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

Security Interest and Right of Set-Off. As security for the performance of the respective obligations to which any General Partner may be subject under this Agreement, the General Partnership shall have (and each General Partner hereby grants to the Partnership) a security interest in their respective Interests of such General Partner in all funds distributable to said General Partner to the extent of the amount of such obligation.

Security Interest and Right of Set-Off. As security for the performance of the respective obligations to which any General Partner may be subject under this Agreement, the General Partnership shall have (and each General Partner hereby grants to the Partnership) a security interest in their respective Interests of such General Partner and in all funds distributable to said General Partner to the extent of the amount of such obligation.

Security Interest and Right of Set-Off. As security for the performance of the respective obligations to which any General Partner may be subject under this Agreement, the General Partnership shall have (and each General Partner hereby grants to the Partnership) a security interest in their respective Interests of such General Partner in all funds distributable to said General Partner to the extent of the amount of such obligation.

Security Interest and Right of Set-Off. As security for the performance of the respective obligations to which any General Partner may be subject under this Agreement, the General Partnership shall and the Limited Partner will have (and each General Partner hereby grants to the PartnershipPartnership and the Limited Partner) a security interest in their the respective Interests of such General Partner and in all funds distributable to said General Partner to the extent of the amount of such obligation, provided that such interest is subordinate to any security interest held by any lender of a Construction Loan or Mortgage Loan.