Right of Setoff and Security Interest. In addition to all liens upon, and rights of setoff against, the monies, securities, or other property of any Authorized Signatory given Bank by operation of law, and/or in any other written agreement, each and every Authorized Signatory, jointly and severally, hereby grants to Bank a security interest in, and a right of setoff against, any and all moneys, securities or other property (except to the extent prohibited by applicable Federal and State laws) of each Authorized Signatory now, or hereafter, in the possession of, or on deposit with, Bank or any member bank or branch bank of International Bancshares Corporation, whether held in a general or special account or deposit, or for safekeeping or otherwise. Bank will not be liable for dishonoring items where the exercise of its right to setoff or foreclosure of its security interest results in collected available insufficient funds in this Account. To the extent allowed by law, (i) the security interests and rights of setoff granted herein shall secure payment of any and all indebtedness to Bank of each and every of the Authorized Signatories, or of any one or more of them, individually or jointly with others, now owed or hereafter owing to Bank, (ii) any indebtedness now or hereafter owing to Bank by each and every of the Authorized Signatories or by any one or more of them, either individually or jointly with others, may be charged to, and/or setoff against, any account at Bank or member bank or branch bank of International Bancshares Corporation, owned by, or in the name, of any Authorized Signatory or in the name of any Authorized Signatory and another or others (to the extent the joint account is an “or” account), and (iii) the security interests and rights of setoff granted herein may be exercised by Bank without any prior demand on, or notice to, any or all Authorized Signatories. No right of setoff shall be exercised as to loans secured by Xxxxxxxxx’s homestead. No security interest or right of setoff may be deemed to have been waived by any act or omission or other conduct of Bank, or by any failure to exercise any right of setoff or to enforce any security interest, or by any delay in so doing. Every right of setoff and security interest granted herein shall continue in full force and effect until such right of setoff or security interest is specifically waived or released in writing by Bank. Except as limited herein, Bank’s security interest granted herein shall be collateral for any or all cl...
Right of Setoff and Security Interest. You understand and agree that we have a right of setoff against your account. This means that if you owe us money on any debt or any other obligation, whether then due or not, we may take all or any part of the money in your account, even certificates or deposits that have not matured, to pay us off. You also give us a security interest in your accounts to secure your obligations to us, now and in the future. We may exercise our right of setoff or foreclosure on our security interest at any time for any lawful reason. We will notify you when that occurs. Finally, you agree that we will have no liability to you if exercising our right of setoff or foreclosing on our security interest causes items presented on your account to be refused for insufficient funds. Garnishment, Execution, and Attachment If we are served with any legal process which tries to attach or in some way prevent you from freely using your funds, you give us the right to hold any portion of the funds during any time necessary to finally determine who has the legal right to the funds and pay any balance in the account to the proper person or authority. All legal actions against your account are subject to our right of setoff and security interest. You agree to pay us our fees for processing any garnishment or for other similar process issued against your account.
Right of Setoff and Security Interest. In addition to its other rights under this Master Agreement and the Account Agreement, Bank and each of its Affiliates may exercise the right of set-off against any or all of Client’s Accounts and deposits and Client grants Bank a first priority security interest in all Accounts maintained by Client now or in the future with Bank or any of Bank’s Affiliates to secure payment of any and all obligations regarding Services provided under this Master Agreement and the Service Documentation, whether direct or indirect, absolute or contingent, due or to become due, whether now existing or hereafter arising, and whether several, joint or joint and several. For purposes of this Master Agreement, “Affiliate” means any corporation, limited liability company, or other legal entity that controls, is controlled by, or is under common control with another legal entity.
