Common use of Optional Acceleration Clause in Contracts

Optional Acceleration. Subject to Section 7.03, if an Event of Default (other than an Event of Default set forth in Section 7.01(A)(xi) or 7.01(A)(xii) with respect to the Issuer and not solely with respect to a Significant Subsidiary (or multiple Subsidiaries which, when taken together, would constitute a Significant Subsidiary) of the Issuer) occurs and is continuing, then either (i) the Trustee, by notice to the Issuer, or (ii) Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, by notice to each of the Issuer, the Trustee and the Collateral Agent, may declare the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding (subject to the Trustee and the Collateral Agent being indemnified and/or secured and/or pre-funded to such Agent’s reasonable satisfaction) to become due and payable immediately. For the avoidance of doubt, if such Event of Default is not continuing at the time such notice is provided (that is, such Event of Default has been cured or waived as of such time), then such notice will not be effective to cause such amounts to become due and payable immediately.