Common use of Accelerated Contribution Clause in Contracts

Accelerated Contribution. Upon the occurrence and during the continuance of any Acceleration Event, the Administrative Agent shall be permitted to instruct the Collateral Agent in writing to, and, if so instructed, the Collateral Agent shall, deliver a written demand to the Parent requesting payment by the Parent of the Accelerated Contribution Amount as of such date and providing notice to the Parent of the occurrence of such Acceleration Event. Within three Business Days following such demand (the “Accelerated Contribution Date”), the Parent shall pay to the Collateral Agent for application in accordance with the Collateral Agency Agreement the Accelerated Contribution Amount in full pursuant to Section 2.01(c). Upon the occurrence of any Acceleration Event, the Accelerated Contribution Amount of the Parent shall automatically become due and payable without (except as expressly set forth in the preceding sentence) presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Parent. Upon the payment by the Parent of the Accelerated Contribution Amount to the Collateral Agent, the Parent shall be deemed to have made an equity contribution to the Borrower in the amount of such Accelerated Contribution Amount.