Common use of ACCELERATION OF THE INDEBTEDNESS Clause in Contracts

ACCELERATION OF THE INDEBTEDNESS. Upon the occurrence of an Event of Default as described in Section 7.1 hereof or as described in the RTO Note, all of the Indebtedness shall thereupon be immediately due and payable, without demand, presentment, notice of demand or dishonor and nonpayment, protest, notice of protest, notice of intention to accelerate, declaration or notice of acceleration, or any other notice or declaration of any kind, all of which are hereby expressly waived by each Borrower and each Guarantor. Upon any such acceleration, any obligation of the Lender to make any additional advances on the Loans shall be permanently terminated and, if the acceleration occurs before the second anniversary of the Effective Date, there shall automatically be added to the Indebtedness owing by Borrowers to the Lender, as liquidated damages for the early termination of the credit facilities contemplated hereby, and not as a penalty, the termination fee specified in Section 2.7(c) .