Common use of LIEN AND RIGHT OF SET-OFF Clause in Contracts

LIEN AND RIGHT OF SET-OFF. Borrower hereby grants to Lender a lien and right of set-off for all Borrower’s liabilities arising under this Note upon and against Borrower’s deposits, credits and property now or hereafter in the possession or control of Lender. Upon the occurrence and during the continuance of an Event of Default (subject to any applicable notices and grace periods), Lender may, at any time and without notice apply all or any part of said deposits, credits and property to Borrower’s liabilities and obligations under this Note, even though Borrower’s liabilities and obligations hereunder be unmatured.

LIEN AND RIGHT OF SET-OFF. Borrower hereby grants to Lender a lien and right of set-off for all Borrower’s liabilities arising under this Note upon and against Borrower’s deposits, credits and property now or hereafter in the possession or control of Lender. Upon the occurrence and during the continuance of an Event of Default (subject to any applicable notices and grace periods)Default, Lender may, at any time and without notice apply all or any part of said deposits, credits and property to Borrower’s liabilities and obligations under this Note, even though BorrowerXxxxxxxx’s liabilities and obligations hereunder be unmatured.