Jargon File

  

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Fish or cut bait clause

  1. A clause in a subordination agreement that gives a senior creditor a limited amount of time to decide whether to accelerate its debt (thus making a payment block on junior debt permanent) or to let the time pass without acceleration and let the junior debt receive a payment.
  2. In less polite circles, this clause is known as a "sh*t or get off the pot" clause.