{"component": "clause", "props": {"groups": [{"snippet": "The Debt shall without notice become immediately due and payable at the option of Lender if any payment required in this Note is not paid on or prior to the date when due or if not paid on the Maturity Date or on the happening of any other Event of Default.", "size": 68, "samples": [{"hash": "kcPupig5yme", "uri": "/contracts/kcPupig5yme#default-and-acceleration", "label": "Promissory Note (Glimcher Realty Trust)", "score": 23.1505813599, "published": true}, {"hash": "kYBkQKBAJ72", "uri": "/contracts/kYBkQKBAJ72#default-and-acceleration", "label": "Promissory Note (Glimcher Realty Trust)", "score": 23.1505813599, "published": true}, {"hash": "9rwH7VYzAy2", "uri": "/contracts/9rwH7VYzAy2#default-and-acceleration", "label": "Promissory Note (Glimcher Realty Trust)", "score": 23.1505813599, "published": true}], "snippet_links": [{"key": "the-debt", "type": "clause", "offset": [0, 8]}, {"key": "without-notice", "type": "definition", "offset": [15, 29]}, {"key": "payable-at", "type": "definition", "offset": [57, 67]}, {"key": "the-option", "type": "clause", "offset": [68, 78]}, {"key": "of-lender", "type": "clause", "offset": [79, 88]}, {"key": "payment-required", "type": "clause", "offset": [96, 112]}, {"key": "this-note", "type": "clause", "offset": [116, 125]}, {"key": "prior-to-the", "type": "clause", "offset": [144, 156]}, {"key": "on-the-maturity-date", "type": "clause", "offset": [186, 206]}, {"key": "other-event-of-default", "type": "clause", "offset": [234, 256]}], "hash": "adf9ca78779a780da8663cbefeb08c17", "id": 1}, {"snippet": "(a) Upon the occurrence and during the continuance of any Event of Default, and at any time and from time to time thereafter, in addition to any other rights or remedies available to Lender under this Note, at law, or in equity:\n(i) Borrower shall pay interest on the outstanding principal and interest at an interest rate equal to the Default Rate.\n(ii) Lender may, at its option, take such action, without notice or demand, that Lender deems advisable to protect and enforce its rights against Borrower and/or in and to any collateral that secures this Note; including, without limitation, declaring Borrower\u2019s obligations under this Note to be immediately due and payable (including any accrued and unpaid interest and any other amounts owing by Borrower under this Note).\n(b) Upon the occurrence of any Insolvency Event (as defined in Paragraph 6(f)(vii)), all of Borrower\u2019s obligations under this Note (including any accrued and unpaid interest and any other amounts owing by Borrower under this Note) shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, notwithstanding anything to the contrary contained herein.\n(c) If any payment owing from Borrower to Lender under this Note is not received by Lender within five (5) days following its due date, Borrower shall pay to Lender an additional sum equal to four percent (4%) of the overdue amount as a late charge (the \u201cLate Charge\u201d). The Late Charge shall be paid to Lender within five (5) days after the date incurred, and any failure to pay the Late Charge within thirty (30) days after the date incurred shall be an Event of Default hereunder.\n(d) \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 recognizes that any failure by Borrower to timely make the payments provided for herein, or any other Event of Default hereunder, will cause Lender to incur costs not contemplated by this Note (including, without limitation, processing and accounting charges, loss of use of funds, and frustration to Lender in meeting its other financial commitments), and that the damages caused thereby would be extremely difficult and impractical to ascertain. Borrower hereby agrees that, if any such event should occur, the Default Rate (if applicable) and the Late Charge (if applicable), represent a fair and reasonable estimate of the damages and costs to Lender, considering all the circumstances existing on the date of this Note. The parties further agree that proof of actual damages would be costly or inconvenient. Acceptance of the Late Charge (if applicable) will not be deemed a waiver of any Default or Event of Default (unless such Default or Event of Default is cured in accordance with the provisions of this Note), and shall not prevent Lender from exercising any other rights and remedies available to Lender.