RIGHT OF SETOFF AND SECURITY INTEREST Sample Clauses

RIGHT OF SETOFF AND SECURITY INTEREST. In addition to all liens upon, and rights of setoff against, the monies, securities, or other property of any Authorized Signatory given Bank by operation of law, and/or in any other written agreement, each and every Authorized Signatory, jointly and severally, hereby grants to Bank a security interest in, and a right of setoff against, any and all moneys, securities or other property (except to the extent prohibited by applicable Federal and State laws) of each Authorized Signatory now, or hereafter, in the possession of, or on deposit with, Bank or any member bank or branch bank of International Bancshares Corporation, whether held in a general or special account or deposit, or for safekeeping or otherwise. Bank will not be liable for dishonoring items where the exercise of its right to setoff or foreclosure of its security interest results in collected available insufficient funds in this Account. To the extent allowed by law, (i) the security interests and rights of setoff granted herein shall secure payment of any and all indebtedness to Bank of each and every of the Authorized Signatories, or of any one or more of them, individually or jointly with others, now owed or hereafter owing to Bank, (ii) any indebtedness now or hereafter owing to Bank by each and every of the Authorized Signatories or by any one or more of them, either individually or jointly with others, may be charged to, and/or setoff against, any account at Bank or member bank or branch bank of International Bancshares Corporation, owned by, or in the name, of any Authorized Signatory or in the name of any Authorized Signatory and another or others (to the extent the joint account is an “or” account), and (iii) the security interests and rights of setoff granted herein may be exercised by Bank without any prior demand on, or notice to, any or all Authorized Signatories. No right of setoff shall be exercised as to loans secured by Xxxxxxxxx’s homestead. No security interest or right of setoff may be deemed to have been waived by any act or omission or other conduct of Bank, or by any failure to exercise any right of setoff or to enforce any security interest, or by any delay in so doing. Every right of setoff and security interest granted herein shall continue in full force and effect until such right of setoff or security interest is specifically waived or released in writing by Bank. Except as limited herein, Bank’s security interest granted herein shall be collateral for any or all cl...
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RIGHT OF SETOFF AND SECURITY INTEREST. You understand and agree that we have a right of setoff against your account. This means that if you owe us money on any debt or any other obligation, whether then due or not, we may take all or any part of the money in your account, even certificates or deposits that have not matured, to pay us off. You also give us a security interest in your accounts to secure your obligations to us, now and in the future. We may exercise our right of setoff or foreclosure on our security interest at any time for any lawful reason. We will notify you when that occurs. Finally, you agree that we will have no liability to you if exercising our right of setoff or foreclosing on our security interest causes items presented on your account to be refused for insufficient funds. Garnishment, Execution, and Attachment If we are served with any legal process which tries to attach or in some way prevent you from freely using your funds, you give us the right to hold any portion of the funds during any time necessary to finally determine who has the legal right to the funds and pay any balance in the account to the proper person or authority. All legal actions against your account are subject to our right of setoff and security interest. You agree to pay us our fees for processing any garnishment or for other similar process issued against your account.
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RIGHT OF SETOFF AND SECURITY INTEREST. In addition to its other rights under this Master Agreement and the Account Agreement, Bank and each of its Affiliates may exercise the right of set-off against any or all of Client’s Accounts and deposits and Client grants Bank a first priority security interest in all Accounts maintained by Client now or in the future with Bank or any of Bank’s Affiliates to secure payment of any and all obligations regarding Services provided under this Master Agreement and the Service Documentation, whether direct or indirect, absolute or contingent, due or to become due, whether now existing or hereafter arising, and whether several, joint or joint and several. For purposes of this Master Agreement, “Affiliate” means any corporation, limited liability company, or other legal entity that controls, is controlled by, or is under common control with another legal entity.
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RIGHT OF SETOFF AND SECURITY INTEREST. Any and all moneys, credits or other property belonging to the Guarantor in transit to, or in the possession or under the control of, the Bank, or any agent or bailee of the Bank, may, without prior notice and opportunity to be heard, be appropriated and applied against the liability of the Guarantor hereunder to the extent of the amount to which this Guarantee is limited. The Guarantor does hereby assign and transfer to the Bank any and all cash, negotiable instruments, documents of title, chattel paper, securities, certificates of deposit, deposit accounts, other cash equivalents and other assets of the Guarantor in transit to, or in the possession or control of the Bank, or any agent or bailee of the Bank for any purpose and to apply the same on any or all of the Guaranteed Obligations to the extent of the amount to which this Guarantee is limited. To secure payment of the Guaranteed Obligations, the Guarantor grants to the Bank a security interest in all property (including but not limited to all of the property described above) of the Guarantor delivered concurrently herewith, or now or at any time hereafter in the possession or control of the Bank, and all proceeds of all such property. The undersigned agrees that the Bank shall have the rights and remedies of a secured party under the Uniform Commercial Code of Illinois with respect to all of the aforesaid property, including, without limitation thereof, the right to sell or otherwise dispose of any or all of such property. The Bank may without notice to anyone, apply or set off any balances, credits, deposits, accounts, moneys or other indebtedness at any time credited by or due from the Bank to the Guarantor against the amounts due hereunder. Any notification of intended disposition of any property required by law shall be deemed reasonably and properly given if given at least five (5) calendar days before such disposition.
