Common use of Lien and Set Off Clause in Contracts

Lien and Set Off. Notwithstanding anything to the contrary in this Agreement or any other document/ arrangement: (i) in respect of all and any of the Borrower(s)', their respective group companies, promoters (partners, in case of the partnership firms and limited liability partnerships), affiliates, sister concerns, associate companies, subsidiaries, holding companies, etc.(hereinafter collectively referred to as the “Borrower Group”) present and future liabilities to the Lender or to the affiliates, group entities, associate entities, parent, subsidiaries, or any of branches of the Lender (hereinafter collectively referred to as the “Relevant Entity(ies)”), whether under this document or under any other obligation/loan/facilities/borrowings/ document, whether such liabilities are/ be crystallised, actual or contingent, primary or collateral or several or jointly with others, whether as principal debtor and/ or as guarantor and/ or otherwise howsoever (collectively “Liabilities”), the Lender and the Relevant Entities shall have a specific and special lien on all the Borrower Group's present and future stocks, shares, securities, property, book debts, held with or in custody, legal or constructive, with the Lender and the Relevant Entities, now or in future, whether in same or different capacity of the Borrower Group persons/ entities, and whether severally or jointly with others, whether for any safe custody, collection, or otherwise, and (ii) separately, the Lender and the Relevant Entities shall have an express right to, without notice to and without consent of the Borrower Group persons/ entities, set-off, transfer, sell, realise, adjust, appropriate all such securities, amounts and property as aforesaid (whether earmarked for any particular Liability or not) for the purpose of realizing or against any dues in respect of any of the Liabilities and to set-off any monies, whether of same type or nature or not and whether held in same capacity or not including upon any default in payment of any part of any of the Liabilities when due in terms of such documents and (iii) the security created by the Borrower or any other entity within the Borrower Group in respect any specific Liability in favour of the Lender or any of the Relevant Entities shall be deemed to be created for and shall secure all the Liabilities and may be enforced for the realisation of any or all the Liabilities. The Lender or the concerned Relevant Entity (as the case may be) shall not be bound to release any such security even if the specific Liability for which it was created has been discharged and shall be entitled to continue to hold such security (as security for the other Liabilities) until the full and final discharge of all the Liabilities to the satisfaction of the Lender/ concerned Relevant Entity.

Lien and Set Off. Notwithstanding anything to the contrary in this Agreement or any other document/ arrangement: (i) in respect of all and any of the Borrower(s)Borrower's, any of the Promoters' or any of the Security Providers', their respective group companies, promoters (partners, in case of the partnership firms and limited liability partnerships), affiliatesAffiliates, sister concerns, associate companies, subsidiaries, holding companies, etc.(hereinafter etc. (hereinafter collectively referred to as the “Borrower Group”) present and future liabilities to the Lender or to the affiliates, group entities, associate entities, parent, subsidiaries, or any of branches of the Lender (hereinafter collectively referred to as the “Relevant Entity(ies)”), whether under this document or under any other obligation/loan/obligation/ loan/ facilities/borrowings/ document, whether such liabilities are/ be crystallised, actual or contingent, primary or collateral or several or jointly with others, whether as principal debtor and/ or as guarantor and/ or otherwise howsoever (collectively “Liabilities”), the Lender and the Relevant Entities shall have a specific and special lien on all the Borrower Group's present and future stocks, shares, securities, property, book debts, held with or in custody, legal or constructive, with the Lender and the Relevant Entities, now or in future, whether in same or different capacity of the Borrower Group persons/ entities, and whether severally or jointly with others, whether for any safe custody, collection, or otherwise, and (ii) separately, the Lender and the Relevant Entities shall have an express right to, without notice to and without consent of the Borrower Group persons/ entities, set-off, transfer, sell, realise, adjust, appropriate all such securities, amounts and property as aforesaid (whether earmarked for any particular Liability or not) for the purpose of realizing realising or against any dues in respect of any of the Liabilities and to set-off any monies, whether of same type or nature or not and whether held in same capacity or not including upon any default in payment of any part of any of the Liabilities when due in terms of such documents and (iii) the security created by the Borrower or any other entity within the Borrower Group in respect any specific Liability in favour of the Lender or any of the Relevant Entities shall be deemed to be created for and shall secure all the Liabilities and may be enforced for the realisation of any or all the Liabilities. The Lender or the concerned Relevant Entity (as the case may be) shall not be bound to release any such security even if the specific Liability for which it was created has been discharged and shall be entitled to continue to hold such security (as security for the other Liabilities) until the full and final discharge of all the Liabilities to the satisfaction of the Lender/ concerned Relevant Entity.

