Common use of Lien and Security Interest Clause in Contracts

Lien and Security Interest. If you owe us money as a borrower, guarantor, endorsor or otherwise, we have a statutory lien on, and you grant us a right to set-off against, the funds in any account in which you have an ownership interest, regardless of their source, unless prohibited by law. We may apply these funds, without any notice to you, in any order to pay off your indebtedness. In addition, you grant the credit union a consensual security interest in all of your credit union accounts and obligations secured by property for the purpose of paying any debt or amount now or hereafter owed to the credit union unless prohibited by applicable law. Such a security interest may be used to pay for any debt or amount owed to the credit union for an obligation secured by your primary residence, but your primary residence shall only be security to the obligation(s) it secures. All accounts are non-assignable and non-transferable. You acknowledge and agree that we also have similar statutory lien rights in your shares under the Federal Credit Union Act and/ or applicable state law, as well as the common law right to set-off and administrative freeze. You specifically agree that we have the right to place an administrative freeze on any of your share accounts subject to applicable law, and such action shall not violate 11 USC 362 or other applicable law. You understand that these rights are multiple and we can exercise one or all of them pursuant to applicable law. Exercising one right does not waive the right to exercise others. Any payment to any joint owner, beneficiary, or other party for any reason shall be subject to our security interest, consensual lien, and right of offset. CROSS-COLLATERALIZATION: Property and/or shares given as security under any deposit, loan, or credit card accounts or services you have with the credit union will secure any and all obligations under such accounts or services as well as any account owner's joint or individual obligations to us. This will include obligations, whether they arise now or in the future are direct, indirect, contingent or secondary, or result from any loan or credit agreement, insufficient fund items, fees, costs (including reasonable attorney fees), expenses, or otherwise. This clause does not apply if such property is your primary residence, or are non-purchase money household goods.

Lien and Security Interest. If you owe us money as In order to secure the prompt payment and performance of all existing and future obligations, liabilities and indebtedness of Charterer arising under this Charter or under any additional Charter Document, Charterer hereby grants Owner a borrower, guarantor, endorsor or otherwise, we have a statutory lien onupon, and you grant us security interest in, all of Charterer’s right, title and interest in and to the following property, whether now owned or hereafter acquired: (a) all charter (including the Approved Time Charter), operating, service or management agreements entered into by Charterer covering the charter (whether on a right to set-off againstbareboat, demise, voyage or time charter basis), lease, use or operation of the funds in any account in which you have an ownership interestVessel, regardless of their sourcetogether with the benefits, unless prohibited by law. We may apply these fundsrights and remedies thereunder, including, without any notice to youlimitation, in any order to pay off your indebtedness. In additionall charter hire payments and other compensation, you grant the credit union a consensual security interest in all of your credit union accounts and obligations secured by property for the purpose of paying any debt earnings or amount monies now or hereafter owed due or to become due pursuant to said agreements; (b) all freights, subfreights, accounts, salvage or requisition awards or recoveries, recoveries in general average, equipment, machinery, inventory (but only inventory that constitutes spares and stores of the credit union unless prohibited by applicable law. Such a security interest may be used to pay for Vessel) arising out of the use or operation of, or otherwise related to, the Vessel or any debt existing or amount owed to future charter, operating, service, towage, fleeting or management agreement concerning the credit union for an obligation secured by your primary residenceVessel; (c) all amounts due from underwriters under any insurance on the Vessel as payment of losses, but your primary residence shall only be security to the obligation(sor as return premiums, or otherwise; as well as (d) it secures. All accounts are non-assignable all cash and non-transferable. You acknowledge and agree that we also have similar statutory lien rights in your shares under the Federal Credit Union Act and/ or applicable state law, as well as the common law right to set-off and administrative freeze. You specifically agree that we have the right to place an administrative freeze on cash proceeds of any of your share accounts subject to applicable lawthe foregoing. Charterer agrees and covenants that, and such action notwithstanding this assignment, Owner shall not violate 11 USC 362 or other applicable law. You understand that these rights are multiple and we can exercise one or all have none of them pursuant to applicable law. Exercising one right does not waive the right to exercise others. Any payment to any joint owner, beneficiary, or other party for any reason shall be subject to our security interest, consensual lien, and right of offset. CROSS-COLLATERALIZATION: Property and/or shares given as security Charterer’s obligations under any depositassigned contract. It is expressly agreed that, loananything herein contained to the contrary notwithstanding, upon the occurrence and during the continuance of any Event of Default or credit card accounts or services you have with any material default by Charterer under any assigned contract, the credit union will secure any and all Charterer’s obligations under such accounts agreements may be performed by Owner or services any subsequent assignee of Owner without releasing Charterer therefrom, but Owner shall not, by reason of this assignment, be obligated to perform any of Charterer’s obligations under any such agreement or to file any claim or take any other action to collect or enforce any payment assigned hereunder. Charterer further agrees and covenants that none of said assigned contracts shall be amended, revised or altered in such a manner so as well as any account owner's joint or individual obligations to us. This will include obligations, whether they arise now or in materially affect the future are direct, indirect, contingent or secondary, or result from any loan or credit agreement, insufficient fund items, fees, costs (including reasonable attorney fees), expenses, or otherwise. This clause does not apply if such property is your primary residence, or are non-purchase money household goodsrights of Owner.