Common use of Termination of Further Credit and Acceleration of Obligations Clause in Contracts

Termination of Further Credit and Acceleration of Obligations. The Credit Union shall be under no obligation to make further advances or otherwise extend further credit and the Credit Union may declare that the Obligations are immediately due and payable in full, but if the Obligor becomes bankrupt (voluntarily or involuntarily), or institutes (or has instituted against it) any proceeding seeking liquidation, rearrangement, relief of debtors or creditors or the appointment of a receiver or trustee over any material part of its undertaking, property and assets or any analogous proceeding in any relevant jurisdiction, then without prejudice to the other rights of the Credit Union as a result of any of those events, without notice or action of any kind by the Credit Union and without presentment, demand or protest of any nature or kind, the Credit Union’s obligation to make advances or otherwise extend credit shall immediately terminate and the Obligations shall become immediately due and payable. Upon the Obligations becoming due and payable, the Credit Union may enforce payment of the Obligations and the Credit Union shall have the rights and remedies of a secured party under the PPSA and other applicable law together with those rights and remedies provided by this Agreement or otherwise provided by applicable law.

Termination of Further Credit and Acceleration of Obligations. The Credit Union Lender shall be under no obligation to make further advances or otherwise extend further credit and the Credit Union Lender may declare that the Obligations are immediately due and payable in full, but if the Obligor becomes bankrupt (voluntarily or involuntarily), or institutes (or has instituted against it) any proceeding seeking liquidation, rearrangement, relief of debtors or creditors or the appointment of a receiver or trustee over any material part of its undertaking, property and assets or any analogous proceeding in any relevant jurisdiction, then without prejudice to the other rights of the Credit Union Lender as a result of any of those events, without notice or action of any kind by the Credit Union Lender and without presentment, demand or protest of any nature or kind, the Credit UnionLender’s obligation to make advances or otherwise extend credit shall immediately terminate and the Obligations shall become immediately due and payable. Upon the Obligations becoming due and payable, the Credit Union Lender may enforce payment of the Obligations and the Credit Union Lender shall have the rights and remedies of a secured party under the PPSA and other applicable law together with those rights and remedies provided by this Agreement or otherwise provided by applicable law.

Termination of Further Credit and Acceleration of Obligations. The Credit Union shall be under no obligation to make further advances or otherwise extend further credit and the Credit Union may declare that the Obligations are immediately due and payable in full, but if the Obligor becomes bankrupt (voluntarily or involuntarily), or institutes (or has instituted against it) any proceeding seeking liquidation, rearrangement, relief of debtors or creditors or the appointment of a receiver or trustee over any material part of its undertaking, property and assets or any analogous proceeding in any relevant jurisdiction, then without prejudice to the other rights of the Credit Union as a result of any of those events, without notice or action of any kind by the Credit Union and without presentment, demand or protest of any nature or kind, the Credit Union’s 's obligation to make advances or otherwise extend credit shall immediately terminate and the Obligations shall become immediately due and payable. Upon the Obligations becoming due and payable, the Credit Union may enforce payment of the Obligations and the Credit Union shall have the rights and remedies of a secured party under the PPSA and other applicable law together with those rights and remedies provided by this Agreement or otherwise provided by applicable law.