Common use of Event of Default and Change of Circumstances Clause in Contracts

Event of Default and Change of Circumstances. If an event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes a Change of Circumstances as referred to in subsection 2(a)(ii), it will be treated as a Change of Circumstances and will not constitute an Event of Default, except that any event as described in subsection 1(a)(vii) will always be treated as an Event of Default and not as a Change of Circumstances. 7.

Event of Default and Change of Circumstances. If an event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes a Change of Circumstances as referred to in subsection 2(a)(ii), it will be treated as a Change of Circumstances and will not constitute an Event of Default, except that any event as described in subsection 1(a)(vii1(a)(viii) will always be treated as an Event of Default and not as a Change of Circumstances. 7.

Event of Default and Change of Circumstances. If an event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes a Change of Circumstances as referred to in subsection 2(a)(ii), it will be treated as a Change of Circumstances and will not constitute an Event of Default, except that any event as described in subsection 1(a)(vii) will always be treated as an Event of Default and not as a Change of Circumstances. 7.