representation to us while you owe money on your 
account;

for any transactions that are authorized but have not been 
posted to the account.

•  a judgement or tax lien is filed against you or any 

Guarantor, or any attachment or garnishment is issued 
against any of your or any Guarantor's property or 
accounts, including anyone starting an action or 
proposing to seize any of your or your Guarantor's funds 
on deposit with us;

•  we in good faith determine that your or any Guarantor's 
creditworthiness (which includes your or any Guarantor's 
ability to repay us) has become unsatisfactory due to 
change in employment, increase in other obligations, 
or because of any other reason, time being of the very 
essence;

•  any Guarantor dies;

•  your organization ceases to exist;

•  your organization changes its corporate structure; or

•  government action precludes us from imposing the 

annual percentage rate or a government authority has 
notified us that continued advances constitute an unsafe 
and unsound practice.

If immediate payment is demanded, you agree to continue 
paying finance charges, at the Interest Rate then in effect, 
until what you owe has been paid.

16.  CHANGING OR TERMINATING YOUR ACCOUNT - MSUFCU 
may change the terms of this Agreement and any attached 
Addendum from time to time. Notice of any change will be 
given in accordance with applicable law. If permitted by law, 
the change will apply to your existing account balance as 
well as to future transactions.

Either you or MSUFCU may terminate this Agreement at any 
time, but termination by you or MSUFCU will not affect your 
obligation to pay the account balance plus any finance and 
other charges you owe under this Agreement. You are also 
responsible for all transactions made to your account after 
termination, unless the transactions were unauthorized.

The Card(s) you receive remain the property of MSUFCU and 
you must recover and surrender to MSUFCU all Cards upon 
request or upon termination of this Agreement whether by 
you or by MSUFCU. MSUFCU has the right to require you to 
pay your full account balance at any time after your account 
is terminated, whether it is terminated by you or MSUFCU.

17.  CHANGING OR TERMINATING AUTHORIZED USERS -

Upon your request, we may issue additional cards for 
authorized users that you designate. You must notify us in 
writing of any termination of an authorized user's right to 
access your account. Your letter must include the name of 
the user and your account number and/or any sub-account 
number issued to the authorized user along with the 
authorized user's Card and any convenience or other access 
checks issued to the authorized user. If you cannot return the 
authorized user's Card or access checks and if you request 
your account to be closed, we will close your account and 
you may apply for a new account. You will be responsible 

18.  LIABILITY FOR UNAUTHORIZED USE-LOST/STOLEN CARD 
NOTIFICATION - You may be liable for the unauthorized use 
of your Card or account. Notify us immediately, in writing at: 
MSU Federal Credit Union, Attention: Visa Department, 3777 
West Road, East Lansing, MI 48823 or by telephone at 800-
847-2383 or 517-333-2323 during business hours or 800-325-
3678 after hours if your Card is lost, stolen, or you suspect 
there has been an unauthorized use of your Card or account. 
After we receive your notification, you will not be liable for 
any further unauthorized use of your Card or account.

If you are an organization with 10 or more employees and 
we have issued 10 or more Cards on your account for use 
by your employees, you will be liable for all unauthorized 
use of your Cards or account before notification to us unless 
your liability is limited by Visa liability limitation rules as 
set forth below. Otherwise, you will be liable for up to $50 
for the unauthorized use of your Card or account before 
notification to us unless your liability is further limited by Visa 
liability limitation rules as set forth below. Unauthorized use 
does not include use of a Card by an authorized user in an 
unauthorized manner.

Because your Card is a Visa, you will not be liable for any 
unauthorized purchase transaction if you exercise reasonable 
care in safeguarding your card from risk of loss or theft, have 
not reported two or more incidents of unauthorized use in 
the last (12) months, and if your account is in good standing.

