INFORMATION ABOUT THE SECURITY Sample Clauses

INFORMATION ABOUT THE SECURITY. 11.1 As part of the overall Agreement, the Credit Union has taken a security interest over the Property. This means that if the Member misses Payments, or is unable to repay the Facility, or falls into any other breach of this Agreement, the Credit Union may be entitled to sell the Property to recover money owed to the Credit Union. 11.2 If the Member enters into any additional agreements for a credit facility with the Credit Union, the Property will secure payment on those future facilities. If the Credit Union has a security interest over any of the Member’s other property (for instance, in relation to an earlier facility with the Credit Union), that secured property will also secure payment in relation to this facility. 11.3 Before the Member can give a security interest in the Property to any other person (including any bank or financial institution), the Member must get the Credit Union’s written consent which the Credit Union may, but does not need to, give. If the Member grants a security interest over the Property to another person without the Credit Union’s consent, this would be considered a “default”, and the Credit Union would be entitled to demand payment of any money the Member owes the Credit Union. If the Member is unable to pay the Credit Union back, the Credit Union would be entitled to repossess and sell the Property to recover the amount owed. 11.4 If the Credit Union sells the Property because of a default by the Member, and the proceeds from the sale of the Property are insufficient to cover the amount owing by the Member to the Credit Union under this Agreement, the Credit Union reserves its rights to pursue the Member or any Guarantor for the remaining amount owed under this Agreement. This amount will be limited to the difference between the total amount owed by the Member as at the date of the sale of the Property and the proceeds of the sale of the Property.