Common use of Acceleration of Notes Clause in Contracts

Acceleration of Notes. If an Event of Default occurs, then and in each such event the Majority Noteholders may at any time (unless all such Events of Default shall theretofore have been waived or remedied) at its or their option, by written notice or notices to the Company, declare all the Notes to be due and payable in full. Upon any such declaration or upon the occurrence of an Event of Default pursuant to clause (h) of Section 14.1 hereof (in which case no declaration is required), all Notes shall forthwith immediately mature and become due and payable, together with interest accrued thereon, without presentment, demand, protest or notice, all of which are hereby waived. However, if, at any time after the principal of the Notes shall so become due and payable and prior to the date of maturity stated in the Notes, all arrears (without giving effect to any such acceleration) of principal and interest on the Notes (with interest at the rate specified in the Notes on any overdue principal and, to the extent legally enforceable, on any overdue interest) shall be paid by or for the account of the Company, then the Majority Noteholders, by written notice or notices to the Company, may rescind or annul such declaration. If any holder of a Note shall give any notice or take any other action with respect to a claimed default, the Company, forthwith upon receipt of such notice or obtaining knowledge of such other action, will give written notice thereof to all other holders of the Notes then outstanding, describing such notice or other action and the nature of the claimed default.

Acceleration of Notes. If (a) Subject to Section 8.1(c), if an Event of Default occurs(other than an Event of Default specified in clause (g) or (h) of Section 7 occurs and is continuing), then and in each such event the Majority Noteholders may at any time (unless all such Events of Default shall theretofore have been waived or remedied) at its or their optionHolders, by written notice or notices to the CompanyIssuer (a copy of which shall be provided to each other Holder; provided that such copy shall not constitute a notice for the purpose thereof), may declare the unpaid principal of and any accrued interest on all the Notes to be due and payable in fullpayable, and immediately upon such declaration, the principal and interest shall be due and payable. Upon any such declaration or upon the occurrence of If an Event of Default pursuant to specified in clause (g) or (h) of Section 14.1 hereof 7 occurs, such an amount shall ipso facto become and be immediately due and payable without any declaration or other act on the part of any Holder. (in which case no declaration is requiredb) Notwithstanding Section 8.1(a), but subject to Section 8.1(c), if an Event of Default specified in clauses (a) or (b) of Section 7 occurs and is continuing, any Holder, by notice to the Issuer (a copy of which shall be provided to each other Holder; provided that such copy shall not constitute a notice for the purpose thereof), may declare the unpaid principal of and any accrued interest on all the Notes shall forthwith immediately mature and become it holds to be due and payable, together with interest accrued thereonand immediately upon such declaration, without presentment, demand, protest or notice, all of which are hereby waived. However, if, at any time after the principal of the Notes shall so become due and payable and prior to the date of maturity stated in the Notes, all arrears (without giving effect to any such acceleration) of principal and interest on the Notes shall be due and payable. (with interest at the rate specified in the Notes on any overdue principal and, c) The Holder by notice to the extent legally enforceable, on any overdue interest) Issuer (a copy of which shall be paid by or provided to each other Holder; provided that such copy shall not constitute a notice for the account purpose thereof) may rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of principal or interest that have become due solely because of the Company, then the Majority Noteholders, by written notice or notices to the Company, may rescind or annul such declaration. If any holder of a Note shall give any notice or take any other action with respect to a claimed default, the Company, forthwith upon receipt of such notice or obtaining knowledge of such other action, will give written notice thereof to all other holders of the Notes then outstanding, describing such notice or other action and the nature of the claimed defaultacceleration.

