Common use of Acceleration of Bonds Clause in Contracts

Acceleration of Bonds. In the case of the happening and continuance of any of the events of default specified in Section 7.01 hereof, then in any such case the Trustee, by notice in writing mailed to the Authority, may, and shall, upon written request of the registered owners of twenty-five percent (25%) in principal amount of the Bonds then outstanding hereunder, declare the principal of all Bonds hereby secured and then outstanding, and the interest accrued thereon, immediately due and payable, and upon such declaration such principal and interest shall become and be immediately due and payable; provided, however, the registered owners of a majority in principal amount of all such outstanding Bonds, by written notice to the Authority and to the Trustee, may annul such declaration and destroy its effect at any time if all agreements with respect to which default has been made are fully performed and all such defaults are cured, and all arrears of interest upon all Bonds outstanding hereunder and the reasonable expenses and charges of the Trustee, its agents and attorneys, and all other indebtedness secured hereby, except the principal of any Bonds not then due by their terms and interest accrued thereon since the then last interest payment date, are paid or the amount thereof is paid to the Trustee for the benefit of those entitled thereto.

Acceleration of Bonds. In the case of the happening and continuance of any of the events of default specified in Section 7.01 hereof, then in any such case the Trustee, by notice in writing mailed to the Authority, may, and shall, upon written request of the registered owners of twenty-five percent (25%) in principal amount of the 2023 Bonds then outstanding hereunder, declare the principal of all 2023 Bonds hereby secured and then outstanding, and the interest accrued thereon, immediately due and payable, and upon such declaration such principal and interest shall become and be immediately due and payable; provided, however, the registered owners of a majority in principal amount of all such outstanding 2023 Bonds, by written notice to the Authority and to the Trustee, Trustee may annul such declaration and destroy its effect at any time if all agreements with respect to which default has been made are fully performed and all such defaults are cured, and all arrears of interest upon all 2023 Bonds outstanding hereunder and the reasonable expenses and charges of the Trustee, its agents and attorneys, and all other indebtedness secured hereby, except the principal of any 2023 Bonds not then due by their terms and interest accrued thereon since the then last interest payment date, are paid or the amount thereof is paid to the Trustee for the benefit of those entitled thereto.

Acceleration of Bonds. In the case of the happening and continuance of any of the events of default specified in Section 7.01 hereof, then in any such case the Trustee, by notice in writing mailed to the AuthorityCorporation, may, and shall, upon written request of the registered owners of twenty-five percent (25%) in principal amount of the Bonds then outstanding hereunder, shall declare the principal of all Bonds hereby secured and then outstanding, and the interest accrued thereon, immediately due and payable, and upon such declaration such principal and interest shall become and be immediately due and payable; providedsubject, however, to the right of the registered owners of a majority in principal amount of all such outstanding Bonds, Bonds by written notice to the Authority Corporation and to the Trustee, may to annul such each declaration and destroy its effect at any time if all agreements with respect to which default has been made are fully performed and all such defaults are cured, and all arrears of interest upon all Bonds outstanding hereunder and the reasonable expenses and charges of each of the Trustee, the Registrar and the Paying Agent its agents and attorneys, and all other indebtedness secured hereby, except the principal of any Bonds not then due by their terms and interest accrued thereon since the then last interest payment date, are paid or the amount thereof is paid to the Trustee for the benefit of those entitled thereto.

Acceleration of Bonds. In the case of the happening and continuance of any of the events of default specified in Section 7.01 hereof, then in any such case the Trustee, by notice in writing mailed to the Authority, may, and shall, upon written request of the registered owners of twenty-five percent (25%) in principal amount of the Bonds then outstanding hereunder, declare the principal of all Bonds hereby secured and then outstanding, and the interest accrued thereon, immediately due and payable, and upon such declaration such principal and interest shall become and be immediately due and payable; provided, however, the registered owners of a majority in principal amount of all such outstanding Bonds, by written notice to the Authority and to the Trustee, may annul such declaration and destroy its effect at any time if all agreements with respect to which default has been made are fully performed and all such defaults are cured, and all arrears of interest upon all Bonds outstanding hereunder and the reasonable expenses and charges of the Trustee, its agents and attorneys, and all other indebtedness secured hereby, except the principal of any Bonds not then due by their terms and interest accrued thereon since the then last interest payment dateInterest Payment Date, are paid or the amount thereof is paid to the Trustee for the benefit of those entitled thereto.