Common use of Acceleration on Default Clause in Contracts

Acceleration on Default. (1) If an Event of Default has occurred and is continuing the Trustee may, and shall upon receipt of a Debentureholders’ Request from the holders of the Debentures of any series, declare the principal of and interest on the Debentures of such series and all other money payable hereunder with respect to such Debentures to be immediately due and payable, whereupon the same shall be immediately paid by or on behalf of the Corporation to the Trustee for the benefit of the holders of such Debentures all without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Corporation. Such payment when made shall be deemed to have been made in satisfaction and discharge of the Corporation’s payment obligations hereunder in respect of the Debentures of the applicable series and any moneys so received by the Trustee shall be applied as herein provided. (2) In the case of the occurrence of an Event of Default described in any of subsections 7.1(6) through (10), the principal of and interest on the Debentures then outstanding and any other moneys payable hereunder to be due and payable shall forthwith become immediately due and payable to the Trustee without any declaration or other act on the part of the Trustee or any Debentureholder, notwithstanding anything contained herein to the contrary, and the Corporation shall pay forthwith to the Trustee for the benefit of the Debentureholders the principal of and accrued and unpaid interest (including interest on amounts in default) on the Debentures and all other moneys payable hereunder, together with subsequent interest thereon at the rate borne by the Debentures from the date of such declaration until payment is received by the Trustee. Such payment when made shall be deemed to have been made in discharge of the Company’s obligations hereunder and any moneys so received by the Trustee shall be applied as provided in Section 7.7.

Acceleration on Default. (1) If an any Event of Default has occurred shall occur and is continuing be continuing, the Trustee Lender may, by notice to the Borrower, declare its commitment to advance the Facility or any portion thereof to be terminated, whereupon the same shall forthwith terminate, and shall upon receipt of a Debentureholders’ Request from may declare the holders entire unpaid principal amount of the Debentures of any seriesFacility, declare the principal of all interest accrued and interest on the Debentures of such series unpaid thereon and all other money payable fees, charges, costs and other amounts hereunder with respect to such Debentures to be immediately forthwith due and payable, whereupon the same shall be immediately paid by or on behalf principal amount of the Corporation to Facility, all such accrued interest and all other fees, charges, costs and other amounts hereunder, including the Trustee for the benefit of the holders of such Debentures all applicable Prepayment Premium, shall become and be forthwith due and payable, without any presentment, demand, protest or other further notice of any kind, all of which are hereby expressly waived by the Corporation. Such payment when made shall be deemed to have been made in satisfaction and discharge of the Corporation’s payment obligations hereunder in respect of the Debentures of the applicable series and any moneys so received by the Trustee shall be applied as herein provided. (2) In the case of Borrower, provided that upon the occurrence of an any Event of Default described in any of subsections 7.1(6under Sections 9.1(g), 9.1(h) through (10or 9.1(i), the Lender’s commitment to make any Advance or any portion thereof shall immediately terminate and the Facility Indebtedness, including the entire unpaid principal amount of the Facility, all interest accrued and interest on unpaid thereon and all other fees, charges, costs and other amounts owing under any of the Debentures then outstanding and any other moneys payable hereunder to Facility Documents shall be due and payable shall forthwith become immediately due and payable payable, without presentment, demand, protest or notice of any kind, automatically without the giving of any such notice by the Lender; and thereupon, the Lender may exercise any or all of the Lender’s rights and remedies under the Security Documents, and proceed to enforce all other rights and remedies available to the Trustee without Lender under this Agreement, the Security Documents, any declaration or other act on the part of the Trustee or any Debentureholder, notwithstanding anything contained herein to the contrary, Facility Documents and the Corporation shall pay forthwith to the Trustee for the benefit of the Debentureholders the principal of and accrued and unpaid interest (including interest on amounts in default) on the Debentures and all other moneys payable hereunder, together with subsequent interest thereon at the rate borne by the Debentures from the date of such declaration until payment is received by the Trustee. Such payment when made shall be deemed to have been made in discharge of the Company’s obligations hereunder and any moneys so received by the Trustee shall be applied as provided in Section 7.7Applicable Law.

Acceleration on Default. (1) If an any Event of Default has occurred shall occur and is continuing be continuing, the Trustee Lender may, by notice to the Borrower, declare its commitment to advance the Facility or any portion thereof to be terminated, whereupon the same shall forthwith terminate, and shall upon receipt of a Debentureholders’ Request from may declare the holders entire unpaid principal amount of the Debentures of any seriesFacility, declare the principal of all interest accrued and interest on the Debentures of such series unpaid thereon and all other money payable fees, charges, costs and other amounts hereunder with respect to such Debentures to be immediately forthwith due and payable, whereupon the same shall be immediately paid by or on behalf principal amount of the Corporation to the Trustee for the benefit of the holders of Facility, all such Debentures accrued interest and all other fees, charges, costs and other amounts hereunder shall become and be forthwith due and payable, without any presentment, demand, protest or other further notice of any kind, all of which are hereby expressly waived by the Corporation. Such payment when made shall be deemed to have been made in satisfaction and discharge of the Corporation’s payment obligations hereunder in respect of the Debentures of the applicable series and any moneys so received by the Trustee shall be applied as herein provided. (2) In the case of Borrower, provided that upon the occurrence of an any Event of Default described in any of subsections 7.1(6under Section 9.1(f), Section 9.1(g) through (10or Section 9.1(h), the Lender’s commitment to make the Advance or any portion thereof shall immediately terminate and the Facility Indebtedness, including the entire unpaid principal amount of the Facility, all interest accrued and interest on unpaid thereon and all other fees, charges, costs and other amounts owing under any of the Debentures then outstanding and any other moneys payable hereunder to Facility Documents shall be due and payable shall forthwith become immediately due and payable payable, without presentment, demand, protest or notice of any kind, automatically without the giving of any such notice by the Lender; and thereupon, the Lender may exercise any or all of the Lender’s rights and remedies under the Security Documents, and proceed to enforce all other rights and remedies available to the Trustee without Lender under this Agreement, the Security Documents, any declaration or other act on the part of the Trustee or any Debentureholder, notwithstanding anything contained herein to the contrary, Facility Documents and the Corporation shall pay forthwith to the Trustee for the benefit of the Debentureholders the principal of and accrued and unpaid interest (including interest on amounts in default) on the Debentures and all other moneys payable hereunder, together with subsequent interest thereon at the rate borne by the Debentures from the date of such declaration until payment is received by the Trustee. Such payment when made shall be deemed to have been made in discharge of the Company’s obligations hereunder and any moneys so received by the Trustee shall be applied as provided in Section 7.7Applicable Law.