Common use of Acceleration of Payment Clause in Contracts

Acceleration of Payment. If (a) any Event of Default occurs and notice of demand for payment under this Section 2.3 is given by the Required Lenders to any Guarantor, or (b) any Guarantor becomes a debtor in any bankruptcy case or the subject of any insolvency, reorganization, receivership, dissolution or liquidation proceeding commenced voluntarily by such Guarantor or (if it remains pending for more than 60 days or such Guarantor consents to entry of an order for relief therein) commenced involuntarily against such Guarantor, then (in each such event) all liability of such Guarantor under this Agreement that is not then due and payable shall thereupon become and be immediately due and payable, without notice or demand.

Acceleration of Payment. If (a) any Event of Default occurs and notice of demand for payment under this Section 2.3 9.3 is given by the Required Lenders to any Guarantor, or (b) any Guarantor becomes a debtor in any bankruptcy case or the subject of any insolvency, reorganization, receivership, dissolution or liquidation proceeding commenced voluntarily by such Guarantor or (if it remains pending for more than 60 days or such Guarantor consents to entry of an order for relief therein) commenced involuntarily against such Guarantor, then (in each such event) all liability of such Guarantor under this Agreement that is not then due and payable shall thereupon become and be immediately due and payable, without notice or demand.