Common use of Bank Accounts and Offset Clause in Contracts

Bank Accounts and Offset. To secure the repayment of the Loan, Borrower hereby grants to the Bank a security interest, a lien, and a right of offset, each of which shall be upon and against: (a) any and all moneys, securities or other property (and the proceeds therefrom) of Borrower now or hereafter held or received by or in transit to the Bank from or for the account of Borrower, whether for safekeeping, custody, pledge, transmission, collection or otherwise, (b) any and all deposits (general or special, time or demand, provisional or final) of Borrower with the Bank, and (c) any other credits and claims of Borrower at any time existing against the Bank, including without limitation claims under certificates of deposit; provided that the foregoing shall not apply to amounts which Borrower is holding as trustee for the benefit of any third party. Upon the occurrence of any Event of Default, the Bank is hereby authorized to foreclose upon, offset, appropriate, and apply, at any time and from time to time, without notice to Borrower, any and all items hereinabove referred to against the Loan (whether or not the Loan is then due and payable).

Bank Accounts and Offset. To secure the repayment of the LoanObligations, Borrower hereby grants to the Bank Lender a security interest, a lien, and a right of offset, each of which shall be upon and against: against (a) any and all moneys, securities or other property (and the proceeds therefrom) of Borrower now or hereafter held or received by or in transit to the Bank Lender from or for the account of Borrower, whether for safekeeping, custody, pledge, transmission, collection or otherwise, otherwise (b) any and all deposits (general or special, time or demand, provisional or final) of Borrower with the BankLender, and (c) any other credits and claims of Borrower at any time existing against the BankLender, including without limitation claims under certificates of deposit; provided that the foregoing shall not apply to amounts which Borrower is holding as trustee for the benefit of any third partyparties. Upon the occurrence of any Event of Default, the Bank Lender is hereby authorized to foreclose upon, offset, appropriate, and apply, at any time and from time to time, without notice to Borrower, any and all items hereinabove referred to against the Loan obligations (whether or not the Loan is such Obligations are then due and payable).