Statutory Lien. Unless prohibited by law, you pledge and grant as security for all obligations you may have, now or in the future, all shares and dividends in all accounts you have with us now and in the future. If you pledge a specific dollar amount in your account(s) for a loan, we will freeze the funds in your account(s) to the extent of the outstanding balance of the loan or, if greater, the amount of the pledge if the loan is a revolving loan. Otherwise, funds in your pledged account(s) may be withdrawn, unless you are in default. Except as limited by Federal or state law, the statutory lien gives us the right to apply the balance of all your accounts to any obligation on which you are in default. After you are in default, we may exercise our statutory lien rights without further notice to you. Your pledge and our statutory lien rights will allow us to apply the funds in your account(s) to what you owe when you are in default, except as limited by Federal or state law. If we do not apply the funds in your account(s) to satisfy your obligation, we may place an administrative freeze on your account(s) in order to protect our statutory lien rights and may apply the funds in your account(s) to the amount you owe us at a later time. By not enforcing our right to apply funds in your account to your obligations that are in default, we do not waive our right to enforce these rights at a later time. You are liable to us for any losses, costs, or expenses we incur resulting from your failure to follow this Agreement. You authorize us to deduct any such losses, costs, or expenses, including attorneys’ fees, from your account without prior notice to you. In addition, if we bring legal action to collect any amount due or to enforce this Agreement, we shall be entitled, subject to applicable law, to reasonable attorney fees and costs, including any fees on any appeal, bankruptcy proceeding, and any post-judgment collection actions. If you bring legal action against us, and we prevail, we will be entitled to recover all costs of our defense, including, but not limited to, court costs and attorneys’ fees. If any demand or action is brought against us by a third party, we shall be entitled to any and all cost of defense, including, but not limited to, settlement and attorneys’ fees. We may withdraw funds from your account, place a hold on funds in your account, or disclose information about your account if in good faith we believe we must do so in order to comply with a subpoena, sea...
Statutory Lien. If you are in default on a financial obligation to us, federal law gives us the right to apply the balance of shares and dividends in your account(s) (except IRA) at the time of default to satisfy that obligation. Once you are in default, we may exercise this right without further notice to you.
Statutory Lien. The parties acknowledge the County’s right to receive Negotiated FILOT Payments hereunder is entitled to and shall have a statutory lien with respect to the Expansion Project pursuant to Section 12-44-90(E) of the Negotiated FILOT Act and Title 12, Chapter 54 of the Code relating to the collection and enforcement of ad valorem property taxes.
Statutory Lien. If you fail to satisfy any outstanding financial obligation with us, federal law gives us the right to apply the balance of shares and dividends in your Account(s) at the time of nonpayment, including direct deposits of Social Security and other government benefits, to satisfy that obligation. We may exercise this right at the time of nonpayment without further notice to you.
Statutory Lien. Xxxxxxxx agrees that all loan advances under this Agreement are secured by all shares and deposits In all joint and individual accounts Borrower has with Xxxxxx now and in the future. Borrower authorizes Xxxxxx, to the extent permitted by applicable law, to apply the balance in these accounts to pay any amounts due under this Agreement when Borrower is in default under this Agreement Shares and deposits in an Individual Retirement Account and any other account that would lose special tax treatment under state or federal law If given as security are not subject to the security interest Borrower has given in Borrower's shares and deposits.
Statutory Lien. Federal law grants us the right to impress a lien on all funds in any Account you have with us (whether you are a Primary or Legal owner) if you are in default or otherwise fail to satisfy a financial obligation with the Credit Union. We may exercise this right without notice to you. To the extent provided by law, this statutory lien applies to all shares and accumulated dividends that you have with us, including Accounts you hold jointly with other individuals even if they are not associated with your obligation.
Statutory Lien. The Company acknowledges that Lender has a statutory first Lien pursuant to the Farm Credit Act of 1971, as amended from time to time, on all Lender Equities that the Company may now own or hereafter acquire, which statutory Lien shall secure the Obligations due to Lender and be for Lender’s sole and exclusive benefit. The Lender Equities shall not constitute security for obligations due to any other lender or participant hereunder (other than a Subsidiary or Affiliate of Lender). To the extent that any of the Loan Documents creates a Lien on the Lender Equities or on patronage accrued by Lender for the account of the Company (including, in each case, proceeds thereof), such Lien shall be for Lender’s sole and exclusive benefit and shall not be subject to sharing with any other lender or participant hereunder (other than a Subsidiary or Affiliate of Lender to the extent any Obligations are owing by the Company to any of them). Neither the Lender Equities nor any accrued patronage shall be offset against the Obligations except that, in the event of an Event of Default, Lender may elect to apply the cash portion of any patronage distribution or retirement of Lender Equities to amounts due to Lender under this Agreement. The Company acknowledges that any corresponding tax liability associated with such application is the sole responsibility of the Company. Lender shall have no obligation to retire the Lender Equities upon any Event of Default, Default, or any other breach or default by the Company, or at any other time, either for application to the Obligations or otherwise.
Statutory Lien. If you owe us money as a borrower, co-borrower or guarantor, under certain circumstances federal or state statutes may grant us a statutory lien on funds deposited within covered borrowers' asset accounts. We may be able to exercise a statutory right to take a security interest in funds deposited in an account at any time, provided that the security interest is not otherwise prohibited by applicable law and we comply with the MLA regulations.
Statutory Lien. 6.1 If the Charged Assets or any part thereof are or become subject to a statutory lien (gesetzliches Pfandrecht) in favour of any third party, the Transferor shall, following the occurrence of an Enforcement Event and while it is continuing inform the Collateral Agent without undue delay upon the Collateral Agent’s reasonable request.
6.2 If following the occurrence of an Enforcement Event and while it is continuing the Collateral Agent so requests, the Transferor shall provide evidence to the Collateral Agent of the punctual payment of the sums secured by any statutory lien (including any landlord’s or lessor’s lien) within 5 (five) business days after the due date for payment. Upon request of the Collateral Agent, the Transferor shall use all reasonable efforts to provide the Collateral Agent with a written confirmation of such third party confirming it has no right to hold back or enforce its rights in respect of any of the Charged Assets and will inform the Collateral Agent by fax without undue delay if the Transferor fails to pay any of the obligations secured under the relevant statutory lien.
6.3 If the Transferor does not comply with its obligations under this Clause 6, the Collateral Agent is entitled, but not obliged, to pay the sums secured under any statutory lien on behalf and at the expense of the Transferor in order to xxxx off any statutory lien.
Statutory Lien. I understand that you have a right to impress and enforce a statutory lien against my shares or dividends in the event of my failure to satisfy a financial obligation, and that you may enforce that right without further notice. You have a right to claim my shares and dividends equal to the amount of my outstanding financial obligation to the Credit Union, as that amount varies from time to time. I understand that you may enforce this lien only when I fail to satisfy an outstanding financial obligation due and payable to the Credit Union. If I am in default, you may debit funds in my account and apply them to the extent of any of my outstanding financial obligations, even if these obligations are not secured by shares.
