Common use of Due and Payable Clause in Contracts

Due and Payable. Upon the occurrence of any Event of Default, at the option of the Majority Banks, all obligations of Borrower contained herein or in the Notes shall become due and payable immediately without presentment, demand, or notice to Borrower or any other person obligated hereon or thereon, except as otherwise provided in Section 11.1.(b) and Section 11.1.(d) above. Notwithstanding anything in this Agreement or the Notes to the contrary, upon the occurrence of an Event of Default, Banks shall be entitled to payment from Borrower only from (i) the unreleased Shares of Stock of National, (ii) the Contributions, and (iii) earnings attributable to the unreleased shares of Stock of National and the investment of the Contributions.