Credit Union Actions Clause Samples
The 'Credit Union Actions' clause defines the rights and procedures available to a credit union when taking specific actions under an agreement. Typically, this clause outlines the circumstances under which the credit union may exercise remedies such as suspending services, demanding repayment, or enforcing security interests if a member defaults or breaches the agreement. By clearly specifying the credit union's powers and the steps it may take, this clause ensures both parties understand the consequences of non-compliance and helps protect the credit union's interests in managing risk and enforcing contractual obligations.
Credit Union Actions. You agree the Credit Union may accept late payments and partial payments and can delay enforcing any of its rights under this Agreement without losing them. The Credit Union’s waiver of its rights in one instance does not constitute a waiver of its rights in other instances, or waiver of any other default. You agree the Credit Union may permit a modification, extension, or renewal of any term under this Agreement, or release or substitute collateral or any other person obligated for repayment of this Agreement or any guaranty, and you will remain liable for repayment of your Loan or Line of Credit. The Credit Union may exercise any of its rights under the security agreement and applicable law. In addition, the Credit Union may take other actions as follows:
Credit Union Actions. You agree the Credit Union may accept late payments and partial payments and can delay enforcing any of its rights under this Agreement without losing them. The Credit Union’s waiver of its rights in one instance does not constitute a waiver of its rights in other instances, or waiver of any other default.
Credit Union Actions. I agree the Credit Union may accept late payments and partial payments and can delay enforcing any of its rights under this Agreement without waiving any of its rights. The Credit Union’s waiver of its rights in one instance does not constitute a waiver of its rights in other instances, or waiver of any other default. I agree the Credit Union may permit a modification, extension, or renewal of any term under this Agreement, or release or substitute collateral or any other person obligated for repayment of this Agreement or any guaranty, and I will remain liable for repayment of this Account. In addition, the Credit Union may take other actions on my Account as follows: