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Acceleration: Difference between revisions
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A delinquent counterparty, borrower, or other miscreant can “[[default]]” on a [[contractual obligation]] without (necessarily) incurring the full, balls-out wrath of his lender. Sure, the lender may be utterly exasperated with his cretinous client, but she may have plenty of good reasons to sit on her hands. A [[defaulting party]] is one who has failed to do what {{sex|she}} promised, whether or not the [[non-defaulting party]] has taken any action as a result. | {{a|glossary|}}A delinquent counterparty, borrower, or other miscreant can “[[default]]” on a [[contractual obligation]] without (necessarily) incurring the full, balls-out wrath of his lender. Sure, the lender may be utterly exasperated with his cretinous client, but she may have plenty of good reasons to sit on her hands. A [[defaulting party]] is one who has failed to do what {{sex|she}} promised, whether or not the [[non-defaulting party]] has taken any action as a result. | ||
The process of taking that action: declaring an [[event of default]] or terminating a {{tag|contract}} is called “[[acceleration]]”. | The process of taking that action: declaring an [[event of default]] or terminating a {{tag|contract}} is called “[[acceleration]]”. | ||
Becomes quite important when considering concepts like [[cross acceleration]] and [[cross default]]. Knowing what you know about acceleration from this article, can you guess what the difference might be? | Becomes quite important when considering concepts like [[cross acceleration]] and [[cross default]]. Knowing what you know about acceleration from this article, can you guess what the difference might be? | ||
{{sa}} | |||
*[[Cross acceleration]] | |||
*[[Cross default]] | |||
{{egg}} | |||
{{draft}} | |||