Common use of Proof of Default Clause in Contracts

Proof of Default. Proof that the Issuer has failed to make a payment of Principal when due under the Conditions to the holder of any one ETP Security shall (unless the contrary be proved) be sufficient evidence that it has made the same default as regards all other ETP Securities that are then payable.

Proof of Default. Proof that the Issuer has failed to make a payment of Principal or an Interest Amount when due under the Conditions to the holder of any one ETP Security shall (unless the contrary be proved) be sufficient evidence that it has made the same default as regards all other ETP Securities that are then payable.