Security Interest; Right of Set-Off Sample Clauses

Security Interest; Right of Set-Off. As security for the prompt and unconditional payment and performance of any and all Obligations, Obligor does hereby grant to Collateral Agent, for its benefit and the benefit of the Secured Creditors, a continuing lien upon and security interest in, and does hereby pledge, assign and transfer to Collateral Agent, for its benefit and the benefit of the Secured Creditors, all of the Collateral. In order to secure further the payment of the Obligations, Collateral Agent, for its benefit and the benefit of the Secured Creditors, and each Secured Creditor, in each case, is hereby given a continuing lien upon and is granted a security interest in any and all monies, Deposit Accounts, Investment Property (including, without limitation, all dividends and distributions in respect thereof (whether payable in cash, Investment Property or “in kind”), options or rights, whether in respect of, in addition to, or in exchange for such Investment Property) and any and all other property of Obligor and the Proceeds thereof, now or hereafter actually or constructively held or received by or in transit in any manner to or from Collateral Agent or such Secured Creditor, their respective correspondents or agents from or for Obligor, whether for safekeeping, custody, pledge, transmission, collection or for any other purpose (whether or not for the express purpose of being used by Collateral Agent or such Secured Creditor as collateral security), or coming into the possession of Collateral Agent, such Secured Creditor or their respective correspondents or agents in any way, or placed in any safe deposit box leased by Collateral Agent or such Secured Creditor to Obligor, and all such monies, Deposit Accounts, Investment Property and other property shall also constitute “Collateral” and shall be held subject to all the terms of this Agreement as collateral security for the prompt and unconditional payment of any and all Obligations. Obligor hereby assigns and grants to Collateral Agent, for its benefit and the benefit of the Secured Creditors, and to each Secured Creditor, a security interest in, and Collateral Agent, for its benefit and the benefit of the Secured Creditors, and each Secured Creditor is also given a continuing lien on and/or right of set-off for the amount of the Obligations with respect to, any and all Deposit Accounts (general or special and whether or not matured) and credits of Obligor with, and any and all claims of Obligor against, Collateral Agent or such S...
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Security Interest; Right of Set-Off. You grant us a security interest in your Account to secure payment of any money that you owe to us arising under this Agreement or any other agreements with the Bank. You acknowledge and xxxxx us the right to use any of the funds in your Account to cover any debt you owe to us (referred to as a “right of set-off”). You agree that the security interests you have granted to us are consensual and in addition to any rights of set-off we possess. We may exercise our security interest or right of set-off without prior recourse to other sources of repayment or collateral, if any, and even if such action causes you to lose interest, incur any early withdrawal penalty, or suffer any other consequences from the exercise of our rights. If we exercise our security interest or right to set-off, we will notify you to the extent required by applicable law. We will not assert, claim, or exercise any right of set-off against any Account receiving a direct deposit of social security or supplemental security income and/or funds in an Account to the extent prohibited by law. If the law imposes conditions or limits on our ability to take or set off funds in your Accounts, to the extent that you may do so by contract, you waive those conditions and limits, and you authorize us to apply funds as we deem applicable. We may also exercise these rights against a joint Account owner. These rights exist no matter who contributed the funds to the joint Account. We will consider this Agreement as your consent for us asserting our security interest or exercising our right of set-off should any laws governing your Account require your consent.
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Security Interest; Right of Set-Off. If you owe the Bank or any of the Bank’s affiliates money and that money is due, you grant the Bank and the Bank’s affiliates a security interest in your account and any account you have with the Bank’s affiliates. You also grant the Bank the right, on its behalf and the behalf of the Bank’s affiliates, to the maximum extent permitted by applicable law, to set-off the funds in your account and any other account of the Bank’s affiliates, including, without limitation, charges and fees set forth in the Account Requirements and Service Charges section of the
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Security Interest; Right of Set-Off. If you owe the Bank or any of the Bank’s affiliates money and that money is due, you grant the Bank and the Bank’s affiliates a security interest in your account and any account you have with the Bank’s affiliates. You also grant the Bank the right, on its behalf and the behalf of the Bank’s affiliates, to the maximum extent permitted by applicable law, to set-off the funds in your account and any other account of the Bank’s affiliates, including, without limitation, charges and fees set forth in the Account Requirements and Service Charges section of the Agreement and Account Requirements owed to the Bank. You agree that the security interest you have granted the Bank by this Agreement is consensual and is in addition to the Bank’s right of set-off. The Bank may exercise its rights of set-off and security interest without recourse to other collateral, if any. This applies even if the Bank’s action causes you to lose interest, have checks drawn on your account returned, and incur any early withdrawal penalty or any other consequence. If the Bank exercises its right of set-off, it will notify you to the extent required by applicable law. Except to the extent prohibited by applicable law, the Bank may set-off all of the funds in your joint account to pay money owed to the Bank by any owner of a joint account, irrespective of who contributed the funds to the joint account. The Bank’s right to set-off and its security interest may not apply to your account if your account is an IRA, the debt is created under the terms of a credit card agreement, or the right of set-off or the granting or exercise of security interest in your account is prohibited by applicable law.
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Security Interest; Right of Set-Off. To secure the payment and performance of Customer’s obligations set forth herein, Customer grants to Bank a security interest in and pledges and assigns to Bank all of Customer’s beneficial right, title, and interest in the following described property, whether now owned or hereafter existing or acquired and wherever located: (a) all monies, instruments, savings, checking and other accounts of Customer (excluding XXX, Xxxxx, trust accounts and other accounts subject to tax penalties if so assigned) that are now or in the future in Bank’s custody or control; (b) any other collateral described in any security instrument securing the obligations of Customer to Bank under this Agreement or any other obligation of Customer to Bank; and (c) all proceeds and products of the property as well as any replacements, accessions, substitutions, and additions to any of the above. Customer hereby acknowledges and agrees that Bank will have a right of setoff and may offset and charge against any and all of Customer’s account(s) with Bank, any liability, obligation, or indebtedness of Customer to Bank, including, but not limited to, any line of credit, loan, or other extension of credit made by Bank to Customer and the amount of any fees, returns, refunds, and other charges owed by Customer to Bank.
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Security Interest; Right of Set-Off 
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Related to Security Interest; Right of Set-Off

