Common use of Lien and Set Off Clause in Contracts

Lien and Set Off. 25.1 All Securities and other property now or hereafter held, carried or maintained by us in our or the Agents' possession and control for any purpose shall be subject to a lien and held as security for the full discharge and payment of all your indebtedness and obligations to us in connection with this Agreement. 25.2 In enforcing our lien, we shall have the right to determine which Securities and properties are to be sold and which contracts are to be closed, and to apply the proceeds of sale, after deduction of expenses, to satisfy any indebtedness and obligations owed by you to us. 25.3 Further we are entitled, at any time and without notice to you, to combine or consolidate any credit balances in any Account and set off, debit, withhold and/or transfer any sum in or towards satisfaction of any indebtedness and obligations owed by you to us. 25.4 You agree that we may dispose or initiate the disposal of Securities owned by you for the purpose of settling any liability owed by you to us or any of our associated entities (as defined in the Securities and Futures Ordinance).

Lien and Set Off. 25.1 Lien for your obligations All Securities and other property now or hereafter held, carried or maintained by us in our or the Agents' possession and control for any purpose shall be subject to a lien and held as security for the full discharge and payment of all your indebtedness and obligations to us in connection with this Agreement. 25.2 Appropriation of Securities In enforcing our lien, we shall have the right to determine which Securities and properties are to be sold and which contracts are to be closedsold, and to apply the proceeds of sale, after deduction of expenses, to satisfy any indebtedness and obligations owed by you to us. 25.3 Set-off Further we are entitled, at any time and without notice to you, to combine or consolidate any credit balances in any Account and set off, debit, withhold and/or transfer any sum in or towards satisfaction of any indebtedness and obligations owed by you to us. 25.4 You agree that we may dispose or initiate the disposal of Securities owned by you for the purpose of settling any liability owed by you to us or any of our associated entities (as defined in the Securities and Futures Ordinance).