Common use of Our Right to Set Off and Security Interest Clause in Contracts

Our Right to Set Off and Security Interest. Varo may take or setoff funds in any or all of your accounts with us for direct, indirect, contingent, and acquired obligations that you owe us (past, present, or future), regardless of the source of funds in an account (except where prohibited by law). Our setoff rights are in addition to other rights we have under this Agreement to take or charge funds in your account for obligations you owe us. If the law imposes conditions or limits on our ability to take or setoff funds in your accounts, to the extent you may do so by contract, you waive those conditions and limits and you authorize us to apply funds in any or all of your accounts with us to obligations you owe us. Further, you grant us a lien on and security interest in the funds on deposit in your account(s) as security for all of your liabilities and obligations to us, now or in the future.

Our Right to Set Off and Security Interest. Varo may take or setoff set off funds in any or all of your accounts with us for direct, indirect, contingent, and acquired obligations that you owe us (past, present, or future), regardless of the source of funds in an account (except where prohibited by law). Our setoff rights are in addition to other rights we have under this Agreement to take or charge funds in your account for obligations you owe us. If the law imposes conditions or limits on our ability to take or setoff funds in your accounts, to the extent you may do so by contract, you waive those conditions and limits and you authorize us to apply funds in any or all of your accounts with us to obligations you owe us. Further, you grant us a lien on and security interest in the funds on deposit in your account(s) as security for all of your liabilities and obligations to us, now or in the future.