Common use of SET-OFF AND LIEN Clause in Contracts

SET-OFF AND LIEN. 9.1 The Guarantor irrevocably authorises each Credit Party at any time to set off without notice any sums then due and payable by the Guarantor to that Credit Party under this Guarantee and Indemnity (irrespective of the branch or office, currency or place of payment) against any credit balance from time to time standing on any account of the Guarantor (whether current or otherwise, whether or not subject to notice and whether or not that credit balance is then due to the Guarantor) with any branch of to that Credit Party in or towards satisfaction of the Guarantor's Liabilities and, in the name of that Credit Party or the Guarantor, to do all acts (including, without limitation, converting or exchanging any currency) which may be required to effect such set-off. 9.2 Each Credit Party shall have a lien on and be entitled to retain and realise as additional security for any sums then due and payable by the Guarantor to that Credit Party under this Guarantee and Indemnity any cheques, drafts, bills, notes or negotiable or non-negotiable instruments and any stocks, shares or marketable or other securities and property of any kind of the Guarantor (or of the relevant Credit Party as agent or nominee of the Guarantor) from time to time held by that Credit Party, whether for safe custody or otherwise. 9.3 The Guarantor irrevocably authorises each Credit Party at any time to use the whole or any part of any credit balance from time to time standing on any of the Guarantor's accounts with any branch of that Credit Party to purchase the Agreed Currency as if it were a receipt in accordance with Clause 8. 9.4 Despite any term to the contrary in relation to any deposit or credit balance at any time on any account of the Guarantor with any Credit Party, no such deposit or credit balance shall be repayable or capable of being assigned, mortgaged, charged or otherwise disposed of or dealt with by the Guarantor until the Guarantor's Liabilities have been discharged in full, but each Credit Party may from time to time permit the withdrawal of all or any part of any such deposit or balance without affecting the continued application of this Clause.

SET-OFF AND LIEN. 9.1 The 15.1 Set-off Each of the Borrower and the Guarantor irrevocably authorises each Credit Party the Finance Parties at any time after all or any part of the Indebtedness shall have become due and payable to set off without notice any sums then due and payable by liability of the Borrower or the Guarantor (as the case may be) to that Credit Party under this Guarantee any of the Finance Parties (whether present or future, actual or contingent, and Indemnity (irrespective of the branch or office, currency or place of payment) against any credit balance from time to time standing on any account of the Borrower or the Guarantor (as the case may be) (whether current or otherwise, otherwise and whether or not subject to notice and whether or not that credit balance is then due to the Guarantornotice) with any branch of to that Credit Party any of the Finance Parties in or towards satisfaction of the Guarantor's Liabilities Indebtedness and, in the name of that Credit Party Finance Party, the Borrower or the GuarantorGuarantor (as the case may be), to do all acts (including, without limitation, converting or exchanging any currency) and execute all documents which may be required to effect such set-offapplication. 9.2 Each Credit 15.2 Lien If an Event of Default has occurred and is continuing, each Finance Party shall have a lien on and be entitled to retain and realise as additional security for any sums then due and payable by the Guarantor to that Credit Party under this Guarantee and Indemnity repayment of the Indebtedness any cheques, drafts, bills, notes or negotiable or non-negotiable instruments and any stocks, shares or marketable or other securities and property of any kind of the Borrower or the Guarantor (or of the relevant Credit that Finance Party as agent or nominee of the Borrower or the Guarantor) from time to time held by that Credit Finance Party, whether for safe custody or otherwise. 9.3 The Guarantor irrevocably authorises each Credit Party at any time to use the whole or any part of any credit balance from time to time standing 15.3 Restrictions on any of the Guarantor's accounts with any branch of that Credit Party to purchase the Agreed Currency as if it were a receipt in accordance with Clause 8. 9.4 withdrawal Despite any term to the contrary in relation to any deposit or credit balance at any time on any account of the Borrower or the Guarantor (as the case may be) with any Credit Partyof the Finance Parties, no such deposit or credit balance shall be repayable or capable of being assigned, mortgaged, charged or otherwise disposed of or dealt with by the Borrower or the Guarantor until (as the Guarantor's Liabilities have been discharged in fullcase may be) after an Event of Default has occurred and while such Event of Default is continuing, but each Credit any Finance Party may from time to time permit the withdrawal of all or any part of any such deposit or balance without affecting the continued application of this Clause.

