Set Off of Deposits and Security Interest in Your Account Sample Clauses

Set Off of Deposits and Security Interest in Your Account. If you owe us money as a borrower, guarantor, judgment debtor or otherwise (including any obligation to a financial institution acquired by us) and that money is due, you grant us a security interest in your account(s) with us and you also grant us the right to set off the funds in any account(s) you have with us to pay money owed to us (which may include, without limitation, charges and fees found in the Schedule of Fees, as may be amended from time to time, which are owed to us). You agree that we may exercise these rights to the fullest extent permitted by Applicable Law even if withdrawal results in an interest penalty or dishonor of any Debit Transaction. You understand and agree that the security interest you have granted us by this Agreement is consensual and is in addition to any other right of set off we may have under Applicable Law. In the case of a joint account, each joint owner agrees that we may use the money in his/her joint account(s) to satisfy any of his/her or other joint owner’s individual obligations. This right exists regardless of who contributed the funds to the joint account. Each joint account owner also understands and agrees that we may also set off funds in his/her individual accounts to satisfy obligations on which s/he may be jointly and severally liable to us. We may exercise our rights under this section without recourse to other collateral, if any, and even if our action causes you to lose interest, have checks or other Debit Transactions drawn on your account returned unpaid, incur an early withdrawal penalty or any other consequence. If we exercise our right to set off, we will notify you to the extent required by Applicable Law. Except to the extent prohibited by Applicable Law, we may set off all of the funds in your account. Our right of set off and our security interest may not apply to your account if: (a) your account is an IRA or other form of tax-deferred retirement account; (b) the debt is created under the terms of a credit card agreement; (c) your rights of withdrawal on the account arise only in a representative capacity, or (d) the right of set off or the granting or exercise of a security interest in your account is prohibited by Applicable Law. To the extent that any of the funds to be set off are entitled to an exemption from execution, levy, attachment, garnishment, seizure or other legal or equitable process (such as, but not limited to, Social Security, Supplemental Security Income, Veterans or other ...
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Related to Set Off of Deposits and Security Interest in Your Account

  • 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.

  • CUSTODIAL ACCOUNTS It is agreed that all accounts opened under the Uniform Gift to Minors Act (UGMA), the Uniform Transfers to Minors Act (UTMA), or similar state statutes will be properly created and that all property so transferred will be done in compliance with such applicable statutes. There will be good faith reliance upon the instructions given, representations made and actions taken by a transferor or custodian. Further, the custodian represents and warrants that the assets in the account belong to the minor and that all such assets, whether or not transferred out of the UGMA or UTMA account, will only be used for the benefit of the minor.

  • Payment of Deposits In the event any depositor does not accept the obligation of the Assuming Institution to pay any Deposit liability of the Failed Bank assumed by the Assuming Institution pursuant to this Agreement and asserts a claim against the Receiver for all or any portion of any such Deposit liability, the Assuming Institution agrees on demand to provide to the Receiver funds sufficient to pay such claim in an amount not in excess of the Deposit liability reflected on the books of the Assuming Institution at the time such claim is made. Upon payment by the Assuming Institution to the Receiver of such amount, the Assuming Institution shall be discharged from any further obligation under this Agreement to pay to any such depositor the amount of such Deposit liability paid to the Receiver.

  • Linked Accounts All accounts with the Bank that you enroll in a service will be linked by the tax identification numbers of the persons authorized to access the account. The linked accounts will appear together without regard to the ownership of the accounts. For example, if an authorized user of a linked account accesses the Service, that authorized user will be able to view and access at a single time the following accounts: • the accounts of the business for which that person is an authorized user; • the accounts of any other business for which that person is an authorized user; and • any consumer accounts for which the person is a co-owner or authorized signer.

  • Release of Deposits Escrow Agent will make available for electronic download (unless otherwise requested) to ICANN or its designee, within twenty-­‐four (24) hours, at the Registry Operator’s expense, all Deposits in Escrow Agent’s possession in the event that the Escrow Agent receives a request from Registry Operator to effect such delivery to ICANN, or receives one of the following written notices by ICANN stating that:

  • Cash Deposits Within the limitations of this Subsection, Purchaser shall make cash deposits to meet Purchaser’s obligations within 15 days of billing by Forest Service. Deposits shall be made to Forest Service, U.S.D.A., by mail or delivery to the address to be fur- nished by Forest Service. Forest Service shall explain the bill at the time it requests each deposit.

  • What If I Pledge My Account? If you use (pledge) all or part of your Traditional IRA as security for a loan, then the portion so pledged will be treated as if distributed to you and will be taxable to you as ordinary income during the year in which you make such pledge. The 10% penalty tax on early distributions may also apply in addition to ordinary income taxes.

  • Deposits into Escrow Account The Concessionaire shall deposit or cause to be deposited the following inflows and receipts into the Escrow Account:

  • Special Accounts 1. For the purposes of this Schedule:

  • Crediting of Deposits Deposits made after the deposit cutoff time and deposits made on holidays or days other than our business days will be credited to your account on the next business day.

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