Common use of Default and Remedy Clause in Contracts

Default and Remedy. You understand that You will be in default under the Line of Credit if any of the following occur:  if You have made any misrepresentation in the Application;  if You violate any terms of this Agreement;  if You miss a payment under this or any other obligation You owe Lender;  if any of You become subject to bankruptcy proceedings;  if any of You die; or  if anything else happens that indicates to Lender that You may be unable or unwilling to repay your obligations under the Line of Credit. If You default, Lender may:  immediately cease making loans under the Line of Credit;  require You to immediately pay the entire loan account balance, together with all accrued and unpaid interest, finance charges, and all other charges and obligations hereunder; or  take any other action, including, but not limited to, action permitted pursuant to Section 12, provided for in this Agreement or permitted under state or federal law. Lender can exercise its rights under this Section immediately or can postpone action without losing any rights.

Default and Remedy. You understand that You will be in default under the Line of Credit if any of the following occur:  • if You have made any misrepresentation in the Application;  • if You violate any terms of this Agreement;  • if You miss a payment under this or any other obligation You owe Lender;  • if any of You become subject to bankruptcy proceedings;  • if any of You die; or  • if anything else happens that indicates to Lender that You may be unable or unwilling to repay your obligations under the Line of Credit. If You default, Lender may:  • immediately cease making loans under the Line of Credit;  • require You to immediately pay the entire loan account balance, together with all accrued and unpaid interest, finance charges, and all other charges and obligations hereunder; or  • take any other action, including, but not limited to, action permitted pursuant to Section 12, provided for in this Agreement or permitted under state or federal law. Lender can exercise its rights under this Section immediately or can postpone action without losing any rights.