Common use of Deposits; Setoff Clause in Contracts

Deposits; Setoff. Regardless of the adequacy of Borrower’s Personal Property, any deposits or other sums credited by or due from Lender to Borrower under this Loan Agreement or the Mortgage Loan Agreement , will at all times constitute collateral security for all obligations of Borrower to Lender under this Loan Agreement or the Mortgage Loan Agreement, and, except with respect to funds in the Medicare Account, which Lender agrees are not subject to set off, may be set off against any and all liabilities, direct or indirect, absolute or contingent, now existing or hereafter arising, of Borrower to Lender under this Loan Agreement or the Mortgage Agreement. The rights granted by this paragraph will be in addition to the rights of Lender under any statutory bankers’ lien.

Deposits; Setoff. Regardless of the adequacy of Borrower’s Personal Property, any deposits or other sums credited by or due from Lender to Borrower under this Loan Agreement or the Mortgage Working Capital Loan Agreement Agreement, will at all times constitute collateral security for all obligations of Borrower to Lender under this Loan Agreement or the Mortgage Working Capital Loan Agreement, and, except with respect to funds in the Medicare Account, which Lender agrees are not subject to set off, may be set off against any and all liabilities, direct or indirect, absolute or contingent, now existing or hereafter arising, of Borrower to Lender under this Loan Agreement or the Mortgage Working Capital Loan Agreement. The rights granted by this paragraph will be in addition to the rights of Lender under any statutory bankers’ lien.