\n(e) No failure or delay on the part of Lender in exercising any right or remedy under this Note or under any other agreement executed in connection with or securing this Note shall operate as a waiver of any such right or remedy. No right, power, or remedy given to Lender by the terms of this Note or by the terms of any other agreement executed in connection with or securing this Note is intended to be exclusive of any other right, power, or remedy, and each and every such right, power, or remedy shall be cumulative and in addition to every other right, power, or remedy given to Lender by the terms of any instrument or by any statute or otherwise against Borrower or any other Person. No single or partial exercise by \u2587\u2587\u2587\u2587\u2587\u2587 of any power hereunder, or under any other document executed in connection with or securing this Note, shall preclude other or further exercise thereof or the exercising of any other power.\n(f) For purposes of this Note:", "size": 27, "samples": [{"hash": "evpIqzZ24uP", "uri": "/contracts/evpIqzZ24uP#default-and-acceleration", "label": "Secured Cognovit Promissory Note (Hall of Fame Resort & Entertainment Co)", "score": 34.2183418274, "published": true}, {"hash": "dZuIFJ8Dfkk", "uri": "/contracts/dZuIFJ8Dfkk#default-and-acceleration", "label": "Secured Cognovit Promissory Note (Hall of Fame Resort & Entertainment Co)", "score": 34.2183418274, "published": true}, {"hash": "9H0CtS93PJb", "uri": "/contracts/9H0CtS93PJb#default-and-acceleration", "label": "Secured Cognovit Promissory Note (Hall of Fame Resort & Entertainment Co)", "score": 34.2183418274, "published": true}], "snippet_links": [{"key": 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payable. All remedies hereunder, under the Loan Documents and at law or in equity shall be cumulative. In the event that it should become necessary to employ counsel to collect the Debt or to protect or foreclose the security for the Debt or to defend against any claims asserted by Borrower arising from or related to the Loan Documents, \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 also agrees to pay to Lender on demand all costs of collection or defense incurred by \u2587\u2587\u2587\u2587\u2587\u2587, including reasonable attorneys\u2019 fees for the services of counsel whether or not suit be brought.", "size": 18, "samples": [{"hash": "3qVfb4rXLb6", "uri": "/contracts/3qVfb4rXLb6#default-and-acceleration", "label": "Loan Agreement (Gc Net Lease Reit, Inc.)", "score": 21.659822464, "published": true}, {"hash": "jqJRPTh9sJi", "uri": "/contracts/jqJRPTh9sJi#default-and-acceleration", "label": "Loan Agreement (Bedford Property Investors Inc/Md)", "score": 21.0, "published": true}, {"hash": "dA30IYR7s4S", "uri": "/contracts/dA30IYR7s4S#default-and-acceleration", "label": "Loan Agreement (Republic Property Trust)", "score": 21.0, "published": true}], "snippet_links": [{"key": "event-of-default-exists", "type": "clause", "offset": [14, 37]}, {"key": "lender-may", "type": "definition", "offset": [39, 49]}, {"key": "notice-or-demand", "type": "clause", "offset": [74, 90]}, {"key": "to-borrower", "type": "definition", "offset": [91, 102]}, {"key": "due-and-payable", "type": "clause", "offset": [133, 148]}, {"key": "all-remedies", "type": "clause", "offset": [150, 162]}, {"key": "the-loan-documents", "type": "clause", "offset": [180, 198]}, {"key": "in-the-event", "type": "clause", "offset": [244, 256]}, {"key": "to-employ", "type": "clause", "offset": [289, 298]}, {"key": "counsel-to", "type": "clause", "offset": [299, 309]}, {"key": "security-for-the-debt", "type": "clause", "offset": [358, 379]}, {"key": "by-borrower", "type": "clause", "offset": [421, 432]}, {"key": "related-to", "type": "definition", "offset": [449, 459]}, {"key": "to-lender", "type": "clause", "offset": [508, 517]}, {"key": "on-demand", "type": "clause", "offset": [518, 527]}, {"key": "costs-of-collection", "type": "definition", "offset": [532, 551]}, {"key": "reasonable-attorneys", "type": "definition", "offset": [593, 613]}, {"key": "fees-for-the-services", "type": "clause", "offset": [615, 636]}], "hash": "32a4c36f0f8289a1f600e6747bcea287", "id": 3}, {"snippet": "Upon the occurrence of any one or more of the following events of default: (a) Customer fails to pay any amount when due under this Agreement or the Note or under any other instrument evidencing any