19.  CREDIT REVIEW AND RELEASE OF INFORMATION - 

You and all Guarantor's authorize MSUFCU to investigate 
your or your Guarantors' credit standing when opening or 
reviewing your account. You and all Guarantors authorize 
MSUFCU to disclose information regarding your account 
and your Guarantors' obligations to credit bureaus and 
creditors who inquire about your or your Guarantors' 
credit standing. All Guarantors are hereby notified that 
negative information will be provided to appropriate 
consumer reporting agencies if you fail to perform your 
obligation under this Agreement. If your account is eligible 
for emergency cash and/or emergency Card replacement 
services, and you request such services, you agree that we 
may provide information about you and your account that is 
necessary to provide you with the requested service(s).

20.  RETURNS AND ADJUSTMENTS; MERCHANT 

TRANSACTIONS - Merchants and others who honor your 
Card may give credit for returns or adjustments, and they 
will do so by sending MSUFCU a credit which will be posted 
to your account. If your credits and payments exceed what 
you owe MSUFCU, the amount will be applied against 
future purchases and cash advances. If the credit balance 
amount is $1 or more, it will be refunded upon your written 
request or automatically after six (6) months. If a merchant 
discloses a policy such as but not limited to "no returns," 
"no refunds," "as is," or "all sales final," you will be bound by 
that policy when you use your Account to buy goods or 
services from that merchant. When using your Account to 

make a travel or lodging reservation, obtain the merchant's 
cancellation policy and follow it if you wish to cancel. If you 
cancel, obtain the merchant's cancelation number that it 
is required to provide to you. The merchant may charge 
you for a canceled transaction unless you can provide us 
with the merchant's cancelation number. If you authorize 
a merchant to charge your Account for repeat transactions 
without your Card, you must notify the merchant, and not 
us, when you want to discontinue the repeat transactions. 
If you disagree with a transaction on your statement or 
have a dispute with a merchant as a result of a transaction, 
you agree to provide us with information and assistance 
we reasonably request. Otherwise, you will pay us for any 
resulting loss we have, unless we are prohibited by law 
from holding you liable for our loss.

21.  ADDITIONAL BENEFITS/CARD ENHANCEMENTS -

MSUFCU may, from time to time, offer additional services to 
your account, such as travel accident insurance or a liability 
waiver program, at no additional cost to you. You understand 
that MSUFCU is not obligated to offer such services and may 
withdraw or change them at any time.

22.  EFFECT OF AGREEMENT - This Agreement is the contract 
which applies to all transactions on your account even 
though the sales, cash advances, credit, or other slips you 
sign or receive may contain different terms.

23.  NO WAIVER - MSUFCU can delay enforcing any of its rights 

any number of times without losing them.

28. 

INTERNET GAMBLING TRANSACTIONS PROHIBITED - You 
may not use your Card to initiate any type of electronic 
gambling transaction through the Internet.

29.  ASSIGNMENT - We may sell, assign, or transfer all or any 
portion of your Account, or any balance due under your 
Account, without prior notice to you. You may not sell, 
assign or transfer your Account or any obligations under this 
Agreement.

30.  CREDIT UNION MEMBERSHIP - You understand and agree 
that the closing of your MSUFCU Business Spartan Saver 
account terminates your status as a member of MSUFCU, and 
upon such closing, you can no longer obtain credit with the 
Platinum Resource Visa Credit Card.

31.  PERSONAL GUARANTY - If you signed the application 
as a Personal Guarantor or Authorized Officer, you 
unconditionally guarantee (i) the full and prompt payment 
when due, whether by acceleration or otherwise, and at 
all times hereafter, of all credit extended, together with 
applicable finance charges, fees and collection costs; and (ii) 
the full and prompt performance of all the terms, covenants, 
conditions and agreements relating to this Account. This 
guaranty can be revoked by a Personal Guarantor by 
providing 60 days' written notice to us at our address below, 
or at such other address as we may specify from time to time, 
but any such revocation will in no way affect any obligations 
of the Personal Guarantor existing on or prior to the effective 
date of such revocation.