Lien and Set Off. Notwithstanding anything to the contrary in this the Agreement or any other document/ document and, or, arrangement: (i) in respect of all and any of the Borrower(s)'Borrower’s, any of the Promoters, their respective group companies, promoters (partners, in case of the partnership firms and limited liability partnerships), affiliatesAffiliates, sister concerns, associate companies, subsidiaries, holding companies, etc.(hereinafter etc. (hereinafter collectively referred to as the “Borrower Group”) present and future liabilities to the Lender or to the affiliates, group entities, associate entities, parent, subsidiaries, or any of branches of the Lender (hereinafter collectively referred to as the “Relevant Entity(ies)”), whether under this document or under any other obligation/, loan/, facilities/borrowings/ , borrowings or document, whether such liabilities are/ are or be crystallised, actual or contingent, primary or collateral or several or jointly with others, whether as principal debtor and/ or as guarantor and/ or otherwise howsoever (collectively “Liabilities”), the Lender and the Relevant Entities shall have a specific and special lien on all the Borrower Group's ’s present and future stocks, shares, securities, property, book debts, held with or in custody, legal or constructive, with the Lender and the Relevant Entities, now or in future, whether in same or different capacity of the Borrower Group persons/ persons and, or, entities, and whether severally or jointly with others, whether for any safe custody, collection, or otherwise, and (ii) separately, the Lender and the Relevant Entities shall have an express right to, without notice to and without consent of the Borrower Group persons/ persons and, or, entities, set-off, transfer, sell, realise, adjust, appropriate all such securities, amounts and property as aforesaid (whether earmarked for any particular Liability or not) for the purpose of realizing realising or against any dues in respect of any of the Liabilities and to set-off any monies, whether of same type or nature or not and whether held in same capacity or not including upon any default in payment of any part of any of the Liabilities when due in terms of such documents and (iii) the security created by the Borrower or any other entity within the Borrower Group in respect of any specific Liability in favour of the Lender or any of the Relevant Entities shall be deemed to be created for and shall secure all the Liabilities and may be enforced for the realisation of any or all the Liabilities. The Lender or the concerned Relevant Entity (as the case may be) shall not be bound to release any such security even if the specific Liability for which it was created has been discharged and shall be entitled to continue to hold such security (as security for the other Liabilities) until the full and final discharge of all the Liabilities to the satisfaction of the Lender/ Lender and, or, concerned Relevant Entity.

