Common use of Accelerate Payments Clause in Contracts

Accelerate Payments. Lender may declare the entire unpaid principal balance due pursuant to the Note to be immediately due and payable, together with accrued and unpaid interest, without further notice to or demand on the Borrower. Notwithstanding the foregoing, if Borrower becomes insolvent, makes an assignment for the benefit of its creditors, becomes the subject of an “order for relief” within the meaning of the U.S. Bankruptcy Code, files a petition in bankruptcy, or for reorganization, is adjudged bankrupt, has filed against them an involuntary petition pursuant to the U.S. Bankruptcy Code or has a receiver, trustee, custodian or a liquidator appointed to take control of any of its real or personal property and such receiver, trustee, custodian or liquidator is not discharged within sixty (60) days of their appointment, then the entire unpaid principal balance due pursuant to the Note and all accrued and unpaid interest thereon shall automatically and without the option of the Lender become immediately due and payable.