24.  STATEMENTS AND NOTICES - Unless separate sub-accounts 

32.  GOVERNING LAW - This Agreement is governed by the laws 

of the State of Michigan and applicable federal laws.

33.  NOTIFICATION INFORMATION FOR REPORTING LOST, 

STOLEN AND UNAUTHORIZED USE OF CARD - 
Notify us at once if your Card has been lost or stolen or 
if you suspect that your Card is being used without your 
permission at the following:

During business hours, call:  
800-847-2383 or 517-333-2323;  

After business hours, call:  
800-325-3678 
or email: eservices@msufcu.org

have been set up under your account for authorized users, 
statements and notices will be mailed to you at the most 
recent address you have given us. You agree to notify us at 
least 10 days in advance of any change in address. Notice 
sent to any one person bound under this Agreement will be 
considered notice to all. If we have agreed to send statements 
for sub-accounts under your account that have been issued 
to authorized users, we will send statements to the most 
recent address you have provided for that user. You agree to 
notify us at least 10 days in advance of any change in address 
for an authorized user. You are responsible for payment of all 
amounts shown on a statement delivered to an authorized 
user.

25.  NOTIFICATION OF CHANGE IN LEGAL STRUCTURE, 

OFFICERS OR OWNERS - You agree to notify us within 10 
days of any change in your legal structure or any change in 
your officers or owners.

26.  SEVERABILITY AND FINAL EXPRESSION - This Agreement 

is the final expression of the terms and conditions of your 
account. This written Agreement may not be contradicted 
by evidence of any alleged oral agreement. Should any part 
of this Agreement be found to be invalid or unenforceable, 
all other parts of this Agreement shall remain in effect and 
fully enforceable to the fullest extent possible under this 
Agreement.

27.  GAMBLING TRANSACTIONS PROHIBITED - You may not 
use your Card to initiate any type of gambling transaction.

Platinum Resource
Visa Credit Card
________

Agreement and
Truth-In-Lending
Disclosure Statement

Business Services: 517-333-2365
Toll-Free: 800-678-4968
Visa: 517-333-2323 or 800-847-2383
Monday - Friday  7:00 a.m. - 9:00 p.m.
Saturday  9:00 a.m. - 3:00 p.m.

Branch Locations

Monday - Thursday  9:00 a.m. - 5:30 p.m.
Friday  9:00 a.m. - 6:00 p.m.
Saturday  9:00 a.m. - 3:00 p.m.

Drive-Up Teller Hours
Monday - Friday  7:00 a.m. - 6:00 p.m.
Saturday  9:00 a.m. - 3:00 p.m.

Branch Locations
East Lansing
• 3777 West Road
• MSU Union*
• 523 E. Grand River Avenue*
• 600 E. Crescent Road

Lansing
• 200 E. Jolly Road
• 653 Migaldi Lane
• 104 S. Washington Square*

Okemos
• 1775 Central Park Drive

Auburn Hills
• 3265 Five Points Drive*

* Branches without Drive-Up Tellers

www.msufcu.org

The information about the costs of the card described in this 
disclosure is accurate as of September 2011. This information may 
have changed after that date. To find out what may have changed, 
write to us at P.O. Box 1208, East Lansing, MI  48826-1208.

Federally Insured 
by the NCUA

Specific features, rates and fees of credit union 
services are subject to change without notice.

10%

IFN# - I001235

222        11/11

 
 
 
 
This Platinum Resource Visa Card Agreement (“Agreement”) 
includes this document, any letter, card carrier, card insert, 
addendum, any other document accompanying this Agreement, 
any application that you signed or submitted to MSUFCU, and any 
notification of changes to this Agreement.