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RIGHT OF SETOFF AND SECURITY INTEREST. Subject to applicable law, we may exercise our right of setoff against any and all of your Accounts without notice, for any liability or debt of any of you, then due and owing to us, whether joint or individual, whether direct or contingent, whether now or hereafter existing, and whether arising from overdrafts, endorsements, guarantees, loans, account service charges, overdraft charges, attachments, garnishments, levies, attorneys' fees or other obligations. Each joint account holder authorizes us to exercise our right of setoff against any and all Accounts of each account holder. Some government payments (such as Social Security, Supplemental Security Income, Veterans and other federal or state benefits) may be protected from attachment, levy or other legal process under federal or state law. If such protections would otherwise apply to our right of setoff or any other deductions we make for amounts you owe us, to the extent that you may do so by contract, you waive these protections and agree that we may setoff against and otherwise use these funds to pay amounts you owe us. In addition, you grant us a security interest in your Account so that the balance in the Account is collateral for any current or future obligation you owe us (whether as a borrower, a guarantor or otherwise). If we incur any Costs in responding to any attachment, garnishment, or other levy that is not otherwise reimbursed, we may charge such Costs to you or your Account without prior notice to you. However, our right of setoff and security interest may not apply to your Account if: (a) it is an IRA or a tax-deferred Xxxxx Retirement Account (but this does not affect our rights under any consensual security interest); (b) the debt is created by a consumer credit transaction under a credit card plan; or (c) our records demonstrate to our satisfaction that your right of withdrawal arises only in a representative capacity (for example, as an authorized signer, attorney-in-fact, or a fiduciary). Any garnishment or other levy against your Account is subject to our right of setoff and security interest.
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RIGHT OF SETOFF AND SECURITY INTEREST. You each agree that we may (without prior notice and when permitted by law) set off the funds in this account against any due and payable debt owed to us now or in the future, by any of you having the right of withdrawal, to the extent of such persons’ or legal entity’s right to withdraw. If the debt arises from a note, “any due and payable debt” includes the total amount of which we are entitled to demand payment under the terms of the note at the time we set off, including any balance the due date for which we properly accelerate under the note. This right of set-off does not apply to this account if, (a) it is an individual Retirement account or other tax-deferred retirement account, or (b) the debt is created by a consumer credit transaction under a credit card plan, or (c) the debtor’s right of withdrawal arises only in a representative capacity. We will not be liable for the dishonor of any check when the dishonor occurs because we set off a debt against this account. You agree to hold us harmless from any claim arising as a result of our exercise of our right to set off.
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RIGHT OF SETOFF AND SECURITY INTEREST. In addition to its other rights under this Master Agreement and the Account Agreement, Bank and each of its Affiliates may exercise the right of set-off against any or all of Client’s Accounts and deposits and Client grants Bank a first priority security interest in all Accounts maintained by Client now or in the future with Bank or any of Bank’s Affiliates to secure payment of any and all obligations regarding Services provided under this Master Agreement and the Service Documentation, whether direct or indirect, absolute or contingent, due or to become due, whether now existing Form, and any authorization forms, and provide Bank with assumes no responsibility for Client’s reliance on such any contact information that Bank may require in information which is subsequently updated, verified, or connection with Client’s use of a Service. Bank is entitled corrected. to rely on such authorization and contact information according to its terms until Bank receives properly (c) Client’s Vendors. If Client engages any third party in authorized written notice in the form provided by Bank or connection with any Service (“Vendor”), the Vendor is other form acceptable to Bank that the existing Client’s agent. Client is solely responsible for ensuring authorization and/or contact information is changed or that Client’s Vendor complies with Client’s obligations terminated and Bank has a reasonable opportunity to act under this Master Agreement and the Service on such notice. If Client instead chooses to communicate Documentation (including Security Procedures, as changes to Bank by some other means, Bank is entitled defined below, relating to the Services). Client is bound (but not obligated) to rely on such communications and by all information, Orders (as defined herein), entries, or the changes as having been duly authorized by Client if other instructions provided on Client’s behalf by Vendors Bank in good faith believes the communications came all as though such information, Orders, entries, or other from someone authorized by Client to deliver it. Bank will instructions were provided by Client. Client confirms that not be responsible for losses if Client fails to timely and Client grants authority to Vendors to legally bind Client properly notify Bank of changes in authorization and/or with respect to their use of the Services. Client is liable contact information. Client must also promptly notify Bank for (i) any Vendor’s failure to comply with any of Client’s in...
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RIGHT OF SETOFF AND SECURITY INTEREST. In addition to its view and receive information about Account balances, other rights under this Master Agreement and the Account activity, transactions, and other cash management Agreement, Bank and each of its Affiliates may exercise information electronically, via the Internet through one of the right of set-off against any or all of Client’s Accounts Bank’s access Services, or by other electronic means. and deposits and Client grants Bank a first priority security Account information changes frequently and is subject to interest in all Accounts maintained by Client now or in the updating, verification, and correction. Since the future with Bank or any of Bank’s Affiliates to secure information may change during the delay between when payment of any and all obligations regarding Services the information was last sent to Client or posted by Bank provided under this Master Agreement and the Service and when Client receive or access the information, Bank Documentation, whether direct or indirect, absolute or contingent, due or to become due, whether now existing or hereafter arising, and whether several, joint or joint and several. For purposes of this Master Agreement, “Affiliate” means any corporation, limited liability company, or other legal entity that controls, is controlled by, or is under common control with another legal entity.
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Related to RIGHT OF SETOFF AND SECURITY INTEREST

