default. (a) PEC will deliver to the Trustee, within 120 days after the end of each fiscal year of PEC ending after the date hereof, a certificate, signed by the principal executive officer, principal financial officer or principal accounting officer of PEC, stating whether or not to the best knowledge of the signers thereof PEC, is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if PEC shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge. (b) PEC will deliver to the Trustee, within five days after the occurrence thereof, written notice of any event which after notice or lapse of time would become an Event of Default pursuant to clause (4) of Section 501.