Common use of Default Clause Clause in Contracts

Default Clause. In the event of default by the Applicant, the outstanding principal amount of the loan and the accrued interest shall become immediately due, and payable. A statement or demand signed by an authorized officer of the Bank shall be conclusive evidence that the sum is due and owing from the Applicant.

Default Clause. In the event of default by in making any one repayment on the Applicantdue date, the outstanding principal amount of the loan and the accrued interest shall become immediately due, due and payable. A statement or of demand signed by an authorized officer authorised officer of the Bank shall be conclusive evidence that the a sum is due and owing from the Applicantby you.