Common use of Acceleration Rights Clause in Contracts

Acceleration Rights. Upon the occurrence and continuance of an Event of Default with respect to the IQ Notes, the Trustee may, with the consent of the Insurer, and shall, at the direction of the Insurer or not less than 25% of the Holders with the consent of the Insurer, by written notice to the Company and the Insurer, declare the principal of the IQ Notes to be immediately due and payable, whereupon that portion of the principal of the IQ Notes thereby coming due and the interest thereon accrued to the date of payment shall, without further action, become and be immediately due and payable.