Common use of Acceleration of Payment of Notes Clause in Contracts

Acceleration of Payment of Notes. If payment of the Notes is accelerated because of an Event of Default, the relevant Subsidiary Guarantor or the Trustee (at the expense and request of such Subsidiary Guarantor) shall promptly notify the holders of the Designated Senior Indebtedness of such Subsidiary Guarantor (or the Representative of such holders) of the acceleration. If any Designated Senior Indebtedness of a Subsidiary Guarantor is outstanding, any demand for payment under such Subsidiary Guarantee will not be effective with respect to such Subsidiary Guarantor, and such Subsidiary Guarantor may not pay its Subsidiary Guarantee, until five Business Days after such holders receive or the Representative of each Designated Senior Indebtedness of such Subsidiary Guarantor receives notice of such demand and, thereafter, such Subsidiary Guarantor may pay its Subsidiary Guarantee only if this Article XV otherwise permits payment at that time. If a demand for payment is made on a Subsidiary Guarantor pursuant to Article XIII, the Trustee shall promptly notify the holders of the Designated Senior Indebtedness of such Subsidiary Guarantor (or their Representatives) of such demand.