Acceleration means the advancing of a loan agreement's maturity date so that payment of the entire debt is due immediately. In Analytical Surveys Inc. v. Tonga Partners, L.P., United States Court of Appeals, Second Circuit stated that “‘...
money and financial problems
acceleration clause
An accelerated clause is a term in a loan agreement that requires the borrower to pay off the loan immediately under certain conditions. An accelerated clause is typically invoked when the borrower materially breaches the loan agreement....
account debtor
An account debtor is someone who owes an obligation by virtue of an account, chattel paper, or general intangible.
See, e.g. Nickey Gregory Co., LLC v. AgriCap, LLC, 597 F.3d 591 (4th Cir. 2010).
[Last updated in...
account receivable
Accounts receivable (abbreviated A/R) is money owed to a business by another business or individual in exchange for property or services that were provided on credit. The settlement of an account receivable begins by sending an invoice to the...
account stated
Account stated refers to a document summarizing the amount a debtor owes a creditor. An account stated is also a cause of action in many states that allows a creditor to sue for payment. In many business contexts, creditors and debtors have...
accounting
Accounting is the practice of accurately and timely recording, analyzing, summarizing, and classifying financial transactions of a business. Commonly, those financial transactions are recorded in a set of financial records called financial...
accounts payable
Accounts payable is short-term debt that a company owes to its suppliers for products received before a payment is made. Accounts payable may be abbreviated to “AP” or “A/P.” Accounts payable may also refer to a business department of a...
accounts receivable
Accounts receivable (abbreviated A/R) is money owed to a business by another business or individual in exchange for property or services that were provided on credit. The settlement of an account receivable begins by sending an invoice to...
act of God
An act of God refers to a severe, unanticipated natural event for which no human is responsible. Despite its facial religious connections, the usefulness of the term means “act of God” is frequently used in otherwise secular statutory and...
administrative expenses
Administrative expenses are defined under §507(a)(1) of the U.S. Bankruptcy Code which states that claims that are given first priority distribution are those claims allowed as administrative expenses under §503(b). Administrative expenses...