Common use of Declaration of Acceleration Clause in Contracts

Declaration of Acceleration. If any Event of Default occurs and is continuing, a Holder may, upon notice to the Company, declare the Note held by it to be due and payable immediately; and upon any such declaration all principal and interest on such Note shall become immediately due and payable; provided, however, in the case of an Event of Default arising from any event described in clauses (ix) or (x) of Section 3.5 hereof, all of the Loans and Notes shall ipso facto become due and payable without further action or notice on the part of the Holders.

Declaration of Acceleration. If any Event of Default occurs and is continuingcontinuing beyond any applicable cure period, a any Holder may, upon written notice to the Company, declare the Note held by it such Holder to be due and payable immediately; and upon any such declaration all principal and interest on such Note shall become immediately due and payable; provided, however, in the case of an Event of Default arising from any event described in clauses (ixviii) or (xix) of Section 3.5 hereof, all of the Loans and Notes shall ipso facto automatically become due and payable without further action or notice on the part of the Holdersany Holder.