Common use of Obligations Immediately Due Clause in Contracts

Obligations Immediately Due. Upon or at any time after any occurrence and continuance of any Event of Default other than, with respect to the Debtor, any Event of Default described in clause (iii) of Section 1(c) of this Agreement, all of the Obligations remaining unpaid shall, in the sole discretion of the Secured Party become immediately due, notwithstanding any agreement to the contrary. Upon any occurrence and continuance of, with respect to the Debtor, any Event of Default described in such clause (iii), all of the Obligations remaining unpaid shall automatically, without any notice, demand, presentment or protest of any kind (each of which is knowingly, voluntarily, intentionally and irrevocably waived by the Debtor), become immediately due, notwithstanding any agreement to the contrary. Nothing in this Section 10 shall render any of the Obligations payable on demand payable otherwise than on demand.