Consequences of Default – Acceleration Sample Clauses
The "Consequences of Default – Acceleration" clause allows a lender or counterparty to demand immediate repayment of all outstanding obligations if the borrower defaults on the agreement. In practice, this means that upon a triggering event such as missed payments or breach of contract terms, the entire remaining balance becomes due rather than following the original payment schedule. This clause serves to protect the non-defaulting party by providing a swift remedy to recover owed amounts and incentivizes the borrower to comply with the contract to avoid severe financial consequences.
Consequences of Default – Acceleration. The Lender may without prejudice to any other rights of the Lender (which will continue to be in force concurrently with the following), at any time after the happening of an Event of Default, which is continuing:
(a) by notice to the Borrower declare that the obligation of the Lender to make the Commitment (or any part thereof) available shall be terminated, whereupon the Commitment shall be reduced to zero forthwith; and/or
(b) by notice to the Borrower declare that the Loan and all interest accrued and all other sums payable under the Finance Documents have become due and payable, whereupon the same shall, immediately or in accordance with the terms of such notice, become due and payable without any further diligence, presentment, demand of payment, protest or notice or any other procedure from the Lender which are expressly waived by the Borrower; and/or
(c) put into force and exercise all or any of the rights, powers and remedies possessed by the Lender under this Agreement and/or under any other Finance Document and/or as mortgagee of the Vessel, mortgagee, chargee or assignee or as the beneficiary of any other property right or any other security (as the case may be) of the assets charged or assigned to it under the Finance Documents or otherwise (whether at law, by virtue of any of the Finance Documents or otherwise).
Consequences of Default – Acceleration. 12.1 (Unlawfulness) or any other Clause of this Agreement;
Consequences of Default – Acceleration. The Lender may without prejudice to any other rights of the Lender (which will continue to be in force concurrently with the following), at any time after the happening of an Event of Default:
(a) by notice to the Borrower declare that the obligation of the Lender to make the Commitment (or any part thereof) available shall be terminated, whereupon the Commitment shall be reduced to zero forthwith; and/or
(b) by notice to the Borrower declare that the Loan and all interest accrued and all other sums payable under the Finance Documents have become due and payable, whereupon the same shall, immediately or in accordance with the terms of such notice, become due and payable without any further diligence, presentment, demand of payment, protest or notice or any other procedure from the Lender which are expressly waived by the Borrower; and/or 58 (J18-185622/C)
(c) put into force and exercise all or any of the rights, powers and remedies possessed by the Lender under this Agreement and/or under any other Finance Document and/or as mortgagee of the Vessel, mortgagee, chargee or assignee or as the beneficiary of any other property right or any other security (as the case may be) of the assets charged or assigned to it under the Finance Documents or otherwise (whether at law, by virtue of any of the Finance Documents or otherwise).
Consequences of Default – Acceleration. If any Event of Default occurs and is continuing, the Holder may, by notice to the Issuer, declare this Note to be due and payable immediately. Upon any such declaration, this Note shall become due and payable immediately. Notwithstanding the foregoing, if an Event of Default specified in paragraphs (i) to (k) of Section 6.1 occurs, this Note shall be due and payable immediately without further action or notice.
Consequences of Default – Acceleration of the Loan Agreement, and a demand under this Guarantee may refer to all amounts payable under or in connection with any Finance Document without specifying a particular sum or aggregate sum.
Consequences of Default – Acceleration simultaneously or on different dates and it may take any action referred to in that Clause if no such notice is served or simultaneously with or at any time after service of both or either of such notices, it being understood and agreed that the non-service of a notice in respect of an Event of Default hereunder, or under any of the Finance Documents (whether known to the Lender or not), shall not be construed to mean that the Event of Default shall cease to exist and bring about its lawful consequences.