indebtedness of Customer to Lender, (b) any representation or warranty made under this Agreement or information provided by Customer in connection with this Agreement is or was false or fraudulent in any material respect, (c) a material adverse change occurs in Customer\u2019s financial condition, (d) Customer fails to timely observe or perform any of the covenants or duties contained in this Agreement, the Note or any Security Documents, (e) any guaranty of Customer\u2019s obligations under this Agreement or the Note is revoked or becomes unenforceable for any reason or any such guarantor dies, ceases to exist or becomes the subject of any bankruptcy or insolvency proceeding, or (f) an event of default occurs under any Security Document or the Note; then, at Lender\u2019s option, and upon written verbal notice to Customer, Lender\u2019s obligation to make advances on the Loans under this Agreement shall terminate and the total unpaid balance shall become immediately due and payable without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by Customer. Lender\u2019s obligation to make advances on the Loans under this Agreement shall automatically terminate and the total unpaid balance shall automatically become due and payable in the event Customer becomes the subject of bankruptcy or other insolvency proceedings. Lender may waive any default without waiving any other subsequent or prior default. Customer agrees to pay Lender\u2019s costs of administration of this Agreement. Customer also agrees to pay all costs of collection before and after judgment, including reasonable attorneys\u2019 fees (including those incurred in successful defense or settlement of any counterclaim brought by Customer or incident to any action or proceeding involving Customer brought pursuant to the United States Bankruptcy Code).", "size": 13, "samples": [{"hash": "kEeoirKLr9T", "uri": "/contracts/kEeoirKLr9T#default-and-acceleration", "label": "Revolving and Term Credit Agreement (United Wisconsin Grain Producers LLC)", "score": 19.0, "published": true}, {"hash": "4QjIx3uz494", "uri": "/contracts/4QjIx3uz494#default-and-acceleration", "label": "Revolving and Term Credit Agreement (United Wisconsin Grain Producers LLC)", "score": 19.0, "published": true}, {"hash": "2mg1gSfwX5l", "uri": "/contracts/2mg1gSfwX5l#default-and-acceleration", "label": "Revolving and Term Credit Agreement (United Wisconsin Grain Producers LLC)", "score": 19.0, "published": true}], "snippet_links": 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"offset": [1942, 1953]}, {"key": "action-or-proceeding", "type": "definition", "offset": [1958, 1978]}, {"key": "united-states-bankruptcy-code", "type": "definition", "offset": [2022, 2051]}], "hash": "aa5499930d9895bc94b12138cd855a38", "id": 5}, {"snippet": "The whole of the principal sum of this Note, together with all interest accrued and unpaid thereon, and all other sums due under the Mortgage (hereinafter defined), the Loan Documents (as hereinafter defined) and this Note (all such sums hereinafter collectively referred to as the \"Debt\") shall without notice become immediately due and payable at the option of Payee if any payment due on the Maturity Date is not paid on such date or if any other payment required in this Note is not paid on or before the date when due, or if any Event of Default (as defined in the Mortgage) occurs and is continuing, or on the happening of any other default and continuance thereof, after the expiration of any applicable notice and grace periods, herein or under the terms of the Mortgage or other Loan Documents (hereinafter collectively an \"Event of Default\"), and further provided that the Debt shall automatically become immediately due and payable, without notice or any exercise of any option on the part of Payee, if an Event of Default of the type set forth in Section 22(g) of the Mortgage occurs with respect to Maker. All of the terms, covenants and conditions contained in the Mortgage and the other Loan Documents are hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein. In the event that it should become necessary to employ counsel to collect the Debt or to protect or foreclose the security hereof, Maker also agrees to pay reasonable attorneys' fees for the services of such counsel whether or not suit be brought.", "size": 11, "samples": [{"hash": "hzreRdIgm6F", "uri": "/contracts/hzreRdIgm6F#default-and-acceleration", "label": "Fixed