Common use of Acceleration of the Liabilities Clause in Contracts

Acceleration of the Liabilities. If (a) any Event of Default described in Section 6.1(I) shall occur, all Term Notes shall become immediately due and payable, without presentment, demand, protest or notice of any kind, or any action by any of the Lenders; and (b) any other Event of Default shall occur (other than an Event of Default described in Section 6.1(I)), each Lender may declare such Lender's Term Note to be immediately due and payable, whereupon such Lender's Term Note shall become immediately due and payable, without presentment, demand, protest or notice of any kind. Each Lender shall promptly advise Borrowers and the other Lenders of any such declaration, but failure to do so shall not impair the effect of such declaration.

Acceleration of the Liabilities. If (a) any Event of Default described in Section 6.1(I7.1(I) shall occur, all Term Notes shall become immediately due and payable, without presentment, demand, protest or notice of any kind, or any action by any of the Lenders; and (b) any other Event of Default shall occur (other than an Event of Default described in Section 6.1(I7.1(I)), each Lender the Requisite Lenders may declare such Lender's the Term Note Notes to be immediately due and payable, whereupon such Lender's the Term Note Notes shall become immediately due and payable, without presentment, demand, protest or notice of any kind. Each Lender The Requisite Lenders shall promptly advise Borrowers and the other Lenders of any such declaration, but failure to do so shall not impair the effect of such declaration.