  • Right of Set-off Upon (i) the occurrence and during the continuance of any Event of Default and (ii) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Agent to declare the Notes due and payable pursuant to the provisions of Section 6.01, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender or such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement and the Note held by such Lender, whether or not such Lender shall have made any demand under this Agreement or such Note and although such obligations may be unmatured. Each Lender agrees promptly to notify the Borrower after any such set-off and application, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender and its Affiliates under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) that such Lender and its Affiliates may have.

  • Security Interest Absolute All rights of the Secured Party and all Obligations of the Company hereunder, shall be absolute and unconditional, irrespective of: (a) any lack of validity or enforceability of this Agreement, the Notes, the Warrants or any agreement entered into in connection with the foregoing, or any portion hereof or thereof; (b) any change in the time, manner or place of payment or performance of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Notes, the Warrants or any other agreement entered into in connection with the foregoing; (c) any exchange, release or nonperfection of any of the Intellectual Property, or any release or amendment or waiver of or consent to departure from any other Intellectual Property for, or any guaranty, or any other security, for all or any of the Obligations; (d) any action by the Secured Party to obtain, adjust, settle and cancel in its sole discretion any insurance claims or matters made or arising in connection with the Intellectual Property; or (e) any other circumstance which might otherwise constitute any legal or equitable defense available to the Company, or a discharge of all or any part of the Security Interest granted hereby. Until the Obligations shall have been paid and performed in full, the rights of the Secured Party shall continue even if the Obligations are barred for any reason, including, without limitation, the running of the statute of limitations or bankruptcy. The Company expressly waives presentment, protest, notice of protest, demand, notice of nonpayment and demand for performance. In the event that at any time any transfer of any Intellectual Property or any payment received by the Secured Party hereunder shall be deemed by final order of a court of competent jurisdiction to have been a voidable preference or fraudulent conveyance under the bankruptcy or insolvency laws of the United States, or shall be deemed to be otherwise due to any party other than the Secured Party, then, in any such event, the Company's obligations hereunder shall survive cancellation of this Agreement, and shall not be discharged or satisfied by any prior payment thereof and/or cancellation of this Agreement, but shall remain a valid and binding obligation enforceable in accordance with the terms and provisions hereof. The Company waives all right to require the Secured Party to proceed against any other person or to apply any Intellectual Property which the Secured Party may hold at any time, or to marshal assets, or to pursue any other remedy. The Company waives any defense arising by reason of the application of the statute of limitations to any obligation secured hereby.

  • Grant of Security Interest in Collateral As an inducement for the Secured Parties to extend the loans as evidenced by the Debentures and to secure the complete and timely payment, performance and discharge in full, as the case may be, of all of the Obligations, each Debtor hereby unconditionally and irrevocably pledges, grants and hypothecates to the Secured Parties a security interest in and to, a lien upon and a right of set-off against all of their respective right, title and interest of whatsoever kind and nature in and to, the Collateral (a “Security Interest” and, collectively, the “Security Interests”).

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