Common use of SET-OFF AND LIEN Clause in Contracts

SET-OFF AND LIEN. The borrower hereby confirms, declares and agrees that for the liability of the borrowers , the bank shall have a paramount right of set off and in exercise of the bank’s general lien under law, the bank shall also have a paramount right of lien on all monies, accounts, securities, deposits, goods and other assets and properties belonging to the borrower or standing to the borrower’s credit (whether singly or jointly with any other person/s) which are or may at any time be with or in possession or control of any branch of the bank for any reason or purpose whatsoever and bank is specifically authorized to exercise right of lien on the securities including title deeds of the property and effect set of against all moneys.

SET-OFF AND LIEN. The borrower hereby confirms, declares and agrees that for V D the liability of the borrowers , the bank shall have a paramount right of set off and in exercise of the bank’s general lien under law, the bank shall also have a paramount right of lien on all monies, accounts, securities, deposits, goods and other assets and properties belonging to the borrower or standing to the borrower’s credit (whether singly or jointly with any other person/s) which are or may at any time be with or in possession or control of any branch of the bank for any reason or purpose whatsoever and bank is specifically authorized to exercise right of lien on the securities including title deeds of the property and effect set of against all moneys.