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. As --------------------------------------------------------- security for the prompt payment and performance of all Obligations, Borrower hereby grants to each Creditor, as the representative of all other Creditors, a security interest in and a right of off-set with respect to, all its right, title, and interest in and to any and all deposit accounts now or hereafter maintained with that Creditor in and to any and all of its Property and the proceeds thereof now or hereafter in the possession of that Creditor. If an Event of Default has occurred and is continuing, any Lender (but only with the consent of the Requisite Lenders) may, to the extent permitted by applicable Laws, exercise its rights under Article 9 of the Uniform Commercial Code and other applicable Laws (including its right of off-set) and apply any funds in any deposit account maintained with it by Borrower and any Property of Borrower in its possession against the Obligations.