Common use of Acceleration on Payment Default Clause in Contracts

Acceleration on Payment Default. During the existence of an Event of Default described in Section 9(a), and irrespective of whether the Notes then outstanding shall have become due and payable pursuant to Section 10.1(a)(ii), any holder of Notes who or which shall have not consented to any waiver with respect to such Event of Default may, at his or its option, by notice in writing to the Company, declare the Notes then held by such holder to be, and such Notes shall thereupon become, forthwith due and payable together with all interest accrued thereon, without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, and the Company shall forthwith pay to such holder the entire principal of and interest accrued on such Notes.

Acceleration on Payment Default. During the existence of an Event of Default described in Section 9(a11(a), and irrespective of whether the Notes then outstanding shall have become due and payable pursuant to Section 10.1(a)(ii12.1(a)(ii), any holder of Notes who or which shall have not consented to any waiver with respect to such Event of Default may, at his or its option, by notice in writing to the Company, declare the Notes then held by such holder to be, and such Notes shall thereupon become, forthwith due and payable together with all interest accrued thereon, without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, and the Company shall forthwith pay to such holder the entire principal of and interest accrued on such Notes.