The words “you” and “your” mean each business or organization 
(“organization” or "Company") who agrees to be bound by this 
Agreement as set forth below. The words we, our, us, credit union, 
and MSUFCU means Michigan State University Federal Credit 
Union or anyone to whom MSUFCU transfers this Agreement. 
The word “Card” means the Platinum Resource Visa Credit Card(s) 
you receive from MSUFCU and any duplicates, renewals, or 
substitutions MSUFCU issues to you. The word “account” means 
the credit card line-of-credit account MSUFCU approves for you 
that is subject to this Agreement.

1. 

2. 

3. 

4. 

PERSONS BOUND – By signing (in ink, electronically, or 
digitally) any application stating your agreement to be 
bound by this Agreement or by using the Card or account we 
issue to you, or by authorizing an employee to use the card 
or account we issue to you, you agree to be bound by the 
terms of this Agreement.

RESPONSIBILITY - You have applied to us for a Visa Platinum 
Resource Credit Card line-of-credit account. We have approved 
the account and issued you a Card(s). By activating and 
using this Card(s), you agree to be bound by the terms and 
conditions of this agreement. You promise to repay all debts 
and the FINANCE CHARGE thereon arising from any authorized 
use of the Card(s). You agree that only authorized users will 
use the Card(s). You agree not to let an unauthorized person 
use the Card(s). In addition, you agree that any authorized 
user may make purchases individually and if cash advances 
are permitted for your account, may obtain cash advances 
individually. If any Guarantors have signed the application, 
each of the Guarantors, separately and jointly with each 
other, is liable for all amounts charged to the account and any 
FINANCE CHARGE thereon.

STATEMENT OF BUSINESS PURPOSE - You agree that 
you have represented to us that you are obtaining your 
account for business purposes. You also agree that all Cards, 
purchases, balance transfers, and use of convenience checks 
issued on your account, and any other use of your account 
will be used solely for business or commercial purposes. You 
agree that you will never use your account for any personal, 
family, or household purposes.

CREDIT LINE - We have established a self-replenishing 
line-of-credit for you and have notified you of the amount 
thereof (“credit limit”) via the Addendum included with this 
disclosure. You agree not to let your Account balance exceed 
such amount. Each payment you make on the Account 
will replenish your credit limit by the part of that payment 
which is applied to principal. We may reduce your credit 
limit from time to time, change the rate in accordance with 
the conditions of the cardholder information section of the 
agreement, or may, with good cause, revoke your Card(s) 
and terminate this Agreement. In any event, we will give 
you written notice of such action. “Good cause” includes 

your failure to satisfy the terms of this Agreement, or adverse 
reevaluation of your creditworthiness; or if any warranty, 
representation or statement made or furnished to us by 
you or on your behalf under this Agreement or any related 
documents is false or misleading in any material respect, 
either now or at the time made or furnished or becomes 
false or misleading at any time thereafter; the dissolution 
or termination of your existence as a going business, your 
insolvency, or the appointment of a receiver for any part of 
your property; or if you or any Guarantor defaults under any 
loan, extension of credit, security agreement, purchase or 
sales agreement, or any other agreement, in favor of any other 
creditor or person that may materially affect any of your or 
any guarantor’s property rights or your or any guarantor’s 
ability to repay the amounts owing or perform their respective 
obligations under this Agreement or any of the related 
documents; or any assignment for the benefit of creditors, 
any type of creditor workout, or the commencement of any 
proceeding under any bankruptcy or insolvency laws by or 
against you; or any change in ownership of twenty percent 
(20%) or more of your common stock; or if any material or 
adverse change occurs in your financial condition; or if we 
believe the prospect of payment or performance of the line-
of-credit is impaired; or if we, in good faith, believe MSUFCU to 
be insecure.