Lien and Set Off. Notwithstanding anything to the contrary in this Agreement or any other document/ document and, or, arrangement: (i) in respect of all and any of the Borrower(s)'Borrower’s, any of the Promoters, their respective group companies, promoters (partners, in case of the partnership firms and limited liability partnerships), affiliatesAffiliates, sister concerns, associate companies, subsidiaries, holding companies, etc.(hereinafter etc. (hereinafter collectively referred to as the “Borrower Group”) present and future liabilities to the Lender or to the affiliates, group entities, associate entities, parent, subsidiaries, or any of branches of the Lender (hereinafter collectively referred to as the “Relevant Entity(ies)”), whether under this document or under any other obligation/, loan/, facilities/borrowings/ , borrowings or document, whether such liabilities are/ are or to be crystallised, actual or contingent, primary or collateral or several or jointly with others, whether as principal debtor and/ or as guarantor and/ or otherwise howsoever (collectively “Liabilities”), the Lender and the Relevant Entities shall have a specific and special lien on all the Borrower Group's ’s present and future stocks, shares, securities, property, book debts, held with or in custody, legal or constructive, with the Lender and the Relevant Entities, now or in future, whether in same or different capacity of the Borrower Group persons/ persons and, or, entities, and whether severally or jointly with others, whether for any safe custody, collection, or otherwise, and (ii) separately, the Lender and the Relevant Entities shall have an express right to, without notice to and without consent of the Borrower Group persons/ persons and, or, entities, set-off, transfer, sell, realise, adjust, appropriate all such securities, amounts and property as aforesaid (whether earmarked for any particular Liability or not) for the purpose of realizing realising or against any dues in respect of any of the Liabilities and to set-off any monies, whether of same type or nature or not and whether held in same capacity or not including upon any default in payment of any part of any of the Liabilities when due in terms of such documents and (iii) the security created by the Borrower or any other entity within the Borrower Group in respect of any specific Liability in favour of the Lender or any of the Relevant Entities shall be deemed to be created for and shall secure all the Liabilities and may be enforced for the realisation of any or all the Liabilities. The Lender or the concerned Relevant Entity (as the case may be) shall not be bound to release any such security even if the specific Liability for which it was created has been discharged and shall be entitled to continue to hold such security (as security for the other Liabilities) until the full and final discharge of all the Liabilities to the satisfaction of the Lender/ Lender and, or, concerned Relevant Entity.

Lien and Set Off. 12.1 That strictly without prejudice to what is contained in the above clauses, that in addition to a general lien or similar right to which the Bank as a banker is entitled by law, the Bank may at any time and without notice to the Obligator(s), in the Banks absolute discretion combine or consolidate all or any of the Obligator’s accounts and for the Secured Deposits, with any liabilities due to the Bank from the Obligor hereinabove set forth, or APPLICATION FOR BANK GUARANTEE transfer any sum or sums standing to the credit of any one or more of such accounts and/or Secured Deposits including any interest thereon, in or towards satisfaction of any of the liabilities of the Obligor(s) to the Bank hereinabove set forth, or in any other respect whatsoever whether such liabilities be actual or contingent primary or collateral and several or joint (“the said dues”). 12.2 That in respect of the said dues, the Bank shall have a lien on all assets and securities belonging to the Obligor(s) or now of hereafter held by the Bank for safe custody, collection or otherwise and all moneys now or hereafter standing to the credit of the Obligor(s) with the Bank on any current, savings, or any other account and/or fixed deposits placed with the Bank and including any interest thereon, and the Bank will have the right to sell/realize all such securities and assets as aforesaid for the purpose of realizing the said dues. 12.3 The aforesaid rights are in addition to and not in derogation of any other rights available to the Bank under these Terms and Conditions and are notwithstanding any agreement between the Obligor(s) and the Bank to the contrary and notwithstanding that fact that a particular security is given by ▇▇▇▇▇▇▇(s) earmarked for particular ▇▇▇▇ or account and the same is cleared by the Obligor(s) by payment. 12.4 Notwithstanding anything to the contrary in this Agreement or any other document/ arrangementof the documents executed in relation to the BGs: (i) in respect of all and any of the Borrower(s)', their respective group companies, promoters (partners, in case of the partnership firms and limited liability partnershipsObligor(s), affiliatesits relatives, sister concernsrelated parties, associate companies, subsidiaries, holding companies, etc.