Acceleration and Demand Sample Clauses
The Acceleration and Demand clause allows a lender or creditor to require immediate repayment of the entire outstanding balance of a loan or obligation if certain conditions are met, such as a default or breach by the borrower. In practice, this means that if the borrower misses payments or violates other terms of the agreement, the lender can demand full payment rather than continuing with the original payment schedule. This clause serves to protect the lender by providing a mechanism to recover funds quickly in the event of increased risk or non-compliance by the borrower.
Acceleration and Demand. Upon the occurrence of any Event of Default that has not been cured within the timelines set out herein, the Lender by written notice to the Borrower (an “Acceleration Notice”) shall be entitled to:
a) declare the Loan and the right of the Borrower to apply for further Advances to be terminated; and
b) declare all Obligations (whether matured or unmatured, drawn or undrawn) of the Borrower to the Lender (including, without limitation, the all unpaid fees whether or not deemed earned) to be immediately due and payable (or to be due and payable at such later time as may be stated in such notice) without further demand, presentation, protest or other notice of any kind, all of which are expressly waived by Borrower; but upon the occurrence of an Event of Default specified in Section 5.1(a), the Loan shall automatically terminate and all Obligations specified in Section I shall automatically become due and payable, in each case without any requirement that notice be given to the Borrower. Immediately upon the occurrence of an Event of Default specified in Section 5.1 or at the time stated in an Acceleration Notice, the Borrower shall pay to the Lender all amounts owing or payable in respect of all Obligations of such Borrower specified in Section I, failing which all rights and remedies of the Lender under the Documents, at law, in equity or otherwise shall thereupon become enforceable and shall be enforced by the Lender.
Acceleration and Demand. Upon the occurrence of any Event of Default the Agent may:
(a) if so required by the Majority Lenders:
Acceleration and Demand. The Agent may and shall if so directed by the Majority Lenders, either in the notice of Default or at any time subsequent thereto while the circumstances having given rise to such Default continues:
(a) cancel the Total Commitments; and/or
(b) declare that all amounts outstanding from the Borrowers to the Finance Parties hereunder at such time shall be immediately due and payable, whereafter the Borrowers shall be obliged to pay the same; and/or
(c) demand that the Guarantor pays all amounts due and payable under the Finance Documents; and/or
(d) exercise any or all of its rights, remedies, powers or discretions under the Finance Documents, including but not limited to enforcement of any Security Document.