5.  USING THE CARD - We have enclosed, or will send in the 

near future, a Card or Cards embossed as you have directed. 
As soon as received, each Card must be signed (in the space 
provided on the back) by the person whose name is printed 
thereon. That signature must be in the same form as printed 
on the front of the Card. Your liability under this Agreement 
does not depend upon whether an authorized user signs 
his or her Card. You may use your Card to make purchases 
from merchants and others who accept your Card. MSUFCU 
is not responsible for the refusal of any merchant or financial 
institution to honor your card. If you wish to pay for goods 
or services over the Internet, you may be required to provide 
card number security information before you will be permitted 
to complete the transaction. In addition, MSUFCU may permit 
you to obtain cash advances from the Credit Union, from other 
financial institutions that accept your card, and from some 
automated teller machines (ATMs). (Not all ATMs may accept 
your card.) If MSUFCU authorizes ATM transactions with your 
card, we will issue you a Personal Identification Number (PIN). 
To obtain cash advances from an ATM, you must use the PIN 
that is issued to you for use with your card. You agree that you 
will not use your card for any transaction that is illegal under 
applicable federal, state, or local law. Even if you use your 
Card for an illegal transaction, you will be responsible for all 
amounts and FINANCE CHARGE incurred in connection with 
the transaction. We will not be liable if you or your authorized 
users engage in any illegal transactions. If you are permitted 
to obtain cash advances on your account, you may also use 
your Card to purchase instruments and engage in transactions 
that we consider the equivalent of cash. Such transactions will 
be posted to your account as cash advances and include, but 
are not limited to, wire transfers, money orders, bets, lottery 
tickets, and casino gaming chips. This paragraph shall not be 

6. 

7. 

8. 

interpreted as permitting or authorizing any transaction that 
is illegal.

INTEREST RATE – The Interest Rates applicable to purchases, 
cash advances, and balance transfers are disclosed on the 
Addendum that accompanies this Agreement. Any penalty 
rate that may be imposed for failing to make a payment by 
the Payment Due Date is also disclosed on the Addendum. 
These rates may be either fixed or variable as disclosed in 
the Addendum accompanying this Agreement. If your rate is 
fixed, the rate charged on purchases, cash advances, balance 
transfers, and any penalty rate will be fixed and will not vary 
from month to month unless we notify you in advance that 
the rate will change. If the rate for your account is variable, 
as indicated on the accompanying Addendum, the rate 
charged on purchases, cash advances, balance transfers 
and any penalty rate will vary periodically as disclosed in 
the Addendum accompanying this Agreement. The initial 
rate on your account for certain types of transactions may 
be an introductory discounted rate (Introductory Rate) that 
is lower than the rate that would ordinarily apply for that 
type of transaction. If an Introductory Rate applies to your 
account, the rates and the period of time it will be effective 
is shown on the Addendum accompanying this Agreement.  
After the Introductory Rate period expires, the Interest Rate 
will automatically increase to the rates that would normally 
apply for that type of transaction based on the terms of this 
Agreement.

PENALTY RATE - All rates for your account, including the 
rates for purchases, cash advances, and balance transfers, will 
automatically increase to the Penalty Rate disclosed on the 
Addendum accompanying this Agreement if your account or 
sub-accounts become delinquent 30 days or more, two times 
during any twelve month period, or if no payment is received 
within 60 days from its due date, or upon adverse evaluation of 
your creditworthiness.

FINANCE CHARGES - In order to avoid a FINANCE CHARGE 
on purchases made since your last statement date, you must 
pay the Total New Balance shown on your statement within 
25 days of the statement closing date. Otherwise the FINANCE 
CHARGE on purchases is calculated on the next statement 
period on previously billed but unpaid purchases and on new 
purchases from the date they are posted to your account. 
Balance transfers and cash advances are always subject to a 
finance charge from the date they are posted to your account. 
The FINANCE CHARGE (interest) on your purchases, balance 
transfers, and cash advances are calculated at a monthly 
periodic rate as set forth on the Addendum accompanying this 
Agreement. For purchases, the finance charge is computed 
by applying the periodic rate to the average daily balance of 
purchases. To get the average daily balance of purchases, we 
take the beginning outstanding balance of purchases, add in 
any new purchases, and subtract any payment and/or credits 
that we apply to the purchase balance. This gives us the daily 
balances of purchases. Then, we add all the daily balances of 
purchases for the billing cycle together and divide the total 
by the number of days in the billing cycle. This gives us the 
average daily balance of purchases.

