Common use of Declaration of Principal and Accrued Clause in Contracts

Declaration of Principal and Accrued. INTEREST DUE UPON DEFAULT; HOLDERS OF SPECIFIED PERCENTAGE OF NOTES MAY WAIVE DEFAULT DECLARATION. In the event that an Event of Default has occurred, then the Trustee may, at its election, and shall, upon the written direction of the holders of not less than twenty-five percent (25%) of the aggregate Principal amount of the Outstanding Notes, by written notice to the Company, declare the entire unpaid Principal amount of all of the Notes and all accrued Interest thereon to be immediately due and payable in full, and such Principal and Interest shall thereupon become and be immediately due and payable in full. Notwithstanding the foregoing, any acceleration of the Notes pursuant to this Section 5.3 shall be subject to the right of the holders of not less than a majority in Principal amount of all Outstanding Notes, by written notice to the Company and to the Trustee, thereafter to consent to a waiver of such past Default before any final judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided and if before such judgment or decree all covenants with respect to which Default shall have been made shall be fully performed or made good to the reasonable satisfaction of the Trustee, and all arrears of Interest at the Interest rate per annum applicable to the Notes and the Principal of all Outstanding Notes which shall have become due otherwise than by acceleration under this Section 5.3 and all sums paid or advanced by the Trustee hereunder and the reasonable compensation, disbursements, expenses and advances of the Trustee, its agents and attorneys, except the Principal of any Notes not then due by their terms and except Interest accrued on such Notes since the last Payment Date, shall be paid, or the amount thereof shall be paid to the Trustee for the benefit of those entitled thereto; in which event, such Default and its consequences shall thereupon be deemed to have been cured and such declaration of the maturity of the Notes shall be void and of no further effect, but no such cure shall extend to or affect any subsequent Default or impair any right consequent thereon.

Declaration of Principal and Accrued. INTEREST DUE UPON DEFAULT; HOLDERS OF SPECIFIED PERCENTAGE OF NOTES MAY WAIVE DEFAULT DECLARATION. In the event that (1) an Event of Default has occurredoccurred and is continuing under subsections 7.1 (A), then the Trustee may(B), at its election(C), (D), (G) or (H) hereof, and shall, upon the written direction of (2) the holders of not less than twenty-five percent (25%) of the aggregate Principal principal amount of the Outstanding Notes shall direct Trustee in writing to accelerate the indebtedness evidenced by the Notes, then the Trustee shall, by written notice to the Company, immediately declare the entire unpaid principal amount of all of the Notes and all accrued interest thereon to be immediately due and payable in full, and such principal and interest shall thereupon become immediately due and payable in full. In the event that (1) an Event of Default under subsections 7.1 (A), (B), (C), (D), (G) or (H) hereof has occurred and has continued for a period of more than 180 consecutive days (regardless of whether any holders of the Notes have directed Trustee to accelerate the Notes), or (2) any other Event of Default has occurred and is continuing under Section 7.1 hereof, then the Trustee may, at its election, by written notice to the Company, declare the entire unpaid Principal principal amount of all of the Notes and all accrued Interest interest thereon to be immediately due and payable in full, and such Principal principal and Interest interest shall thereupon become and be immediately due and payable in full. Notwithstanding the foregoing, any acceleration of the Notes pursuant to this Section 5.3 7.3 shall be subject to the provisions of Section 16.5 hereof and to the right of the holders of not less than a majority in Principal principal amount of all Outstanding Notes, by written notice to the Company and to the Trustee, Trustee thereafter to consent to a waiver of such past Default before any final judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided and if before such judgment or decree all covenants with respect to which Default shall have been made shall be fully performed or made good to the reasonable satisfaction of the Trustee, and all arrears of Interest interest with interest upon overdue installments of interest (to the extent that payment of such interest is enforceable under applicable law) at the Interest interest rate per annum applicable to the Notes and the Principal principal of all Outstanding Notes which shall have become due otherwise than by acceleration under this Section 5.3 7.3 and all sums paid or advanced by the Trustee hereunder and the reasonable compensation, disbursements, expenses and advances of the Trustee, its agents and attorneys, and all other indebtedness secured hereby, except the Principal principal of any Notes not then due by their terms and except Interest interest accrued on such Notes since the last Interest Payment Date, shall be paid, or the amount thereof shall be paid to the Trustee for the benefit of those entitled thereto; in which event, such Default and its consequences shall thereupon be deemed to have been cured and such declaration of the maturity of the Notes shall be void and of no further effect, but no such cure shall extend to or affect any subsequent Default or impair any right consequent thereon.

Declaration of Principal and Accrued. INTEREST DUE UPON DEFAULT; HOLDERS OF SPECIFIED PERCENTAGE OF NOTES MAY WAIVE DEFAULT DECLARATION. In the event that If an Event of Default has occurredoccurs and is continuing, then the Trustee may, at its election, and shall, upon the written direction of the holders of not less than twenty-five percent (25%) of the aggregate Principal in principal amount of the Outstanding NotesNotes at the time outstanding under the Indenture may, by written notice in writing given to the Company, Company (and to the Trustee if such notice be given by Noteholders) declare the entire unpaid Principal amount principal of all of the Notes and all the interest accrued Interest thereon to be immediately due and payable in fullpayable, and such Principal principal and Interest interest shall thereupon become and be immediately due and payable in full. Notwithstanding the foregoingpayable; subject, any acceleration of the Notes pursuant to this Section 5.3 shall be subject however, to the right of the holders of not less than a majority in Principal principal amount of all Outstanding outstanding Notes, by written notice to the Company and to the Trustee, Trustee thereafter to consent to a waiver of such past Default before any final judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided and if before such judgment or decree all covenants with respect to which Default shall have been made shall be fully performed or made good to the reasonable satisfaction of the Trustee, and all arrears of Interest interest with interest upon overdue installments of interest (to the extent that payment of such interest is enforceable under applicable law) at the Interest interest rate per annum applicable to the Notes and the Principal principal and premium, if any, of all Outstanding outstanding Notes which shall have become due otherwise than by acceleration under this Section 5.3 SECTION 7.3 and all sums paid or advanced by the Trustee hereunder and the reasonable compensation, disbursements, expenses and advances of the Trustee, its agents and attorneys, and all other indebtedness secured hereby, except the Principal principal of any Notes not then due by their terms and except Interest interest accrued on such Notes since the last applicable Interest Payment Date, shall be paid, or the amount thereof shall be paid to the Trustee for the benefit of those entitled thereto; in which event, such . Such Default and its consequences shall thereupon be deemed to have been cured and such declaration of the maturity of the Notes shall be void and of no further effect, but no such cure shall extend to or affect any subsequent Default or impair any right consequent thereon.