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acceleration clause |
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Acceleration clause A contract stating that the unpaid balance becomes due and payable if specific actions transpire, such as failure to make interests payments on time.
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First, when selling an apartment, try to build in an extended close
date--maybe even try to ask the purchaser of the apartment if there can
be an acceleration clause for the close date if the sponsor is ready to
close sooner rather than later. 79-3 says if a long-term debt agreement does contain a
subjective acceleration clause and acceleration of the due date is
remote, neither reclassification to current liabilities nor disclosure
of the acceleration clause is required. Cases suggest, however, that an acceleration clause would be enforced
if it provided for an offset for the reasonably anticipated revenues
from re-letting. |
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