Effect of Acceleration. If the vesting of the Option accelerates ---------------------- due to a Change in Control or is accelerated by the Committee pursuant to Section 13.9 of the Plan (i.e., events that could lead to a Change in Control), the Committee shall determine (i) whether the fully exercisable Option will expire after a designated period of time to the extent not then exercised, (ii) whether the difference between the Exercise Price and the Fair Market Value of the Option Shares as of a date designated by the Committee will be settled in cash, (iii) whether the Option will be assumed by another party to the transaction giving rise to the acceleration or otherwise be equitably converted in connection with such transaction, or (iv) any combination of the foregoing.
Effect of Acceleration. Upon this Note becoming due and payable under this Section 5, whether automatically or by declaration, this Note will forthwith mature and the entire unpaid principal amount of this Note, plus all accrued and unpaid interest thereon (to the full extent permitted by applicable law), shall be immediately due and payable.
Effect of Acceleration. No Notes may be redeemed if the principal amount of the Notes has been accelerated pursuant to Article 7, and such acceleration has not been rescinded, on or prior to the Redemption Date (except in the case of an acceleration resulting from a Default by the Company in the payment of the applicable Redemption Price with respect to such Notes).
Effect of Acceleration. If the Option is accelerated pursuant to Section 1.7 of this Agreement, the Committee may, in its sole discretion, provide (i) that the Option will expire after a designated period of time after such acceleration to the extent not then exercised, (ii) that the Option will be settled in cash rather than Stock, (iii) that the Option will be assumed by another party to the transaction giving rise to the acceleration or otherwise be equitably converted in connection with such transaction, or (iv) any combination of the foregoing.
Effect of Acceleration. If Secured Party is entitled to and elects to accelerate the maturity of any Loan, or if Secured Party permits Debtor to prepay the indebtedness described herein, any amounts which because of such action would constitute interest may never include more than the maximum rate of interest authorized by applicable law and any such excess interest, if any, provided for in this Agreement or otherwise, shall be credited to Debtor automatically as of the date of acceleration or prepayment.
Effect of Acceleration. If you elect to have all of the Insured's Eligible Amount paid as an Accelerated Benefit, this contract will terminate on the date the benefit is paid. Any riders on this contract that provide insurance on the life of any other person will be administered according to the rider provisions regarding the death of the Insured. If only a portion of the Eligible Amount is paid as an Accelerated Benefit, this contract will remain in force and the cost of insurance, amount of insurance, amount of any loan balance and Accumulated Value of the contract will be reduced. The amount of insurance, loan balance and accumulated value in each subaccount will be reduced by the same percentage as the percentage of the Eligible Amount that you elect to receive as an Accelerated Benefit. The new cost of insurance will be that which would have been charged for the new face amount based on the Date of Issue of this contract and the Insured's issue age. Any insurance not included in the calculation of the Eligible Amount will not be affected. We will send you information showing the new cost of insurance, amount of insurance, contract loan amount and Accumulated Value. Existing provisions for premium payments will continue. If you elect to have only a portion of the Eligible Amount paid as an Accelerated Benefit, you may make later requests for additional Accelerated Benefits.
Effect of Acceleration. 9.2.1 In the event of the occurrence of an Event of Default or any other ground for termination of the Agreement, no further Drawdowns may be made for so long as the Borrower (and/or the Guarantor) has/have not cured the default in question (unless the Borrower (and/or the Guarantor) is/are granted a grace period pursuant to the provisions of Article 9.1) or, if no grace period is contemplated, until the Majority Banks, after having consulted with the Agent, have ruled on whether it is appropriate to declare that the Bridge Loan has been accelerated.
9.2.2 At the request of the Majority Banks following the occurrence of an Event of Default or, where applicable, after the Agent has noted following the expiration of the applicable grace period that the Borrower and/or the Guarantor have not cured the Event of Default in question, the Agent shall advise the Borrower by simple notice:
(a) that each Bank's commitment is terminated, effective immediately. Said termination shall occur by operation of law, without any requirement of any other prior notice or formal notice of any type whatsoever to the Borrower; and
(b) that all sums advanced by the Banks in performance of the Agreement have become immediately due and payable. As a result, all such sums, as well as all interest accrued thereon and all such other amounts as may be owed under the Agreement, and in particular those discussed in Article 13 ("Expenses and Compensation"), shall become immediately due and payable by operation of law without there being any requirement of any prior notice or formal notice of any type whatsoever to the Borrower.
