Acceleration Upon Default Sample Clauses
The "Acceleration Upon Default" clause allows a lender or creditor to demand immediate repayment of all outstanding obligations if the borrower defaults on the agreement. In practice, this means that if the borrower misses a payment or breaches a key term, the lender can require the full loan balance to be paid at once, rather than following the original payment schedule. This clause serves to protect the lender by providing a strong remedy in the event of default, ensuring they can act quickly to recover funds and minimize potential losses.
POPULAR SAMPLE Copied 13 times
Acceleration Upon Default. If, in Owner Parties’ reasonable judgment, Contractor: (i) fails to supply a sufficient number of qualified workers or Materials to prevent Delay; (ii) fails in any way to prosecute the Work or proceed in accordance with the Construction Schedule, or (iii) fails to meet the material covenants of the Contract Documents, Owner shall have the right to direct Contractor to accelerate completion of the Work without adjustment to the Contract Sum and until such time as the amount and timing of the completed Work complies with the Construction Schedule. Owner’s right to compel acceleration includes demanding Contractor provide additional labor or expedited deliveries of Materials, and perform overtime, additional shifts, or re-sequencing the Work. Costs of such acceleration may be funded, with Owner’s prior written approval, from any available Construction Contingency, if not recoverable from Subcontractors. Owner’s right to demand acceleration under this Section shall not limit other rights and remedies Owner may have.
Acceleration Upon Default. Upon the occurrence of any Event of Default, or at any time thereafter during the continuance of an Event of Default, the Beneficiary may, at its option, by notice to the Trustor, declare all Obligations to be due and payable forthwith without any further notice, presentment or demand of any kind, all of which are hereby expressly waived.
Acceleration Upon Default. In the event Recipient is in default, the principal, together with a 5% fee thereon and liquidated damages, shall become immediately due and payable without notice or demand at the Commission's option.
Acceleration Upon Default. Upon the occurrence and during the continuance of any Event of Default, Mortgagee may, or shall at the request of the Required Lenders, declare the entire unpaid principal of, and the interest accrued on, and all other amounts owed in connection with, the Obligations to be forthwith due and payable, whereupon the same shall become immediately due and payable without any protest, presentment, demand, notice of intent to accelerate, notice of acceleration or further notice of any kind, all of which are hereby expressly waived by Mortgagor. Whether or not Mortgagee or the Required Lenders elect to accelerate as herein provided, Mortgagee may simultaneously, or thereafter, without any further notice to Mortgagor, exercise any other right or remedy provided in this Deed of Trust or otherwise existing under the Credit Agreement or any other Loan Documents or any other agreement, document, or instrument evidencing obligations owing from the Mortgagor to any of the Credit Parties
Acceleration Upon Default. At the option of Holder, all or any part of the indebtedness of Maker hereunder shall immediately become due, and payable, irrespective of any agreed maturity date, upon the happening of any of the following events of default ("Event of Default"):
(a) If any part of the Principal Amount and/or interest thereon and/or late charges under this Note are not paid when due, provided, however, Maker shall be entitled to a grace period of thirty (30) days following written notice of such event of default to cure said event of default;
(b) Upon the occurrence of any event of default described under the Security Agreement;
(c) If any of the following events constituting default occurs, provided, however, that if any such event of default is reasonably susceptible of being cured, Maker shall be entitled to a grace period of thirty (30) days following written notice of such event of default to cure such event of default, and further provided, that if such event of default is of such character as to reasonably require more than thirty (30) days to cure, Maker has promptly commenced to cure said event of default within the thirty (30) day period and uses reasonable diligence thereafter in curing such event of default, the thirty (30) day period shall be reasonably extended:
(i) If Maker shall breach any non-monetary condition or obligation imposed on Maker pursuant to the terms of this Note;
(ii) If Maker shall make an assignment for the benefit of creditors;
(iii) If a custodian, trustee, receiver, or agent is appointed or takes possession of substantially all of the property of Maker;
(iv) If Maker shall be adjudicated bankrupt or insolvent or admit in writing Maker's inability to pay Maker's debts as they become due;
(v) If Maker shall apply for or consent to the appointment of a custodian, trustee, receiver, intervenor, liquidator or agent of Maker, or commence any proceeding related to Maker under any bankruptcy or reorganization statute, or under any arrangement, insolvency, readjustment of debt, dissolution, or liquidation law of any jurisdiction, whether now or hereafter in effect;
(vi) If any petition is filed against Maker under the Bankruptcy Code and either (A) the Bankruptcy Court orders relief against Maker, or (B) such petition is not dismissed by the Bankruptcy Court within thirty (30) days of the date of filing; or
(vii) If any attachment, execution, or other writ is levied on substantially all of the assets of Maker and remains in effect for more than ...
Acceleration Upon Default. If there is a failure to pay any installment of principal and interest when due, or only a portion is paid, or in the event of any other default under this Loan, the Department may declare the entire unpaid principal and all accrued interest immediately due and payable.
Acceleration Upon Default. Upon the failure to pay any amount when due under this Promissory Note, which failure is not cured or discharged within a period of five (5) days following receipt of written notice therefor, or upon any default under any other Loan Document, which default is not cured within the applicable cure period following written notice thereof, the Lender may, in the Lender's sole and absolute discretion and without notice or demand, declare the entire unpaid balance of principal plus accrued interest and any other sums due hereunder immediately due and payable.
Acceleration Upon Default. Upon the occurrence and during the continuance of any Event of Default (other than pursuant to paragraph (e) of Section 7.01 of the Credit Agreement), Mortgagee may, or shall at the request of the Majority Lenders, declare the entire unpaid principal of, and the interest accrued on, and all other amounts owed in connection with, the Secured Obligations to be forthwith due and payable, whereupon the same shall become immediately due and payable without any protest, presentment, demand, notice of intent to accelerate, notice of acceleration or further notice of any kind, all of which are hereby expressly waived by Mortgagor. If any Event of Default pursuant to paragraph (e) of Section 7.01 of the Credit Agreement shall occur, the entire unpaid principal of, and the interest accrued on, and all other amounts owed in connection with, the Secured Obligations shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration) all of which are hereby expressly waived by Mortgagor. Whether or not Mortgagee or the Majority Lenders elect to accelerate as herein provided, Mortgagee may simultaneously, or thereafter, without any further notice to Mortgagor, exercise any other right or remedy provided in this Deed of Trust or otherwise existing under the Credit Agreement or any other Credit Document or any other agreement, document, or instrument evidencing obligations owing from Mortgagor to any of the Credit Parties.
Acceleration Upon Default. Upon the occurrence of any Event of Default under this Note, then the entire principal balance and accrued interest, irrespective of the Maturity Date specified herein, shall become immediately due and payable at the option of Holder.
Acceleration Upon Default. Students failure to commence service and, in the alternative, failure to repay, failure to begin agreed upon installments to repay sponsor, or default after commencement of repayment by installment shall cause all amounts owed to be immediately due and payable; and the liability for any and all costs incurred by the sponsor in recovering all monies owed sponsor. Default shall be declared by sponsor.