For cash advances, the finance charge is computed by applying 
the periodic rate to the average daily balance of cash advances. 
To get the average daily balance of cash advances, we take the 
beginning outstanding balance of cash advances each day, 
add in any new cash advances, and subtract any payments 
and/or credits that we apply to the cash advance balance. 
This gives us the daily balance of cash advances. Then, we add 
all the daily balances of cash advances for the billing cycle 
together and divide by the total number of days in the billing 
cycle. This gives us the average daily balance of cash advances.

9.  OTHER CHARGES – In addition to the Interest Rate, the 

following additional fees may be imposed on your account. 
If applicable to your account, the amount of these fees is 
disclosed on the Addendum accompanying this Agreement. 
Your account may also be subject to additional fees and 
charges as set forth on the Addendum accompanying this 
Agreement.

a.  Cash Advance Fee. If your account is subject to a Cash 

Advance Fee, the fee will be added to your account when 
you obtain a cash advance on your account.

b.  Balance Transfer Fee. If your account is subject to a 

Balance Transfer fee, the fee will be added to your  account 
when you transfer a balance from an account of another 
creditor to the account subject to this Agreement.

c.  Annual Fee. If your account is subject to an Annual Fee, 
the fee will be added to your account upon the issuance 
of your card. The fee will be included on the first billing 
statement you receive after you open your account and 
will be charged each following year during the same 
month that you were first charged the fee until you close 
your account.

d.  Over-the-Limit Fee. If your account is subject to an Over-

the-Limit Fee, the fee will be added to your account if your 
account balance ever exceeds your credit limit during a 
billing cycle. This fee will continue to be charged for each 
subsequent month until your account balance is equal to, 
or less than, your credit limit.

e.  Returned Check Fee. If your account is subject to a 

Returned Check Fee, the fee will be added to your account 
whenever you make a payment by check and the check is 
returned to us unpaid.

f.  Late Payment Fee. If your account is subject to a Late 

Payment Fee, the fee will be added to your account when 
you do not make the required minimum payment by, or 
within the number of days of, the statement Payment 
Due Date set forth on the Addendum accompanying this 
Agreement.

g.  International Transaction Fee. If your account is subject 
to an International Transaction Fee, a fee may be added 
to your account for transactions made outside of the 
United States or in a foreign currency. Transactions 
that are completed in a foreign currency or in a foreign 
country using a Visa branded card or processed by a 
network operated or affiliated with Visa may be subject 
to a fee as set forth on the Addendum accompanying 

this Agreement. All International Transaction Fees are 
calculated based on the transaction amount after it is 
converted to U.S. dollars.

h.  Card Replacement Fee. If your account is subject to a Card 
Replacement Fee, a fee will be added to your account 
whenever you request a replacement card for your 
account.

i.  Document Copy Fee. If your account is subject to a 

Document Copy Fee, except as limited by applicable law, a 
fee may be added to your account for each copy of a sales 
draft or statement that you request.

10.  PAYMENTS - Each month you must pay at least the minimum 
payment shown on your statement by the date specified 
on the statement and no later than seven (7) days from the 
statement closing date, whichever is later. If your statement 
says the payment is “Now Due,” your payment is due no 
later than seven (7) days from the statement closing date. 
All payments must be made in U.S. dollars and if made by a 
negotiable instrument, such as a check or money order, must 
be in a form acceptable to us and drawn on a U.S. financial 
institution. If you make extra or larger payments, you are still 
required to make at least the minimum payment each month 
your account has a balance (other than a credit balance). 
The minimum payment for your account is shown on the 
Addendum accompanying this Agreement. In addition to the 
minimum payment, you must also pay, by the date specified 
above, the amount of any prior minimum payment(s) that you 
have not made, all outstanding unpaid fees and charges, and 
any amount you are over your credit limit. MSUFCU also has 
the right to demand immediate payment of any amount by 
which you are over your credit limit. Subject to applicable law, 
your payments may be applied to what you owe to MSUFCU 
in any manner the credit union chooses. We will apply your 
payments in any manner we choose, at our discretion. All 
payments will be processed as of the close of the business day 
on which they are received. We reserve the right to change the 
manner in which payments are allocated.

