Common use of CONSENSUAL SECURITY INTEREST Clause in Contracts

CONSENSUAL SECURITY INTEREST. You agree to give us a security interest in any and all funds on deposit in accounts in which you have an ownership interest, both now and in the future, with the exception of retirement accounts or any other accounts that would lose special tax treatment under state or federal law if given as security. The granting of this security interest is a condition for the issuance of any Card that you may use, directly or indirectly, to obtain extensions of credit under the Agreement. This means that, if you are in default, we can, without prior notice to you, take funds from any eligible account(s) in which you have an ownership interest and apply them as a credit against your Account in any amount available up to the entire balance. Collateral securing other loans you have with us may also secure this loan.

CONSENSUAL SECURITY INTEREST. You agree to give us a security interest in any and all funds on deposit in accounts in which you have an ownership interest, both now and in the future, with the exception of retirement accounts or any other accounts that would lose special tax treatment under state or federal law if given as security. The granting of this security interest is a condition for the issuance approval of any Card the Account that you may use, directly or indirectly, to obtain extensions of credit under the Agreement. This means that, if you are in default, we can, without prior notice to you, take funds from any eligible account(s) in which you have an ownership interest and apply them as a credit against your Account in any amount available up to the entire balance. Collateral securing other loans you have with us may also secure this loan.