Auto-Acceleration Sample Clauses
The Auto-Acceleration clause automatically triggers the immediate maturity of all outstanding obligations under an agreement upon the occurrence of specified events, such as default or insolvency. In practice, this means that if a borrower fails to meet certain conditions, like missing a payment or entering bankruptcy, the lender can demand full repayment of the remaining balance without waiting for the original due dates. This clause serves to protect the lender by allowing swift action to recover funds and minimizing potential losses in the event of a serious breach or financial distress by the borrower.
Auto-Acceleration. All of EXECUTIVE’s options, restricted stock units and performance stock units shall include auto acceleration of outstanding vesting conditions upon a change of control, irrespective of whether the COMPANY’s Plan includes auto-acceleration upon a change of control. Specifically, the auto-acceleration of all vesting conditions shall be deemed effective immediately prior to any change of control transaction, which shall be any merger transaction which results in a change in the voting control of the COMPANY, or a sale of all or substantially all of the assets of the COMPANY.