Acceleration of Notes. If an Event of Default occurs, then and in each such event the Majority Noteholders may at any time (unless all such Events of Default shall theretofore have been waived or remediedA) at its or their option, by written notice or notices to the Company, declare all the Notes to be due and payable in full. Upon any such declaration or upon the occurrence of an Event of Default pursuant to clause described in Subsections (hA) or (B) of Section 14.1 hereof (in which case no declaration is required)13.1 with respect to any Note, all Notes the holder of any such Note may, by written notice to the Borrower, declare such Note to be, and the same shall forthwith become, immediately mature and become due and payable, together with at a price (the "Acceleration Price") equal to the sum of (i) the greater of the principal amount being declared immediately due and payable or the Present Value Amount, plus (ii) all accrued but unpaid interest accrued thereonon the principal amount being declared immediately due and payable, all without presentment, demand, notice, protest or other requirements of any kind, all of which are hereby expressly waived. If any holder of any Note shall exercise the option specified in this Subparagraph (A), the Borrower shall forthwith give written notice thereof to the holders of all other outstanding Notes and each such holder may (whether or not such notice is given or received), by written notice to the Borrower, declare the principal of all Notes held by it to be, and the same shall forthwith become, immediately due and payable, at a price equal to the Acceleration Price. (B) Upon the occurrence of any Event of Default described in Subsections 13.1(C), (D), (E), (F), (G) or (K) of Section 13.1, the Majority Holders may, by written notice to the Borrower, declare all of the Notes to be, and the same shall forthwith become, immediately due and payable, at a price equal to the Acceleration Price, without any presentment, demand, notice, protest or other requirement of any kind, all of which are hereby expressly waived. (C) Upon the occurrence of an Event of Default described in Subsections (H), (I) and (J) of Section 13.1, all of the Notes shall automatically become immediately due and payable, at a price equal to the Acceleration Price, without presentment, demand, notice, protest or noticeother requirements of any kind, all of which are hereby expressly waived. However, if, at any time after the principal of the Notes shall so become due and payable and prior to the date of maturity stated in the Notes, all arrears (without giving effect to any such acceleration) of principal and interest on the Notes (with interest at the rate specified in the Notes on any overdue principal and, to the extent legally enforceable, on any overdue interest) shall be paid by or for the account of the Company, then the Majority Noteholders, by written notice or notices to the Company, may rescind or annul such declaration. If any holder of a Note shall give any notice or take any other action with respect to a claimed default, the Company, forthwith upon receipt of such notice or obtaining knowledge of such other action, will give written notice thereof to all other holders of the Notes then outstanding, describing such notice or other action and the nature of the claimed default.

Acceleration of Notes. If an Event of Default occurs, then and in each such event the Majority Noteholders may at any time (unless all such Events of Default shall theretofore have been waived or remediedA) at its or their option, by written notice or notices to the Company, declare all the Notes to be due and payable in full. Upon any such declaration or upon the occurrence of an Event of Default pursuant to clause described in Subsections (hA) or (B) of Section 14.1 hereof (in which case no declaration is required)13.1 with respect to any Note, all Notes the holder of any such Note may, by written notice to the Borrower, declare such Note to be, and the same shall forthwith become, immediately mature and become due and payable, together with at a price (the “Acceleration Price”) equal to the sum of (i) the greater of the principal amount being declared immediately due and payable or the Present Value Amount, plus (ii) all accrued but unpaid interest accrued thereonon the principal amount being declared immediately due and payable, all without presentment, demand, notice, protest or other requirements of any kind, all of which are hereby expressly waived. If any holder of any Note shall exercise the option specified in this Subparagraph (A), the Borrower shall forthwith give written notice thereof to the holders of all other outstanding Notes and each such holder may (whether or not such notice is given or received), by written notice to the Borrower, declare the principal of all Notes held by it to be, and the same shall forthwith become, immediately due and payable, at a price equal to the Acceleration Price. (B) Upon the occurrence of any Event of Default described in Subsections 13.1(C), (D), (E), (F), (G) or (K) of Section 13.1, the Majority Holders may, by written notice to the Borrower, declare all of the Notes to be, and the same shall forthwith become, immediately due and payable, at a price equal to the Acceleration Price, without any presentment, demand, notice, protest or other requirement of any kind, all of which are hereby expressly waived. (C) Upon the occurrence of an Event of Default described in Subsections (H), (I) and (J) of Section 13.1, all of the Notes shall automatically become immediately due and payable, at a price equal to the Acceleration Price, without presentment, demand, notice, protest or noticeother requirements of any kind, all of which are hereby expressly waived. However, if, at any time after the principal of the Notes shall so become due and payable and prior to the date of maturity stated in the Notes, all arrears (without giving effect to any such acceleration) of principal and interest on the Notes (with interest at the rate specified in the Notes on any overdue principal and, to the extent legally enforceable, on any overdue interest) shall be paid by or for the account of the Company, then the Majority Noteholders, by written notice or notices to the Company, may rescind or annul such declaration. If any holder of a Note shall give any notice or take any other action with respect to a claimed default, the Company, forthwith upon receipt of such notice or obtaining knowledge of such other action, will give written notice thereof to all other holders of the Notes then outstanding, describing such notice or other action and the nature of the claimed default.

