Common use of Default and acceleration of repayment Clause in Contracts

Default and acceleration of repayment. 8.1 If you default under this agreement, we may accelerate repayment of the loan. This means that we can give you notice requiring you to repay the outstanding balance to us even if the time for repayment has not yet arrived. 8.2 Our right to accelerate is, however, subject to the terms of the Property Law Xxx 0000, section 119, in respect of loans secured by a mortgage of land and such other restrictions that are imposed by law (if any). 8.3 Default occurs under this agreement if: a. you do not pay us an amount when it is due and payable; b. you do something you have agreed not to do, or do not do something you have agreed to do either under this agreement; c. you give us incorrect or misleading or deceptive information in connection with this agreement; d. you have acted fraudulently in respect of this agreement; e. any of the events set out in paragraphs a., b., c., or d. occur under any other agreement you have with us or under any security that you have given or agreed to give to us and whether or not you are a borrower or a guarantor; f. an insolvency event happens; or g. you default under any other agreement to any other person and that person has the right to accelerate any payments or exercise any rights over any personal or real property of any borrower or guarantor; or h. any of the above events happens to a guarantor and for the purposes of this clause, “this agreement” includes each guarantee given in connection with this agreement.

Default and acceleration of repayment. 8.1 If you default under this agreement, we may accelerate repayment of the loan. This means that we can give you notice requiring you to repay the outstanding balance to us even if the time for repayment has not yet arrived. 8.2 . Our right to accelerate is, however, subject to the terms of the Property Law Xxx 0000, section 119, in respect of loans secured by a mortgage of land and such other restrictions that are imposed by law (if any). 8.2 If you default under this agreement, we may cancel any undrawn subsequent advances. This means that you will not be able to request a drawdown of any part of the remaining subsequent advances as at the date of cancellation. 8.3 Default occurs under this agreement if: a. you do not pay us an amount when it is due and payable; b. you do something you have agreed not to do, or do not do something you have agreed to do either under this agreement; c. you give us incorrect or misleading or deceptive information in connection with this agreement; d. you have acted fraudulently in respect of this agreement; e. any of the events set out in paragraphs a., b., c., or d. occur under any other agreement you have with us or under any security that you have given or agreed to give to us and whether or not you are a borrower or a guarantor; f. an insolvency event happens; or g. you default under any other agreement to any other person and that person has the right to accelerate any payments or exercise any rights over any personal or real property of any borrower or guarantor; or h. any of the above events happens to a guarantor and for the purposes of this clause, “this agreement” includes each guarantee given in connection with this agreement.