Common use of Acceleration; Termination Clause in Contracts

Acceleration; Termination. Without in any way limiting the right of CIT to demand payment of any portion of the Obligations payable on demand in accordance with Section 5.2 hereof, upon or at any time after the occurrence of an Event of Default and for so long as such Event of Default shall exist, CIT may in its discretion declare the principal of and any accrued interest on the Loans and all other Obligations to be, whereupon the same shall become without further notice or demand (all of which further notice and demand Borrower expressly waives), forthwith due and payable and Borrower shall forthwith pay to CIT the entire principal of and accrued and unpaid interest on the Loans and other Obligations plus reasonable attorneys' fees and expenses if such principal and interest are collected by or through an attorney-at-law. Notwithstanding the foregoing, upon the occurrence of an Event of Default specified in Section 11.1.3 hereof all of the Obligations shall become automatically due and payable without declaration, notice or demand by CIT and this Agreement shall automatically terminate as if terminated by CIT pursuant to Section 6.2.1 and with the effect set forth in Section 6.2.4 hereof.