Acceleration of Notes. If an Event of Default occurs, then and in each such event the Majority Noteholders may at any time (unless all such Events of Default shall theretofore have been waived or remedied) at its or their option, by written notice or notices to the Company, declare all the Notes to be due and payable in full. Upon any such declaration or upon the occurrence of an Event of Default pursuant to clause (hviii) of Section 14.1 hereof (in which case no declaration is required), all Notes shall forthwith immediately mature and become due and payable, together with interest accrued thereon, plus an amount equal to the Prepayment Premium, if any, without presentment, demand, protest or notice, all of which are hereby waived. However, if, at any time after the principal of the Notes shall so become due and payable and prior to the date of maturity stated in the Notes, all arrears (without giving effect to any such acceleration) of principal and interest on the Notes (with interest at the rate specified in the Notes on any overdue principal and, to the extent legally enforceable, on any overdue interest) shall be paid by or for the account of the Company, then the Majority Noteholders, by written notice or notices to the Company, may rescind or annul such declaration. If any holder of a Note shall give any notice or take any other action with respect to a claimed default, the Company, forthwith upon receipt of such notice or obtaining knowledge of such other action, will give written notice thereof to all other holders of the Notes then outstanding, describing such notice or other action and the nature of the claimed default.

Acceleration of Notes. If an Event of Default occurs, then and in each such In the event the Majority Noteholders may at that any time (unless all such Events of Default shall theretofore have been waived or remedied) at its or their option, by written notice or notices to the Company, declare all the Notes to be Note is declared due and payable before its expressed maturity for any reason, or in full. Upon the event that any such declaration default in the payment of principal, premium, if any, or upon interest on any Senior Debt shall occur and be continuing, in each case, under circumstances when the occurrence provisions of an Event subparagraph (1) shall not be applicable, then unless payment in full shall have first been made of Default pursuant to clause (h) all principal of Section 14.1 hereof (in which case no declaration is required)and premium, if any, and interest on, all Notes shall forthwith immediately mature and become due and payableSenior Debt, together with interest accrued thereon, without presentment, demand, protest or notice, all of which are hereby waived. However, if, at any time after (a) the principal holders of the Notes shall so become due and payable and prior not be entitled to receive any payment on account of the date of maturity stated in the Notes, all arrears (without giving effect to any such acceleration) of principal and or interest on the Notes due and payable solely by virtue of any such acceleration (with interest at the rate specified payments due immediately prior to such acceleration and payments thereafter becoming due on scheduled payment or maturity dates as if there had been no such acceleration not being prohibited except during any period of suspension as provided in the following clause (b), and (b) all other payments on account of principal or interest on the Notes on shall be suspended during any overdue principal andperiod: (a) of 120 days after such declaration of acceleration of Notes, or after written notice of such default in the payment of Senior Debt shall have been given to the extent legally enforceable, on any overdue interest) Company and to the holders of the two largest principal amounts of the Notes outstanding as certified by the Company; provided that no such notice shall be paid by or counted for such purpose if a previous such notice shall have been given and all defaults in the account payment of principal, premium, if any, and interest on Senior Debt shall not subsequent to such previous notice have been made good and cured; or (b) in which judicial proceedings shall be pending in respect of any such default in the payment of Senior Debt, a notice of acceleration of the Company, then the Majority Noteholders, by written notice or notices maturity of such Senior Debt shall have been transmitted to the Company, may rescind or annul Company in respect of such declarationdefault and such judicial proceedings shall be diligently pursued in good faith. If The Company agrees that if any holder of a Note default shall give any notice or take any other action occur with respect to a claimed default, any Senior Debt permitting the holders of such Senior debt to accelerate the maturity thereof the Company will give prompt notice in writing of such happening to all known holders of Senior Debt and shall certify to each such holder the names of the holders of the two largest principal amounts of the Notes outstanding. The Company, forthwith upon receipt of such any notice received by it pursuant to this subparagraph (3), shall send a copy thereof by registered mail or obtaining knowledge by telegram to each holder of such other action, will give written notice thereof to all other holders of a Note at the Notes then time outstanding, describing such notice or other action and the nature of the claimed default.