Common use of Payment Acceleration Clause in Contracts

Payment Acceleration. In the event of Company’s failure to pay any amount owed by the Company to the Bank, the Bank shall have the right to accelerate all amounts owed by the Company, and all accelerated amounts shall carry the maximum interest rate until the full payment by the Company. In addition, the Company shall pay the Bank liquidated damages in an amount equal to the greater of (i) the Bank’s early payment fee at the time of the acceleration, or (ii) the amount permitted by law to charge as early payment fees. Moreover, the Bank shall have the right to realize the collateral as permitted by law and demand the Company to pay any outstanding debt and reimburse the Bank against expenses.