Lien/Set -Off Clause Samples
Lien/Set -Off a. In addition to any other remedies available to the Agent under Applicable Law, the Agent shall have, and the Lender hereby grants, a continuing general lien on all securities in Agent’s possession and control (provided that Agent shall have no lien or security interest in any Security issued or guaranteed by Agent or its affiliates or if such lien or security interest in prohibited by law) and any Collateral sitting in any collateral account held by the Agent until the satisfaction of liabilities arising under this Agency Agreement of the Lender to the Agent in respect to any fees and expenses incurred in the performance of services under, or any advances of funds made by the Agent under, this Agency Agreement; and
b. In additional to any other remedies available to the Agent under Applicable Law, the Agent may without prior notice to the Lender, set off any payment obligation due and owed to it by the Lender in connection with all liabilities arising under this Agency Agreement against any payment obligation owed by it to the Lender under this Agency Agreement regardless of the place of payment or currency of either obligation (and for such purpose may make any currency conversion necessary).
Lien/Set -Off. As security for any liability of the Lender to the Agent hereunder, the Lender hereby grants to the Agent a lien on and a right of set-off against any assets in any account that the Lender may have with the Agent, provided, however, that the obligations and liabilities of each Lender shall be separate, and no Lender shall be liable for the obligations of any other Lender.
Lien/Set -Off. Maker hereby gives the holder hereof a lien and right of set off for all of Maker’s liabilities to the holder hereof or Lender upon and against all deposits, credits, and other property of Maker now or hereafter in the possession or control of the holder hereof, or in transit to it, excepting however, funds held in trust by Maker. All payments shall be made in lawful currency of the United States of America in immediately available funds, without abatement, counterclaim, or set-off, and free and clear of, and without any deduction or withholding for, any taxes or other matters.
Lien/Set -Off. As security for any advances made on the Lender’s behalf by Agent, including but not limited to advances associated with Collateral held by Lender for rebates and reasonable fees and costs associated therewith, the Lender hereby grants to the Agent a right of set-off against any assets in any custody account that the Lender may have with the Agent; provided, however, that the foregoing right of set-off shall not apply to any assets held by Agent or any affiliate of Agent in connection with any transactions that are not appurtenant to the securities lending transactions hereunder. For purposes of this Agreement: “Affiliate” means, with respect to any natural person or incorporated or unincorporated entity (“Person”), any other Person that is controlled by, or controls, or is under common control with such Person; and (ii) “control” of a Person means (i) ownership of, or possession of the right to vote, more than 25% of the outstanding voting equity of that Person or (ii) the right to control the appointment of the board of directors, management or executive officers of that Person. Notwithstanding the foregoing, the U.S. Government shall not be deemed an Affiliate of Agent.
Lien/Set -Off. The Bank shall have a general lien over the articles/contents of the Locker in respect of all the debts or liabilities arising out of this Agreement.
Lien/Set -Off. As security for any liability of the Lender to the Agent, the Lender hereby grants to the Agent a right of set-off against any assets in any custody account that the Lender may have with the Agent.
Lien/Set -Off. The Borrowers and any guarantor hereby grant to the Lender, a lien, security interest and right of setoff as security for the Obligations, upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of the Lender or any entity under the control of Fleet Financial Group, Inc., or in transit to any of them. At any time, without demand or notice, the Lender may set off the same or any part thereof and apply the same to any of the Obligations even though unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE THE LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWERS OR ANY GUARANTOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.
35. Restate Section 10.8(b) of the Agreement as follows:
Lien/Set -Off. As security for any liability of the Lender to the Agent, the Lender hereby (a) pledges and assigns to, and grants to the Agent a continuing security interest in and a lien on, the Collateral and the proceeds thereof and the Agent shall have, with respect thereto, all of the rights and remedies of a secured party under applicable law and (b) grants to the Agent a right of set-off against any assets in any custody account that the Lender may have with the Agent.
Lien/Set -Off. The BORROWER hereby gives the BANK a general lien upon, and/or right of set-off, and/or right to hold and/or apply to the obligations of the BORROWER all rights, titles and interests of the BORROWER in and to the balance of every deposit account, now or anytime hereafter existing, with the BANK, its agents or correspondents or any of its branches, subsidiaries or affiliates, or any other claims of the BORROWER against the BANK and in and to all money, negotiable instruments, commercial papers, notes, bonds, stocks, dividends, interests, credits, choses in action, claims, demands, or any interests therein, and in any other properties, rights and interests of the BORROWER or any evidence thereof, which have been or at any time shall be delivered to, or otherwise come into the possession, control or custody of the BANK or any of its agents or correspondents, or any of its branches, subsidiaries or affiliates for any purpose, whether or not accepted for the purpose or purposes for which they are delivered or intended. For this purpose, the BORROWER hereby appoints the BANK as irrevocable ATTORNEY-IN-FACT with full power of substitution/delegation, to sign and endorse any and all documents and perform any and all acts and things required or necessary in the premises.
Lien/Set -Off. 35.1 If we suspend the online service available to you, we will resume that service at the earliest opportunity after the circumstances that led to the suspension of the service have been resolved.
35.2 We may use any funds deposited with us to repay or reduce any due debt which you may have with us (subject to any borrowing terms you agree with us), as guarantor or in any other way. We may do this without giving prior notice, but you will be notified immediately after we have done this.