Common use of Acceleration of Indebtedness Clause in Contracts

Acceleration of Indebtedness. Upon the occurrence of any of the Events of Default described in Section 11.1, the Lender may discontinue Advances and/or all Indebtedness may be declared due and payable in full forthwith at the option of the Lender without presentation, demand, protest, notice of dishonor or other notice of any kind, all of which are hereby expressly waived. Unless all of the Indebtedness is then fully paid, the Lender shall have and may setoff against the Indebtedness any amount owing by the Lender to the Borrower.