Right of Setoff and Security Interest. Any and all moneys, credits or other property belonging to the Guarantor in transit to, or in the possession or under the control of, the Bank, or any agent or bailee of the Bank, may, without prior notice and opportunity to be heard, be appropriated and applied against the liability of the Guarantor hereunder to the extent of the amount to which this Guarantee is limited. The Guarantor does hereby assign and transfer to the Bank any and all cash, negotiable instruments, documents of title, chattel paper, securities, certificates of deposit, deposit accounts, other cash equivalents and other assets of the Guarantor in transit to, or in the possession or control of the Bank, or any agent or bailee of the Bank for any purpose and to apply the same on any or all of the Guaranteed Obligations to the extent of the amount to which this Guarantee is limited. To secure payment of the Guaranteed Obligations, the Guarantor grants to the Bank a security interest in all property (including but not limited to all of the property described above) of the Guarantor delivered concurrently herewith, or now or at any time hereafter in the possession or control of the Bank, and all proceeds of all such property. The undersigned agrees that the Bank shall have the rights and remedies of a secured party under the Uniform Commercial Code of Illinois with respect to all of the aforesaid property, including, without limitation thereof, the right to sell or otherwise dispose of any or all of such property. The Bank may without notice to anyone, apply or set off any balances, credits, deposits, accounts, moneys or other indebtedness at any time credited by or due from the Bank to the Guarantor against the amounts due hereunder. Any notification of intended disposition of any property required by law shall be deemed reasonably and properly given if given at least five (5) calendar days before such disposition.
Right of Setoff and Security Interest. We have the right to apply funds in your accounts to any indebtedness you owe us. This is known as setoff or offset. You consent to and grant us a security interest in your accounts. You agree that all accounts in your name alone and all joint accounts with other persons may, at our option, and without notice to you, be used to pay any and all indebtedness, including but not limited to loans, loan installments, overdrawn account(s), fees, expenses, and/or any other indebtedness owed us by you or any joint owner, whether the indebtedness is direct or indirect, absolute or contingent, due or to become due, existing now or occurring later, and whether the indebtedness is several and the account is joint, or the debt is joint and the account is several. Indebtedness also includes any amounts for which we become liable to any governmental agency or department or any company as a result of recurring payments credited to any of your accounts after the death, legal incapacity or other termination of entitlement of the intended recipient of such amounts. We are authorized at any time to charge any such indebtedness against your account, without regard to the origin of deposits to the account or beneficial entitlement to monies deposited, unless prohibited by law. If you are indebted to us, we may use funds from all accounts, except those protected by state or federal law, to satisfy our right to setoff. When we setoff your indebtedness, we reduce the funds in your account by the amount of the indebtedness. This may cause your account to be overdrawn and incur a fee. We are not required to give you notice before we exercise our right to setoff and reduce the funds in your account. Our right to setoff may also be granted under an outside agreement, including but not limited to a security instrument, note, loan agreement, personal guarantee, or a certificate of deposit. Any right to setoff granted under an outside agreement may be exercised in addition to our rights of setoff under this Agreement. Any Item payable to you, even if you intend that such Item be assigned to another party or paid at a later date, may be negotiated and applied to any indebtedness you have regardless of your intent. We may redeem a certificate of deposit as setoff regardless of the maturity date. If your account is an unmatured time account (or CD), then we may deduct an early withdrawal penalty. This may be due as a result of our having exercised setoff. The terms of this Agreement should i...
Right of Setoff and Security Interest. You each agree that we may (without prior notice and when permitted by law) set off the funds in this account against any due and payable debt owed to us now or in the future, by any of you having the right of withdrawal, to the extent of such persons’ or legal entity’s right to withdraw. If the debt arises from a note, “any due and payable debt” includes the total amount of which we are entitled to demand payment under the terms of the note at the time we set off, including any balance the due date for which we properly accelerate under the note. This right of set-off does not apply to this account if, (a) it is an individual Retirement account or other tax-deferred retirement account, or (b) the debt is created by a consumer credit transaction under a credit card plan, or (c) the debtor’s right of withdrawal arises only in a representative capacity. We will not be liable for the dishonor of any check when the dishonor occurs because we set off a debt against this account. You agree to hold us harmless from any claim arising as a result of our exercise of our right to set off.
