SECURITY INTEREST; SETOFF Clause Samples
The 'Security Interest; Setoff' clause establishes a lender's right to claim a security interest in a borrower's assets and to offset amounts owed by the borrower against any funds the lender holds for the borrower. In practice, this means that if the borrower defaults on their obligations, the lender can seize certain assets or apply funds from the borrower's accounts to cover outstanding debts. This clause is essential for protecting the lender's interests by providing a mechanism to recover amounts due and minimizing the risk of loss in the event of non-payment.
SECURITY INTEREST; SETOFF. To secure the full, prompt and complete payment and performance of all of the Obligations, Operator hereby, to the fullest extent permitted by applicable law with respect to the Healthcare Assets, grants to, and creates in favor of, ▇▇▇▇▇▇ a continuing security interest in all of Operator’s right, title and interest in and to the property described on Exhibit B, attached hereto and incorporated herein by reference (the “Collateral”).
SECURITY INTEREST; SETOFF. To secure the full, prompt and complete payment and performance of all Obligations (defined hereafter), the Master Tenant hereby, to the fullest extent permitted by applicable law, grants to, and creates in favor of, the Secured Party a continuing security interest in any and all of Master ▇▇▇▇▇▇’s right, title and interest in and to the property described on Exhibit B attached hereto and incorporated herein by reference (the “Collateral”).
SECURITY INTEREST; SETOFF. You grant us a security interest in your account, including all current and future deposits, for amounts owing to us now and/or in the future under this agreement or any other agreement you have with us. We may charge or set off funds in your account, which can include, but is not limited to, funds in your Savings Account or accrued unpaid interest earned on your Savings Account, for any direct, indirect and/or acquired obligations that you owe us now and/or in the future, regardless of the source of the funds in your account, to the fullest extent permitted by law. If you have a negative balance in your account due to your use of Overdraft Protection or for other reasons discussed in Section 8 titled “We Use The Available Balance Method” or Section 9 titled “Discretionary Overdraft Protection”, we will automatically deduct the negative balance amount from any current or future funds in your primary deposit account, your Savings Account, or any other account you open or maintain with us.
SECURITY INTEREST; SETOFF. You grant us a security interest in your account, including all current and future deposits, for amounts owing to us now and/or in the future under this agreement or under any account service agreement by any owner. We may charge or set off funds in your account for any direct, indirect and/or acquired obligations that you owe us now and/or in the future, regardless of the source of the funds in the account, to the fullest extent permitted by law. If you have a negative balance in your account, we will automatically deduct the negative balance amount from any current or future funds on this or any other account you register or maintain (including your Money Vault account or any other Green Dot Bank accounts or prepaid cards).
SECURITY INTEREST; SETOFF. In order to further secure the payment of the Obligations, Borrower hereby grants to Agent and to each Lender a security interest and right of setoff against all of Borrower's presently owned or hereafter acquired monies, items, credits, deposits and instruments (including certificates of deposit) presently or hereafter in the possession of any Lender or Agent. By maintaining any such accounts or other property with a Lender or Agent, Borrower acknowledges that Borrower voluntarily subjects the property to the security interest arising hereunder. Subject to the provisions in Article IX hereof, a Lender may exercise its rights under this Section without prior notice (but with prompt notice following the setoff) following an Event of Default. Borrower agrees that neither Lenders nor Agent shall be liable for the dishonor of any instrument after notice of setoff shall have been duly given resulting from a Lender's exercise of its rights under this Section.
SECURITY INTEREST; SETOFF. In order to further secure the payment of the Obligations, Guarantor hereby grants to Lender a security interest in and right of setoff against all of Guarantor’s presently owned or hereafter acquired monies, items, credits, deposits and instruments (including certificates of deposit) presently or hereafter in the possession of Lender. Lender may exercise its right of setoff without prior notice to Guarantor. The Lender shall not be liable for the dishonor of any items that may result from Lender’s exercise of any of its rights under this paragraph.
SECURITY INTEREST; SETOFF. You grant us a security interest in your account, including all current and future deposits, for amounts owing to us now and/or in the future under this agreement or under any account service agreement by any owner. We may charge or set off funds in your account for any direct, indirect and/or acquired obligations that you owe us now and/or in the future, regardless of the source of the funds in the account, to the fullest extent permitted by law.
SECURITY INTEREST; SETOFF. In order to further secure the payment of the Guaranteed Obligations, Guarantor hereby grants to Lender a security interest and right of setoff against all of Guarantor's presently owned or hereafter acquired monies, items, credits, deposits and instruments (including certificates of deposit) presently or hereafter in the possession of Lender. By maintaining any such accounts or other property at Lender, Guarantor acknowledges that Guarantor voluntarily subjects the property to Lender's rights hereunder.
SECURITY INTEREST; SETOFF. You grant us a security interest in your account, including all current and future deposits, for amounts owing to us now and/or in the future under this agreement or under any account service agreement by any owner. We may charge or set off funds in your account for any direct, indirect and/or acquired obligations that you owe us now and/or in the future, regardless of the source of the funds in the account, to the fullest extent permitted by law. If you have a negative balance in your account due to your use of Overdraft Protection or for other reasons discussed in Section 10 titled “We Use The Available Balance Method” or Section 11 titled “Discretionary Overdraft Protection”, we will automatically deduct the negative balance amount from any current or future funds on this or any other account you open or maintain (including your High- Yield Savings Account and any other Green Dot Bank accounts or prepaid cards).
SECURITY INTEREST; SETOFF. (a) To secure the full, prompt and complete payment and performance of all Obligations, the Master Tenant hereby, to the fullest extent permitted by applicable law with respect to Healthcare Assets, grants to, and creates in favor of, the Secured Party a continuing security interest in any and all of Master ▇▇▇▇▇▇’s right, title and interest in and to the property described on Exhibit B attached hereto and incorporated herein by reference (the "Collateral"). "Obligations" means: (1), as of any date, the Loan and all other indebtedness, liabilities, obligations, covenants, debts and amounts owing from the Borrower, Operator, and/or Master Tenant to the Secured Party and/or HUD arising out of, in connection with, described in, or evidenced by the Loan Documents, whether direct or indirect, absolute or contingent, related or unrelated, now or in the future existing and whether consisting of principal, interest, fees, indemnities, expenses (including attorneys' fees), charges or other sums, however any of that indebtedness, obligations, or liabilities may be evidenced or acquired, all as now exist or may, after the date of this Agreement, be incurred, renewed, extended, consolidated, adjusted or amended; (2) Master Tenant’s rent payments (including all tax, insurance or other capital, repair or impound reserve payments required under the Master Lease) and the performance by Master Tenant of its obligations under the Master Lease .