Acceleration clause

{
  "id": "MLC-T-LAW-000294",
  "term": "Acceleration clause",
  "field": "Law",
  "definition": "A contract provision, often found in loan agreements or promissory notes, that allows the lender to demand immediate repayment of the entire outstanding balance if the borrower defaults on certain conditions. This clause protects the lender's interests by making the full debt due and payable upon a specified event, such as a missed payment or breach of another covenant. It is a standard feature in most mortgage and installment loan contracts.",
  "url": "https://mlchart.com/terminology/law/acceleration-clause/"
}