Legal English Challenge 2024- Day 4
Read the short text about acceleration clauses, then select the correct option from the list to complete (1) ….. to (10) ….. .
An acceleration clause is a contractual provision often found in ___1___ or financial contracts and grants the lender or a(n) ___2___ the right to demand immediate payment of the ___3___ outstanding balance, rather than adhering to the original ___4___, if default, certain triggering events or specified ___5___ occur. Common default events include___6___, breach of contract, bankruptcy, insolvency, or a deterioration in the borrower’s financial condition.
Some acceleration clauses may include a notice requirement, obliging the ___7___ party to provide the ___8___ party with written notice of the default and an ___9___ to cure the breach within a specified timeframe to prevent acceleration. In secured transactions, the acceleration clause may empower the creditor to enforce any security interests or ___10___ securing the debt.
The enforceability of acceleration clauses may be subject to local laws and regulations, and courts may review the fairness and reasonableness of the clause.
Now, press the START button to select the correct option from the list to complete (1) ….. to (10) ….. .
Lingua Juris Szaknyelvi Központ
Tulajdonos: Connect Europe Bt.
1011 – Budapest, Aranyhal u. 4. I/1.,
Levelezési cím: 1027 – Budapest, Medve u. 23.
Telefon: 06 1 783 1339,
Mobil: 06 20 340 9278
Email: info@linguajuris.hu
