Common use of DEFAULT; ACCELERATION OF OBLIGATION Clause in Contracts

DEFAULT; ACCELERATION OF OBLIGATION. Borrower will be deemed to be in ----------------------------------- default under this Note and the principal sum of this Note, together with all interest accrued thereon, will immediately become due and payable in full: (a) upon Borrower's failure to make the payment when due under this Note; or (b) in the event Borrower ceases to be employed by the Company for any reason, with or without cause.