Common use of Lien on Deposits and Property in Possession of any Lender Clause in Contracts

Lien on Deposits and Property in Possession of any Lender. It is acknowledged that, pursuant to applicable Law, each Creditor now or hereafter holding deposits made by Borrower or which is in possession of other Property of Borrower may have bankers liens or offset rights in respect of such deposits or other Property, and it is agreed that such liens and rights shall benefit the Creditors as a whole in respect of the Obligations. If an Event of Default has occurred and is continuing, any Creditor may (but only with the consent of the Requisite Lenders), to the extent permitted by applicable Laws, exercise any rights granted by applicable Laws with respect to such liens and offset rights and apply any funds and any other Property of Borrower obtained in connection with the exercise of such rights against the Obligations.