Common use of Default and acceleration of repayment Clause in Contracts

Default and acceleration of repayment. 8.1 If you default under this agreement, we may accelerate repayment of the loan. This means that we can give you notice requiring you to repay the outstanding balance to us even if the time for repayment has not yet arrived.

Default and acceleration of repayment. 8.1 If you default under this agreement, we may accelerate repayment of the loan. This means that we can give you notice requiring you to repay the outstanding balance to us even if the time for repayment has not yet arrived. Our right to accelerate is, however, subject to the terms of the Property Law Xxx 0000, section 119, in respect of loans secured by a mortgage of land and such other restrictions that are imposed by law (if any).

Default and acceleration of repayment. 8.1 If you default under this agreement, we may accelerate repayment of the loan. This means that we can give you notice requiring you to repay the outstanding balance to us even if the time for repayment has not yet arrived. Our right to accelerate is, however, subject to the terms of the Property Law Act 2007, section 119, in respect of loans secured by a mortgage of land and such other restrictions that are imposed by law (if any).