SET-OFF AND LIEN. 9.1 The 12.1. Lender shall have the right of lien over all monies whether in Israeli currency or in foreign currency, due or to become due to the Borrower or any Guarantor irrevocably authorises each Credit Party from Lender or any Affiliate thereof in any account, deposit and/or any other account/deposit of the Borrower or any Guarantor at the Lender (“Accounts”) and/or in any time manner or circumstance whatsoever, and over all bills, shares, bills of lading, documents, movables or other property of whatsoever type or kind delivered or to be delivered by the Borrower or any Guarantor or by any third party on behalf thereof to the Lender for collection, for collateral or for safe custody and over the proceeds thereof, including all rights in relation thereto, and upon and during the continuance of an Event of Default, subject to applicable law, the Lender shall be entitled to detain the same until payment of all sums, whether in Israeli currency or in foreign currency, due to the Lender from the Borrower or any Guarantor in any account or in any manner or cause. Lender shall notify Borrower or Guarantor, as applicable, promptly after exercising such right. 12.2. Following the occurrence of an Event of Default, subject to applicable law, neither Borrower nor any Guarantor shall be entitled to withdraw the monies in any Accounts and any deposits without the prior written consent of the Lender, and the Lender shall be entitled to prevent the Borrower from effecting any dispositions whatsoever therein. 12.3. Without prejudice to the Lender’s right of lien, following the occurrence and during the continuance of an Event of Default, the Lender shall likewise be entitled (but not obliged), without being obliged to notify the Borrower, to set off without notice any sums then sum owed to it under the Transaction Agreements if such sum has become due and payable by under the Guarantor to that Credit Party under this Guarantee and Indemnity (irrespective terms of the branch Transaction Agreements (including by way of acceleration) or office, currency or place of payment) any part thereof against any credit balance sum due or to become due to Borrower or any Guarantor from time to time standing on the Lender in any account account/deposit of the Borrower or any Guarantor at the Lender and/or in any manner or for any reason whatsoever in any currency whatsoever (whether current or otherwise, whether or not subject to notice and whether or not that credit balance is then even before the maturity date of the amounts due to the Guarantor) with Borrower or any branch of to that Credit Party in or towards satisfaction of Guarantor from the Guarantor's Liabilities and, in Lender as aforesaid - against which the name of that Credit Party or the Guarantor, to do all acts (including, without limitation, converting or exchanging any currency) which may be required to effect such set-off. 9.2 Each Credit Party shall have a lien on and be entitled to retain and realise as additional security for any sums then due and payable by the Guarantor to that Credit Party under this Guarantee and Indemnity any cheques, drafts, bills, notes or negotiable or non-negotiable instruments and any stocks, shares or marketable or other securities and property of any kind of the Guarantor (or of the relevant Credit Party as agent or nominee of the Guarantor) from time to time held by that Credit Party, whether for safe custody or otherwise. 9.3 The Guarantor irrevocably authorises each Credit Party at any time to use the whole or any part of any credit balance from time to time standing on any of the Guarantor's accounts with any branch of that Credit Party to purchase the Agreed Currency as if it were a receipt in accordance with Clause 8. 9.4 Despite any term to the contrary in relation to any deposit or credit balance at any time on any account of the Guarantor with any Credit Party, no such deposit or credit balance off shall be repayable or capable of being assigned, mortgaged, charged or otherwise disposed of or dealt with by the Guarantor until the Guarantor's Liabilities have been discharged in full, but each Credit Party may from time to time permit the withdrawal of all or any part of any such deposit or balance without affecting the continued application of this Clausemade).

SET-OFF AND LIEN. 9.1 The 15.1 Set-off Each of the Indemnifier and the Guarantor irrevocably authorises each Credit Party the Finance Parties at any time after all or any part of the Indebtedness shall have become due and payable to set off without notice any sums then due and payable by liability of the Indemnifier or the Guarantor (as the case may be) to that Credit Party under this Guarantee any of the Finance Parties (whether present or future, actual or contingent, and Indemnity (irrespective of the branch or office, currency or place of payment) against any credit balance from time to time standing on any account of the Indemnifier or the Guarantor (as the case may be) (whether current or otherwise, otherwise and whether or not subject to notice and whether or not that credit balance is then due to the Guarantornotice) with any branch of to that Credit Party any of the Finance Parties in or towards satisfaction of the Guarantor's Liabilities Indebtedness and, in the name of that Credit Party or Finance Patty, the GuarantorIndemnifier ▇▇ the Guarantor (as the case may be), to do all acts (including, without limitation, converting or exchanging any currency) and execute all documents which may be required to effect such set-offapplication. 9.2 Each Credit 15.2 Lien If an Event of Default has occurred and is continuing, each Finance Party shall have a lien on and be entitled to retain and realise as additional security for any sums then due and payable by the Guarantor to that Credit Party under this Guarantee and Indemnity repayment of the Indebtedness any cheques, drafts, bills, notes or negotiable or non-negotiable instruments and any stocks, shares or marketable or other securities and property of any kind of the Indemnifier or the Guarantor (or of the relevant Credit that Finance Party as agent or nominee of the Indemnifier or the Guarantor) from time to time held by that Credit Finance Party, whether for safe custody or otherwise. 9.3 The Guarantor irrevocably authorises each Credit Party at any time to use the whole or any part of any credit balance from time to time standing 15.3 Restrictions on any of the Guarantor's accounts with any branch of that Credit Party to purchase the Agreed Currency as if it were a receipt in accordance with Clause 8. 9.4 withdrawal Despite any term to the contrary in relation to any deposit or credit balance at any time on any account of the Indemnifier or the Guarantor (as the case may be) with any Credit Partyof the Finance Parties, no such deposit or credit balance shall be repayable or capable of being assigned, mortgaged, charged or otherwise disposed of or dealt with by the Indemnifier or the Guarantor until (as the Guarantor's Liabilities have been discharged in fullcase may be) after an Event of Default has occurred and while such Event of Default is continuing, but each Credit any Finance Party may from time to time permit the withdrawal of all or any part of any such deposit or balance without affecting the continued application of this Clause. 15.4 Application Whilst an Event of Default is continuing, each of the Indemnifier and the Guarantor irrevocably authorises the Agent to apply all sums which the Agent may receive:- 15.4.1 pursuant to a sale or other disposition of a Vessel or any right, title or interest in a Vessel; or 15.4.2 by way of payment to the Agent of any sum in respect of the Insurances, Earnings or Requisition Compensation of a Vessel; or 15.4.3 otherwise arising under or in connection with any of the Security Documents in or towards satisfaction, or by way of retention on account, of the Indebtedness, in such manner as the Agent may in its discretion determine.