Rate Note (Ramco Gershenson Properties Trust)", "score": 18.0, "published": true}, {"hash": "7tTpNkuFRcy", "uri": "/contracts/7tTpNkuFRcy#default-and-acceleration", "label": "Fixed Rate Note (Ramco Gershenson Properties Trust)", "score": 18.0, "published": true}], "snippet_links": [{"key": "sum-of", "type": "clause", "offset": [27, 33]}, {"key": "this-note", "type": "clause", "offset": [34, 43]}, {"key": "interest-accrued", "type": "definition", "offset": [63, 79]}, {"key": "sums-due", "type": "definition", "offset": [114, 122]}, {"key": "the-loan-documents", "type": "clause", "offset": [165, 183]}, {"key": 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Maturity Date is not paid on the date when due or on the happening of any other default, after the expiration of any applicable notice and grace periods, herein or under the terms of the Security Instrument or any of the other Loan Documents (collectively, an \u201cEvent of Default\u201d).", "size": 16, "samples": [{"hash": "kaVUs2mLrUk", "uri": "/contracts/kaVUs2mLrUk#default-and-acceleration", "label": "Promissory Note (Secured Investment Resources Fund Lp Ii)", "score": 21.0, "published": true}, {"hash": "ePKOE949HH5", "uri": "/contracts/ePKOE949HH5#default-and-acceleration", "label": "Promissory Note (Secured Investment Resources Fund Lp Ii)", "score": 21.0, "published": true}], "snippet_links": [{"key": "sum-of", "type": "clause", "offset": [31, 37]}, {"key": "this-note", "type": "clause", "offset": [38, 47]}, {"key": "default-interest", "type": "definition", "offset": [63, 79]}, {"key": "late-charges", "type": "definition", "offset": [81, 93]}, {"key": "other-sums", "type": 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Upon the occurrence of an Event of Default, Lender may, at its option, declare the entire unpaid balance of principal and interest on this Promissory Note, as well as the unpaid principal and interest on any other indebtedness or liability of Borrower to Lender, immediately due and payable without notice or demand. NOTICE OF ASSIGNMENT: Obligations under this Promissory Note have been pledged to CoBank, ACB, as administrative agent (\u201cAdministrative Agent\u201d) for the benefit of certain lenders from time to time (collectively, the \u201cBanks \u201d) to Lender under that certain Credit Agreement dated as of April 17, 2017, by and among the Lender, Administrative Agent, any Guarantors hereafter party thereto and the Banks (as amended, restated, modified, or supplemented from time to time hereafter, the \"Credit Agreement\"), and may be transferred or assigned to the Administrative Agent. In the event of such a transfer or assignment, the Administrative Agent will receive all of the rights, powers, and remedies of Lender. Any transfer of this Promissory Note, other than to the Administrative Agent, will violate the rights of the Administrative Agent as secured party unless the Administrative Agent consents to such transfer in writing.", "size": 10, "samples": [{"hash": "90C4yd2OyRI", "uri": "/contracts/90C4yd2OyRI#default-and-acceleration", "label": "Loan Agreement", "score": 30.8955841064, "published": true}, {"hash": "6j5R0qhJVXn", "uri": "/contracts/6j5R0qhJVXn#default-and-acceleration", "label": "Loan Agreement", "score": 30.8189373016, "published": true}, {"hash": "kbgY5ozqUWr", "uri": "/contracts/kbgY5ozqUWr#default-and-acceleration", "label": "Loan Agreement", "score": 30.6519584656, "published": true}], "snippet_links": [{"key": "borrower-shall", "type": "clause", "offset": [0, 14]}, {"key": "in-default", "type": "clause", "offset": [18, 28]}, {"key": "the-events", "type": "clause", "offset": [71, 81]}, {"key": "upon-the-occurrence-of-an-event-of-default", "type": "clause", "offset": [115, 157]}, {"key": "lender-may", "type": "definition", "offset": [159, 169]}, {"key": "unpaid-balance", "type": "definition", "offset": [205, 219]}, {"key": "principal-and-interest", "type": "definition", "offset": [223, 245]}, {"key": "promissory-note", "type": "definition", "offset": [254, 269]}, {"key": "unpaid-principal", "type": "definition", "offset": [286, 302]}, {"key": "interest-on-any", "type": "clause", "offset": [307, 322]}, {"key": "other-indebtedness", "type": "definition", "offset": [323, 341]}, {"key": "liability-of-borrower", "type": "clause", "offset": [345, 366]}, {"key": "to-lender", "type": "clause", "offset": [367, 