Right of Setoff and Security Interest. In addition to its other rights under this Master Agreement and the Account Agreement, Bank and each of its Affiliates may exercise the right of set-off against any or all of Client’s Accounts and deposits and Client grants Bank a first priority security interest in all Accounts maintained by Client now or in the future with Bank or any of Bank’s Affiliates to secure payment of any and all obligations regarding Services provided under this Master Agreement and the Service Documentation, whether direct or indirect, absolute or contingent, due or to become due, whether now existing Form, and any authorization forms, and provide Bank with assumes no responsibility for Client’s reliance on such any contact information that Bank may require in information which is subsequently updated, verified, or connection with Client’s use of a Service. Bank is entitled corrected. to rely on such authorization and contact information according to its terms until Bank receives properly (c) Client’s Vendors. If Client engages any third party in authorized written notice in the form provided by Bank or connection with any Service (“Vendor”), the Vendor is other form acceptable to Bank that the existing Client’s agent. Client is solely responsible for ensuring authorization and/or contact information is changed or that Client’s Vendor complies with Client’s obligations terminated and Bank has a reasonable opportunity to act under this Master Agreement and the Service on such notice. If Client instead chooses to communicate Documentation (including Security Procedures, as changes to Bank by some other means, Bank is entitled defined below, relating to the Services). Client is bound (but not obligated) to rely on such communications and by all information, Orders (as defined herein), entries, or the changes as having been duly authorized by Client if other instructions provided on Client’s behalf by Vendors Bank in good faith believes the communications came all as though such information, Orders, entries, or other from someone authorized by Client to deliver it. Bank will instructions were provided by Client. Client confirms that not be responsible for losses if Client fails to timely and Client grants authority to Vendors to legally bind Client properly notify Bank of changes in authorization and/or with respect to their use of the Services. Client is liable contact information. Client must also promptly notify Bank for (i) any Vendor’s failure to comply with any of Client’s in...
Right of Setoff and Security Interest. In addition to its view and receive information about Account balances, other rights under this Master Agreement and the Account activity, transactions, and other cash management Agreement, Bank and each of its Affiliates may exercise information electronically, via the Internet through one of the right of set-off against any or all of Client’s Accounts Bank’s access Services, or by other electronic means. and deposits and Client grants Bank a first priority security Account information changes frequently and is subject to interest in all Accounts maintained by Client now or in the updating, verification, and correction. Since the future with Bank or any of Bank’s Affiliates to secure information may change during the delay between when payment of any and all obligations regarding Services the information was last sent to Client or posted by Bank provided under this Master Agreement and the Service and when Client receive or access the information, Bank Documentation, whether direct or indirect, absolute or contingent, due or to become due, whether now existing or hereafter arising, and whether several, joint or joint and several. For purposes of this Master Agreement, “Affiliate” means any corporation, limited liability company, or other legal entity that controls, is controlled by, or is under common control with another legal entity.
Right of Setoff and Security Interest. We may (without prior notice and when permitted by law) set off the funds in the Bank Accounts against any due and payable debt any of you owe us now or in the future. If a Bank Account is owned by one or more of you as individuals, we may set off any funds in the Bank Account against a due and payable debt a partnership owes us now or in the future, to the extent of your liability as a partner for the partnership debt. If your debt arises from a promissory note, then the amount of the due and payable debt will be the full amount we have demanded, as entitled under the terms of the note, and this amount may include any portion of the balance for which we have properly accelerated the due date. This right of setoff does not apply to a Bank Account if prohibited by law. For example, the right of setoff does not apply to a Bank Account if: (i) it is an Individual Retirement Account or similar tax-deferred retirement account, or (ii) the debt is created by a consumer credit transaction under a credit card plan (but this does not affect our rights under any consensual security interest), or (iii) the debtor's right of withdrawal only arises in a representative capacity. We will not be liable for the dishonor of any check when the dishonor occurs because we set off a debt against the Bank Account. You agree to hold us harmless from any claim arising as a result of our exercise of our right of setoff.
