Common use of Loan Security Clause in Contracts

Loan Security. 12.1 If you choose to borrow money from us, some or all of your savings will be subject to our right of set-off in accordance with Clauses 1.7 and 5 against the loan taken out by you up to the principal amount outstanding on the loan plus any such interest or expenses due to us in respect of the loan. You further agree that such monies may also be held as security for such. Therefore to the fullest extent permitted by law, as continuing security for the payment and discharge of all liabilities you may owe to CCB from time to time you hereby with full title guarantee charge to CCB by way of first fixed charge, all of your present and future right, title, benefit and interest in and to your account or accounts and all monies from time to time standing to the credit of your account/s, together with all other rights and benefits accruing to or arising in connection with your account/s (including, but not limited to, entitlements to interest). 12.2 Under those circumstances, you will not be permitted to withdraw from your savings if to do so would reduce the balance to an amount less than your total liability to us under the loan agreement.