11.  COMMUNICATIONS - Any communications concerning a 
disputed balance, including an instrument tendered as full 
satisfaction of a debt, must be sent directly to:

MSU Federal Credit Union
Attn: VISA Department 
3777 West Road 
East Lansing, MI 48823 
800-847-2383 or 517-333-2323 
eservices@msufcu.org

12. 

INTERNATIONAL TRANSACTION - When you use your 
Platinum Resource Visa Credit Card for International 
transactions a fee will be assessed. You agree to pay a 1.00% 
International Service Assessment Fee for ATM and point-of-
sale (i.e. pin-based) transactions and a 3.00% International 
Transaction Fee for “all other” International transactions and 
cash advances. The fee will be assessed on International 
transactions if a currency conversion does take place or if the 
transaction is processed in U.S. dollars.

When you use your Visa Debit Card, Visa Credit Card, or ATM 

card at a merchant that settles in, or at an ATM that dispenses, 
currency other than U.S. dollars, the charge will be converted 
into the U.S. dollar amount. The currency conversion rate used 
to determine the transaction amount in U.S. dollars is either 
a wholesale market rate or the government mandated rate 
in effect the day before the processing date. The conversion 
rate in effect on the processing date may differ from the 
rate in effect on the transaction date or posting date. The 
International Transaction Fee will be calculated after the 
transaction has been converted to U.S. dollars.

13.  COLLECTION COSTS - You agree to pay all costs of collecting 
the amount you owe under this Agreement, including 
court costs and reasonable attorney’s fees, as permitted by 
applicable state law.

14.  SECURITY INTEREST - To secure performances of your 

obligations under this Agreement, you and all Guarantors 
hereby grant to MSUFCU a security interest in funds you 
may have on deposit with us from time to time and in any 
other money MSUFCU may owe you, except for shares in an 
Individual Retirement Account (IRA) or in any other account 
that would lose special tax treatment under state or federal 
law if given as security. You understand and intend that by 
reason of such security interest here granted MSUFCU may 
satisfy your indebtedness under this Agreement by charging 
such deposit account(s) maintained with MSUFCU if you 
default in payment under this Agreement, without further 
notice to you or to any Guarantor. These shares may be 
withdrawn unless you are in default under this Agreement. 
If you give MSUFCU a specific pledge of shares by signing a 
separate pledge of shares, your pledged shares will secure 
your account. You may not withdraw amounts that have 
been specifically pledged to secure your account until 
MSUFCU agrees to release all or part of the pledged amount. 
Collateral securing other loans you have with MSUFCU will 
also secure this loan, except that a Guarantor's principal 
dwelling or property used for personal, family, or household 
purposes will never be considered as security for this 
account, notwithstanding anything to the contrary in any 
other agreement.

15.  DEFAULT - You will be in default and we may, to the extent 
permitted by law, terminate your credit line and declare the 
entire unpaid balance of the account immediately due and 
payable, under any of the following conditions:

•  you fail to make the minimum payment by the statement 

payment due date;

•  you breach any other promises made in or conditions of 
the Agreement and/or any other agreement with us;

•  any of your Cards are used for an illegal transaction;

•  you or any Guarantor become involved in any insolvency, 
receivership, guardianship, conservatorship, or any other 
proceeding which determines you or any such Guarantor 
are incapable of managing your financial affairs, including 
filing for Bankruptcy;

•  you have or any Guarantor has made a false or misleading 

statement in any credit application and/or in any