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Acceleration clause Definition from Business & Finance Dictionaries & Glossaries
Campbell R. Harvey's Hypertextual Finance Glossary
A contract stating that the unpaid balance becomes due and payable if specific actions transpire, such as failure to make interests payments on time.Copyright © 2000, Campbell R. Harvey. All Rights Reserved.
BASSAM Trade, Real Estate, Mortgage, Fund,Invest, Insurance,& Tax,Terms/abbreviations/defin.
A provision normally found in a legal loan document, (mortgage contract) which requires the immediate payment of a specified debt when the principal fails to meet the terms and conditions of the note.
Condition in a mortgage that may require the balance of the loan to become due immediately, if regular mortgage payments are not made or for breach of other conditions of the mortgage.Mike Wagner
Dictionary of Real Estate Terms
A condition in a real estate financing instrument giving the lender the power to declare all sums owing lender immediately due and payable upon the happening of an event, such as the sale of the property, or a delinquency in the repayment of the note.
Acceleration clause Definition from Encyclopedia Dictionaries & Glossaries
Wikipedia English - The Free Encyclopedia
An acceleration clause, in the law of contracts, is a term that fully matures the performance due from a party upon a breach of the contract. Such clauses are most prevalent in mortgages and similar contracts to purchase real estate in installments.
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Acceleration clause Definition from Law Dictionaries & Glossaries
Duhaime.org Legal Dictionary
Canadian Insolvency Dictionary
Any clause in a contract which spells out that when certain actions are taken, the clause comes into effect. A common acceleration clause is the clause in a lease that says if a company goes into bankruptcy, three months rent is due as a preferred claim.