  • Security Interest and Right of Set-Off As security for the performance of the respective obligations to which any Partner may be subject under this Agreement, the Partnership shall have (and each Partner hereby grants to the Partnership) a security interest in all funds distributable to said Partner to the extent of the amount of such obligation.

  • Right of Setoff If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.

  • RIGHT OF SETOFF; DEPOSIT ACCOUNTS Upon and after the occurrence of an Event of Default, (a) Borrower hereby authorizes Bank, at any time and from time to time, without notice, which is hereby expressly waived by Borrower, and whether or not Bank shall have declared any credit subject hereto to be due and payable in accordance with the terms hereof, to set off against, and to appropriate and apply to the payment of, Borrower's obligations and liabilities under the Loan Documents (whether matured or unmatured, fixed or contingent, liquidated or unliquidated), any and all amounts owing by Bank to Borrower (whether payable in U.S. dollars or any other currency, whether matured or unmatured, and in the case of deposits, whether general or special (except trust and escrow accounts), time or demand and however evidenced), and (b) pending any such action, to the extent necessary, to hold such amounts as collateral to secure such obligations and liabilities and to return as unpaid for insufficient funds any and all checks and other items drawn against any deposits so held as Bank, in its sole discretion, may elect. Bank may exercise this remedy regardless of the adequacy of any collateral for the obligations of Borrower to Bank and whether or not the Bank is otherwise fully secured. Borrower hereby grants to Bank a security interest in all deposits and accounts maintained with Bank to secure the payment of all obligations and liabilities of Borrower to Bank under the Loan Documents.

  • Valid Security Interest This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Sold Property in favor of the Issuer, which is prior to all other Liens, other than Permitted Liens, and is enforceable against creditors of and purchasers from the Depositor.

  • No Right of Setoff Neither party hereto nor any affiliate thereof may deduct from, set off, holdback or otherwise reduce in any manner whatsoever against any amounts such Persons may owe to the other party hereto or any of it affiliates any amounts owed by such other party or its affiliates to the first party or its affiliates.

  • Pledge and Security Interest Each Pledgor hereby unconditionally and irrevocably pledges, grants and hypothecates to the Pledgees, and grants to the Pledgees a continuing first priority security interest in, a first lien upon and a right of set-off against, all of its respective rights, titles and interests of whatsoever kind and nature in (the “Security Interest”), and to secure the complete and timely payment, performance and discharge in full, as the case may be, of all of the obligations pursuant to the Notes, the following (collectively, the “Pledged Collateral”):

  • Security Interest in the Collateral To secure the prompt payment and performance to Agent and each Lender of the Obligations, each Borrower hereby assigns, pledges and grants to Agent for its benefit and for the ratable benefit of each Lender a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter acquired or arising and wheresoever located. Each Borrower shall xxxx its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s security interest and shall cause its financial statements to reflect such security interest. Each Borrower shall promptly provide Agent with written notice of all commercial tort claims, such notice to contain the case title together with the applicable court and a brief description of the claim(s). Upon delivery of each such notice, such Borrower shall be deemed to hereby grant to Agent a security interest and lien in and to such commercial tort claims and all proceeds thereof.

  • Perfection of Security Interests in the Collateral The Collateral Documents create valid security interests in, and Liens on, the Collateral purported to be covered thereby, which security interests and Liens are currently perfected security interests and Liens, prior to all other Liens other than Permitted Liens.

  • Grant of Security Interest in the Collateral To secure the prompt payment and performance in full when due, whether by lapse of time, acceleration, mandatory prepayment or otherwise, of the Secured Obligations, each Grantor hereby grants to the Administrative Agent, for the benefit of the Secured Parties, a continuing security interest in, and a right to set off against, any and all right, title and interest of such Grantor in and to all of the following, whether now owned or existing or owned, acquired, or arising hereafter (collectively, the “Collateral”):

  • Right of Set-off Upon (i) the occurrence and during the continuance of any Event of Default and (ii) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Agent to declare the Notes due and payable pursuant to the provisions of Section 6.01, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender or such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement and the Note held by such Lender, whether or not such Lender shall have made any demand under this Agreement or such Note and although such obligations may be unmatured. Each Lender agrees promptly to notify the Borrower after any such set-off and application, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender and its Affiliates under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) that such Lender and its Affiliates may have.

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