Common use of Notice of Acceleration Clause in Contracts

Notice of Acceleration. In the event that, without the prior written consent of DOT, the Bank declares all or any part of the Borrower’s indebtedness under the Loan to be immediately due and payable or to be due and payable upon the demand of the Bank, then DOT shall have the right to terminate the Guarantee with respect to all or a portion of the Guaranteed Amount. The automatic acceleration of the Loan or any Note as a result of a bankruptcy or insolvency event does not constitute such an event. Any termination of the Guarantee by DOT shall be deemed effective as of the date of the declaration by the Bank.