Common use of Lien and Right of Setoff Clause in Contracts

Lien and Right of Setoff. Borrower hereby grants to Lender a continuing lien for all Obligations of Borrower to Lender upon any and all Open Accounts and the proceeds thereof, now or hereafter held or received by or in transit to Lender from or for Borrower, whether for safekeeping, custody, pledge, transmission, collection or otherwise, and also upon any and all deposits (general or special) and credits of Borrower with, and any and all claims of Borrower against Lender at any time existing. Upon the occurrence of any Event of Default, Lender is hereby authorized at any time and from time to time, without notice to Borrower or any other person, to setoff, appropriate and apply any or all items hereinabove referred to against all Obligations of Borrower whether under this Agreement or otherwise, and whether now existing or hereafter arising.