SET-OFF AND LIEN. 9.1 The Guarantor irrevocably authorises each Credit Party 13.1 In addition to any general lien or similar right to which the Bank as bankers may be entitled by law, the Bank may at any time, without prior notice to the Customer (a) apply any credit balance (whether or not then due) in any currency to which the Customer jointly or any one of them singly is/are at any time to set off without notice any sums then due and payable by the Guarantor to that Credit Party under this Guarantee and Indemnity (irrespective of the branch or office, currency or place of payment) against any credit balance from time to time standing beneficially entitled on any account (whether current, savings, time, call or deposit accounts) at any of the Guarantor Bank's branches wherever situate; or (b) set‐off any of the Bank's liability to the Customer or any one or more of them including but not limited to such of the Bank's liability (whether current actual or otherwise, whether or not subject to notice and whether or not that credit balance is contingent) under any Securities Transaction then due to the Guarantor) with any branch of to that Credit Party outstanding; in or towards satisfaction of any part of the Guarantor's Liabilities andMargin Loan, the Subscription Loan, interest thereon, any other liabilities of the Customer to the Bank under any Securities Transaction or under the Agreement (whether actual or contingent) and for such purpose, the Bank may convert all or any part of such credit balance or liability to such other currencies at the applicable rate of exchange quoted and determined by the Bank as may be necessary to effect such application or set‐off. 13.2 If any part of the Margin Loan, the Subscription Loan, interest thereon or any other sum is due but unpaid under any Securities Transaction or under the Agreement, the Bank may retain all or any Securities, valuables or any other property whatever and wherever situate which may be deposited with or otherwise held by the Bank (including Registered and Eligible Securities) for or in the name of that Credit Party the Customer jointly or the Guarantor, to do all acts (including, without limitation, converting or exchanging any currency) which may be required to effect such set-off. 9.2 Each Credit Party shall have a lien on and be entitled to retain and realise as additional security for any sums then due and payable by the Guarantor to that Credit Party under this Guarantee and Indemnity any cheques, drafts, bills, notes or negotiable or non-negotiable instruments and any stocks, shares or marketable or other securities and property one of any kind of the Guarantor (or of the relevant Credit Party as agent or nominee of the Guarantor) from time to time held by that Credit Party, them singly whether for safe custody or otherwise. 9.3 The Guarantor irrevocably authorises each Credit Party at any time to use otherwise and sell the whole same or any part of thereof at such price as the Bank shall determine whether by public auction, private treaty or tender and the Bank may engage such Agent therefor and apply the proceeds thereof to set‐off any credit balance from time to time standing on any of sums owing under the Guarantor's accounts with any branch of that Credit Party to purchase the Agreed Currency as if it were a receipt in accordance with Clause 8Agreement after first deducting all costs and expenses. 9.4 Despite any term to the contrary in relation to any deposit or credit balance at any time on any account of the Guarantor with any Credit Party, no such deposit or credit balance shall be repayable or capable of being assigned, mortgaged, charged or otherwise disposed of or dealt with by the Guarantor until the Guarantor's Liabilities have been discharged in full, but each Credit Party may from time to time permit the withdrawal of all or any part of any such deposit or balance without affecting the continued application of this Clause.