376]}, {"key": "due-and-payable", "type": "clause", "offset": [390, 405]}, {"key": "notice-or-demand", "type": "clause", "offset": [414, 430]}, {"key": "notice-of-assignment", "type": "definition", "offset": [432, 452]}, {"key": "for-the-benefit-of", "type": "definition", "offset": [576, 594]}, {"key": "from-time-to-time", "type": "clause", "offset": [611, 628]}, {"key": "credit-agreement", "type": "definition", "offset": [687, 703]}, {"key": "dated-as-of", "type": "definition", "offset": [704, 715]}, {"key": "the-lender", "type": "clause", "offset": [745, 755]}, {"key": "the-banks", "type": "clause", "offset": [822, 831]}, {"key": "as-amended", "type": "definition", "offset": [833, 843]}, {"key": "in-the-event-of", "type": "clause", "offset": [999, 1014]}, {"key": "transfer-or-assignment", "type": "clause", "offset": [1022, 1044]}, {"key": "the-rights", "type": "clause", "offset": [1091, 1101]}, {"key": "remedies-of-lender", "type": "clause", "offset": [1115, 1133]}, {"key": "transfer-of", "type": "definition", "offset": [1139, 1150]}, {"key": "rights-of-the-administrative-agent", "type": "clause", "offset": [1230, 1264]}, {"key": "secured-party", "type": "definition", "offset": [1268, 1281]}, {"key": "agent-consents", "type": "clause", "offset": [1308, 1322]}, {"key": "in-writing", "type": "definition", "offset": [1340, 1350]}], "hash": "eb01831666045f070cc74209962d08f8", "id": 7}], "next_curs": "CmESW2oVc35sYXdpbnNpZGVyY29udHJhY3Rzcj0LEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IiFkZWZhdWx0LWFuZC1hY2NlbGVyYXRpb24jMDAwMDAwMGEMogECZW4YACAA", "clause": {"children": [["events-of-default", "Events of Default"], ["acceleration", "Acceleration"], ["suspension-of-lenders-obligations", "Suspension of Lenders\u2019 Obligations"], ["remedies-cumulative-and-waivers", "Remedies Cumulative and Waivers"], ["application-of-payments-after-an-event-of-default", "Application of Payments After an Event of Default"]], "title": "DEFAULT AND ACCELERATION", "size": 482, "parents": [["miscellaneous", "Miscellaneous"], ["counterparts", "Counterparts"], ["responsibilities", "RESPONSIBILITIES"], ["the-loan", "The Loan"], ["observations-at-outside-institutions-including-business-and-industry", "Observations at Outside Institutions Including Business and Industry"]], "id": "default-and-acceleration", "related": [["events-of-default-and-acceleration", "Events of Default and Acceleration", "Events of <strong>Default and Acceleration</strong>"], ["default-and-consequences-of-default", "Default and Consequences of Default", "Default and Consequences of Default"], ["event-of-default-defined-acceleration-of-maturity-waiver-of-default", "Event of Default Defined; Acceleration of Maturity; Waiver of Default", "Event of Default Defined; Acceleration of Maturity; Waiver of Default"], ["suspension-of-service-and-acceleration", "Suspension of Service and Acceleration", "Suspension of Service and Acceleration"], ["events-of-default-acceleration", "Events of Default; Acceleration", "Events of Default; Acceleration"]], "related_snippets": [], "updated": "2026-03-20T05:48:33+00:00", "also_ask": ["What are the most negotiable triggers for default and how can they be strategically limited?", "Which acceleration remedies are essential to include for maximum enforceability?", "What are the most common drafting pitfalls that could render acceleration clauses unenforceable?", "How do default and acceleration provisions differ across jurisdictions or contract types?", "What evidence is typically required in court to successfully enforce an acceleration clause?"], "drafting_tip": "Specify default events, outline notice requirements, and detail acceleration triggers to ensure clarity, prevent disputes, and facilitate enforceability.", "explanation": "The default-and-acceleration clause defines the lender\u2019s right to demand immediate repayment of the entire outstanding loan balance if the borrower fails to meet certain obligations, such as missing payments or breaching other terms of the agreement. Typically, this clause outlines what constitutes a default, the process for notifying the borrower, and the steps required before acceleration can occur. Its core practical function is to protect the lender by providing a clear mechanism to address borrower defaults and recover the loan promptly, thereby minimizing potential losses."}, "json": true, "cursor": ""}}