(hereinafter collectively referred to as the “Borrower Group”) present and future liabilities to the Lender or to the affiliates, group entities, associate parent entities, parent, subsidiaries, or any of their branches of the Lender (hereinafter collectively referred to as the “Relevant Entity(ies)Entities”), whether under this document or under any other obligation/loan/facilities/borrowings/ borrowings/document, whether such liabilities are/ are/be crystallised, actual or contingent, primary or collateral or several or jointly with others, whether in same currency or different currencies, whether as principal debtor and/ or and/or as guarantor and/ or and/or otherwise howsoever (collectively “Liabilities”), the Lender and the collect Liabilities Relevant Entities shall in addition to any general lien or similar right (to which any of them as bankers or financial institutions may be entitled by law, practice, custom or otherwise have a specific and special lien on all the Borrower Group's Obligor’s and/or group entities, present and future stocks, shares, securities, property, book debts, all moneys in all accounts whether current, savings, overdraft, fixed or other deposits, loan accounts, held with or in custody, legal or constructive, with the Lender and the Bank and/or any Relevant Entities, now or in future, whether in same or different capacity of the Borrower Applicant/any of Group persons/ entitiesEntities, and whether severally or jointly with others, whether for any banking relationship, safe custody, collection, or otherwise, whether in same currency or different currencies; and (ii) separately, each of the Lender Bank and the Relevant Entities shall have an the specific and express right toright, without notice to and without consent of the Borrower Obligor(s) or any of the Group persons/ entitiesEntities, to set-off, transfer, sell, realise, adjust, appropriate all such securities, amounts and property as aforesaid (whether earmarked for any particular Liability or not) for the purpose of realizing or against any dues in respect of any of the Liabilities and to set-off any monies, whether of same type or nature or not and whether held in same capacity or not including upon any default in payment of any part of any of the Liabilities when due in terms of such documents and (iii) the security created by the Borrower or any other entity within the Borrower Group in respect any specific Liability in favour of the Lender or any of the Relevant Entities shall be deemed to be created for and shall secure all the Liabilities and may be enforced for the realisation of any or all the Liabilities. The Lender or the concerned Relevant Entity (as the case may be) shall not be bound to release any such security even if the specific Liability for which it was created has been discharged and shall be entitled to continue to hold such security (as security for the other Liabilities) until the full and final discharge of all the Liabilities to the satisfaction of the Lender/ concerned Relevant Entity.,

Lien and Set Off. Notwithstanding anything to the contrary in this the Agreement or any other document/ document and, or, arrangement: (i) in respect of all and any of the Borrower(s)'Borrower’s, their respective group companies, promoters (partners, in case of the partnership firms and limited liability partnerships), affiliates, sister concerns, associate companies, subsidiaries, holding companies, etc.(hereinafter collectively referred to as the “Borrower Group”) present and future liabilities to the Lender or to the affiliates, group entities, associate entities, parent, subsidiaries, or any of branches of the Lender (hereinafter collectively referred to as the “Relevant Entity(ies)”), whether under this document or under any other obligation/, loan/, facilities/borrowings/ , borrowings or document, whether such liabilities are/ are or be crystallised, actual or contingent, primary or collateral or several or jointly with others, whether as principal debtor and/ or as guarantor and/ or otherwise howsoever (collectively “Liabilities”), the Lender and the Relevant Entities shall have a specific and special lien on all the Borrower Group's present and future stocks, shares, securities, property, book debts, held with or in custody, legal or constructive, with the Lender and the Relevant Entities, now or in future, whether in same or different capacity of the Borrower Group persons/ and, or, entities, and whether severally or jointly with others, whether for any safe custody, collection, or otherwise, and (ii) separately, the Lender and the Relevant Entities shall have an express right to, without notice to and without consent of the Borrower Group persons/ and, or, entities, set-off, transfer, sell, realise, adjust, appropriate all such securities, amounts and property as aforesaid (whether earmarked for any particular Liability or not) for the purpose of realizing realising or against any dues in respect of any of the Liabilities and to set-off any monies, whether of same type or nature or not and whether held in same capacity or not including upon any default in payment of any part of any of the Liabilities when due in terms of such documents and (iii) the security created by the Borrower or any other entity within the Borrower Group in respect of any specific Liability in favour of the Lender or any of the Relevant Entities shall be deemed to be created for and shall secure all the Liabilities and may be enforced for the realisation of any or all the Liabilities. The Lender or the concerned Relevant Entity (as the case may be) shall not be bound to release any such security even if the specific Liability for which it was created has been discharged and shall be entitled to continue to hold such security (as security for the other Liabilities) until the full and final discharge of all the Liabilities to the satisfaction of the Lender/ Lender and, or, concerned Relevant Entity.