Common use of Bank’s Right of General Lien and Set Off Clause in Contracts

Bank’s Right of General Lien and Set Off. a. The Bank shall have the right of set-off/net off on the deposits of any kind and nature (including fixed deposits) held/balances lying in any accounts of the Borrower and on any monies, securities, bonds and all other assets, documents, deeds and properties held by/under the control of the Bank / their trustees or agents (whether by way of security or otherwise pursuant to any contract entered/to be entered into by the Borrower in any capacity) to the extent of all outstanding dues, whatsoever, arising as a result of any of the Bank‟ services extended to and/or used by the Borrower and/or as a result of any other facilities that may be granted by the Bank to the Borrower. The Borrower also notes the banker‟s lien available to the Bank on the aforesaid assets. b. In addition to the above mentioned right or any other right which the Bank may at any time be entitled whether by operation of law, contract or otherwise, the Borrower authorises the Bank: (A) to combine or consolidate at any time all or any of the accounts and liabilities of the Borrower with or to any branch of the Bank; (B) to sell or dispose off any of the Borrower‟s securities or properties held by the Bank by way of public or private sale or assignment or in any other manner whatsoever without having to institute any judicial proceeding whatsoever and retain/appropriate from the proceeds derived there from the total amounts outstanding to the Bank from the Borrower, including costs and expenses in connection with such sale / disposal / transfer / assignment.

Bank’s Right of General Lien and Set Off. a. The Bank shall have the right of set-off/net off on the deposits of any kind and nature (including fixed deposits) held/balances lying in any accounts of the Borrower and on any monies, securities, bonds and all other assets, documents, deeds and properties held by/under the control of the Bank / their trustees or agents (whether by way of security or otherwise pursuant to any contract entered/to be entered into by the Borrower in any capacity) to the extent of all outstanding dues, whatsoever, arising as a result of any of the Bank‟ Bank' services extended to and/or used by the Borrower and/or as a result of any other facilities that may be granted by the Bank to the Borrower. The Borrower also notes the banker‟s lien available to the Bank on the aforesaid assets. b. In addition to the above mentioned right or any other right which the Bank may at any time be entitled whether by operation of law, contract or otherwise, the Borrower authorises the Bank: (A) to combine or consolidate at any time all or any of the accounts and liabilities of the Borrower with or to any branch of the Bank; (B) to sell or dispose off any of the Borrower‟s securities or properties held by the Bank by way of public or private sale or assignment or in any other manner whatsoever without having to institute any judicial proceeding whatsoever and retain/appropriate from the proceeds derived there from the total amounts outstanding to the Bank from the Borrower, including costs and expenses in connection with such sale / disposal / transfer / assignment.

Bank’s Right of General Lien and Set Off. a. The Bank shall have the general lien and right of set-off/net set off on all the deposits deposit accounts maintained by the Borrower with any branch of any kind and nature Bank and/or on all articles or assets (including fixed depositswhether movable or immovable) held/balances lying in any accounts of the Borrower and on in the custody of Bank either as securities for any monies, securities, bonds and all other assets, documents, deeds and properties held byloan/under advance availed by the control Borrower from Bank or kept in safe custody/safe deposit vault. In the Event of the Bank / their trustees or agents (whether by way of security or otherwise pursuant to any contract entered/to be entered into Default being committed by the Borrower in any capacity) to the extent of all outstanding dues, whatsoever, arising as a result of any payment of the Bank‟ services extended installments, Bank is authorized to and/or used exercise its right of set off and appropriate any deposits maintained by the Borrower and/or as a result with any branch of Bank. Bank will be within its rights to sell/dispose off all such articles/assets held by Bank, at its discretion, if Bank observes any other facilities that may be granted breach of terms of the Agreement or Terms & Conditions and appropriate the proceeds in satisfaction of the dues owed by the Bank Borrower to the BorrowerBank. The Borrower also notes the banker‟s lien available to the Bank on the aforesaid assets. b. In addition to the above mentioned right rights or any other right which the Bank may at any time be entitled whether by operation of law, contract or otherwise, the Borrower authorises the BankBank will have absolute rights to: (Aa) to combine or consolidate at any time all or any of the accounts and liabilities of the Borrower with or to any branch of the Bank; Bank and (Bb) to sell or dispose off any of the Borrower‟s securities or properties assets of the Borrower held by the Bank Bank, by way of public or private sale or assignment or in any other manner whatsoever without having to institute any judicial proceeding whatsoever and retain/appropriate from the proceeds derived there from the total amounts outstanding to the Bank from the Borrower, including costs and expenses in connection with such sale / disposal / transfer / sale/disposal/transfer/assignment.