Common use of Consequences of a Default Clause in Contracts

Consequences of a Default. On or after the occurrence of any Event of Default, at the option of the Bank, (i) any or all of the Obligations not yet payable will become immediately payable, without notice; (ii) the obligation, if any, of the Bank to extend further credit to the Debtor will cease; and (iii) the security granted hereby will become immediately enforceable.

Consequences of a Default. On or after the occurrence of any Event of Default, at the option of the Bank, (iif) any or all of the Obligations not yet payable will become immediately payable, without notice; (ii) the obligation, if any, of the Bank to extend further credit to the Debtor will cease; and (iii) the security granted hereby or any other security granted by the Debtor to secure the Obligations will become immediately enforceable.