STATUTORY LIEN AND SECURITY INTEREST Sample Clauses

STATUTORY LIEN AND SECURITY INTEREST. If you are in default on any financial obligation, Federal law permits us to enforce a statutory lien and security interest on all accounts in which you have an ownership interest by transferring funds from these accounts to satisfy your obligtions. We may also restrict access to these accounts. This security interest does not apply to the extent it otherwise violates federal law, to any Individual Retirement Account, or to any other account that would lose special tax treatment under state or federal law if given as security. CROSS COLLATERAL To secure your Account, you grant us a purchase money security interest under the Uniform Commercial Code (UCC) in any goods you purchase through the Account, except property used for personal, family or household purposes. Any collateral securing other loans with us (other than your principal dwelling) will also secure advances made under this Agreement. If you default, we will have the right to recover any of these goods, which have not been paid for through our application of your payments in the manner described under the paragraph Monthly Payments, as provided in this Agreement. MERCHANT DISPUTES We are not responsible for the refusal of any merchant, financial institution, or automated equipment to honor or accept your Card. We are subject to claims and defenses (other than tort claims) as described under YOUR BILLING RIGHTS.
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STATUTORY LIEN AND SECURITY INTEREST. If you are in default on any financial obligation, federal law permits us to enforce a statutory lien and security interest on all accounts in which you have an ownership interest by transferring funds from these accounts to satisfy your obligations. We may also restrict access to these accounts. This security interest does not apply to the extent it otherwise violates federal law, to any Individual Retirement Account, or any other account that would lose special tax treatment under state or federal law if given as security.
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STATUTORY LIEN AND SECURITY INTEREST. If You are in default on any financial obligation, federal law permits Us to enforce a statutory lien and security interest on all accounts in which You have an ownership interest by transferring funds from these accounts to satisfy Your obligations. We may also restrict access to these accounts. This security interest does not apply to the extent it otherwise violates federal law, to any Individual Retirement Account, or any other account that would lose special tax treatment under state or federal law if given as security. We may consider Your Account to be in default if: • You fail to make any Outstanding Balance payments within 25 days of Your statement date; • You fail to live up to the terms and conditions of this Agreement; • Your creditworthiness is impaired; • You die, become insolvent, or are the subject of Bankruptcy or receivership proceedings; • You have made a misrepresentation in connection with the Card application and/ or this Agreement, or; • You are in default under another agreement You have with Us or an affiliate If You are in default, We have the right to terminate this Agreement and demand immediate payment of Your full Outstanding balance, subject to Our giving You any notice required by federal law and applicable state law. We may also: suspend Your ability to make charges, cancel or suspended any feature on Your Account, require You to pay the Payment Due immediately; or require You to pay Your Account balance immediately. To the extent permitted by law, You will also be required to pay Our collection expenses, including court costs and reasonable attorney fees.
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Related to STATUTORY LIEN AND SECURITY INTEREST

  • Credit Union Lien and Security Interest To the extent you owe the Credit Union money as a borrower, guarantor, indorser or otherwise, the Credit Union has a lien on any or all of the funds in any account in which you have an ownership interest at the Credit Union, regardless of the source of the funds. The Credit Union may apply these funds in any order to pay off your indebtedness without further notice to you. If the Credit Union chooses not to enforce its lien, the Credit Union does not waive its right to enforce the lien at a later time. In addition, you grant the Credit Union a consensual security interest in your accounts and agree the Credit Union may use the funds from your accounts to pay any debt or amount owed the Credit Union, except obligations secured by your dwelling, unless prohibited by applicable law. All accounts are nonassignable and nontransferable to third parties.

  • Security Interests No party to this Escrow Agreement shall grant a security interest in any monies or other property deposited with the Escrow Agent under this Escrow Agreement, or otherwise create a lien, encumbrance or other claim against such monies or borrow against the same.

  • Security Interest This Agreement creates a valid and continuing security interest (as defined in the UCC) in the Receivables in favor of the Issuer, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller.

  • Security Instruments (i) The Administrative Agent shall fail to have an Acceptable Security Interest in any portion of the Collateral or (ii) any Security Instrument shall at any time and for any reason cease to create the Lien on the Property purported to be subject to such agreement in accordance with the terms of such agreement, or cease to be in full force and effect, or shall be contested by the Borrower, any Guarantor or any of their respective Subsidiaries;

  • Lien 22.1. The Company shall have a general lien on all funds held by the Company on the Client’s behalf until the satisfaction of the Client’s obligations.

  • Liens Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following:

  • Background and Security Investigations 8.1 For the safety and welfare of the children to be served under this Contract, CONTRACTOR shall, as permitted by law, ensure that its staff, employees, independent contractors, volunteers or subcontractors who may come in contact with children in the course of their work, undergo and pass a background investigation to the satisfaction of COUNTY as a condition of beginning and continuing to work under this contract. Such background investigation may include, but shall not be limited to criminal conviction information obtained through fingerprints submitted to the California Department of Justice. The fees associated with the background investigation shall be at the expense of the CONTRACTOR, regardless if the member of CONTRACTOR’s staff passes or fails the backgrounds investigation.

  • 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.

  • ENCUMBRANCES AND LIENS The Contractor shall not cause or permit any lien, attachment or other encumbrance by any person to be placed on file or to remain on file in any public office or on file with UNDP against any monies due to the Contractor or that may become due for any work done or against any goods supplied or materials furnished under the Contract, or by reason of any other claim or demand against the Contractor or UNDP.

  • Permitted Encumbrances The term “Permitted Encumbrances” shall mean:

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