Common use of SECURITY; SET-OFF Clause in Contracts

SECURITY; SET-OFF. The Guarantor grants to Sonesta, as security for the full and punctual payment and performance of the Guarantor's obligations hereunder, a security interest in all property belonging to the Guarantor now or hereafter held by Sonesta and in all sums credited by or due from Sonesta to the Guarantor, regardless of the adequacy of any collateral or other means of obtaining repayment of the Obligations. Sonesta may at any time and without notice to the Guarantor set off the whole or any portion or portions of any or all such sums against amounts payable under the Guaranty.