Common use of Accelerations Clause in Contracts

Accelerations. (i) The Bank shall have the right, at its absolute discretion, upon providing a notice in writing, to cancel all undrawn portions of the Personal Loan and demand repayment of all the said Dues. Upon receipt of such notice by the Borrower, all the said Dues along with all accrued Interest and other charges shall become immediately due and payable. (ii) In the event of delay on the part of the Borrower in repaying the principal amount of any sum borrowed in a currency other than Indian Rupees, the Bank shall have the option to convert all the said Dues in the currency (other than Indian Rupees) into Indian Rupees at the rate of exchange prevailing on the date of conversion.

Accelerations. (i) The Bank shall have the right, at its absolute discretion, upon providing a notice in writing, to cancel all undrawn portions of the Personal Loan and demand repayment of all the said Duesdues. Upon receipt of such notice by the Borrower, all the said Dues along with all accrued Interest and other charges shall become immediately due and payable. (ii) In the event of delay on the part of the Borrower in repaying the principal amount of any sum borrowed in a currency other than Indian Rupees, the Bank shall have the option to convert all the said Dues in the currency (other than Indian Rupees) into Indian Rupees at the rate of exchange prevailing on the date of conversion.