Common use of Acceleration of Debt Clause in Contracts

Acceleration of Debt. If The Borrower fails to cure the Default or to reach an agreement on alternative repayment terms with The Lender within the specified period after receiving the notice of Default, the entire amount of the debt, including all fees, interests, and any other amounts owed to the The Lender under this Agreement, shall become immediately due and payable. The Borrower shall have the right to take all necessary legal actions to recover the full amount.

Appears in 2 contracts

Sources: Loan Agreement, Loan Agreement