Statutory Lien (Right of Offset) Sample Clauses

The Statutory Lien (Right of Offset) clause grants a lender or financial institution the legal right to seize or apply a borrower's funds held in accounts with them to satisfy outstanding debts or obligations. In practice, if a borrower defaults on a loan, the lender can use this right to withdraw funds from the borrower's checking or savings accounts to cover the unpaid amount. This clause ensures that lenders have a direct and efficient means to recover debts, reducing their risk of loss and encouraging timely repayment by borrowers.
Statutory Lien (Right of Offset). Federal law grants us the right to impress a lien on all funds in any Account that you have with us if you are in default or otherwise fail to satisfy a financial obligation with us. We may exercise this right without prior notice to you. This lien applies to all Accounts that you have with us, to the extent permitted by law, including Accounts that you hold jointly with another person. For example, our statutory lien allows us to apply funds in any or all of your Accounts to pay your delinquent loan with us. You agree we also retain the common law right of offset. Please see the Contractual Liens & Pledge of Shares; Cross-Collateralization paragraph for additional information on those separate rights that you have granted to us.
View SourceView Similar (12)
Statutory Lien (Right of Offset). Federal law gives us a lien against all assets you have with us, including funds in your accounts, if you are in default on a financial obligation owed to us. We have the authority to offset against your account at any time and without notice, for your indebtedness to us. Any
View SourceView Similar (7)
Statutory Lien (Right of Offset). You each agree that We may (without prior notice and when permitted by law) charge against and deduct from Your Account(s) any due and payable debt any of You owe Us now or in the future. Any indebtedness of any one of You or all of You, whether individual or joint,
View SourceView Similar (2)
Statutory Lien (Right of Offset). You agree that We may (without prior notice and when permitted by law) charge against and deduct from Your Account(s) any due and payable debt You owe Us now or in the future. Any indebtedness of any one of You or all of You, whether individual or joint, direct or indirect, primary or secondary, now owing or hereafter owing, may be charged to any Account in Your name or in Your name and the name of another or other Account owners, including Accounts held by married persons. This section does not apply to Your Account if prohibited by law. For example, neither Our contract rights nor rights under a statutory lien apply to Your Account if: (a) it is an Individual Retirement Account or similar tax deferred Account, or (b) the debt is created by a consumer credit transaction under a credit card plan (but this does not affect Our rights under any consensual security interest), or (c) the debtor’s right of withdrawal arises only in a representative capacity. We will not be liable for the dishonor of any check, draft, or order when the dishonor occurs because We charge and deduct an amount You owe Us from Your Account. You agree to hold Us harmless from any claim arising as a result of Our exercise of Our Right of Offset.
View Source
Statutory Lien (Right of Offset). You each agree that We may (without prior notice and when permitted by law) charge against and deduct from Your Account(s) any due and payable debt You owe Us now or in the future. Any indebtedness of any one of You or all of You, whether individual or joint, direct or indirect, primary or secondary, now owing or hereafter owing, may be charged to any Account in Your name or in Your name and the name of another or other Account owners, including Accounts held by married persons. This section does not apply to Your Account if prohibited by law. For example, neither Our contract rights nor rights under a statutory lien apply to Your Account if: (a) it is an Individual Retirement Account or similar tax deferred Account, or (b) the debt is created by a consumer credit transaction under a credit card plan (but this does not affect Our rights under any consensual security interest), or (c)
View Source

Related to Statutory Lien (Right of Offset)

  • Right of Offset You hereby agree that the Company shall have the right to offset against its obligation to deliver shares of Class A Common Stock, cash or other property under this Agreement to the extent that it does not constitute “non-qualified deferred compensation” pursuant to Section 409A, any outstanding amounts of whatever nature that you then owe to the Company or any of its Subsidiaries.

  • Due on Sale or Encumbrance Subject to specific exceptions set forth below, each Mortgage Loan contains a “due-on-sale” or other such provision for the acceleration of the payment of the unpaid principal balance of such Mortgage Loan if, without the consent of the holder of the Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the requirements of the related Mortgage Loan documents (which provide for transfers without the consent of the Mortgagee which are customarily acceptable to the Mortgage Loan Seller, including, but not limited to, transfers of worn-out or obsolete furnishings, fixtures, or equipment promptly replaced with property of equivalent value and functionality and transfers by leases entered into in accordance with the Mortgage Loan documents), (a) the related Mortgaged Property, or any equity interest of greater than 50% in the related Mortgagor, is directly or indirectly pledged, transferred or sold, other than as related to (i) family and estate planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates as defined in the related Mortgage Loan documents, (iii) transfers of less than, or other than, a controlling interest in a Mortgagor, (iv) transfers to another holder of direct or indirect equity in the Mortgagor, a specific Person designated in the related Mortgage Loan documents or a Person satisfying specific criteria identified in the related Mortgage Loan documents, (v) transfers of common stock in publicly traded companies or (vi) a substitution or release of collateral within the parameters of paragraphs 28 and 33 herein, or (vii) by reason of any mezzanine debt that existed at the origination of the related Mortgage Loan as set forth on Exhibit C-32-1, or future permitted mezzanine debt as set forth on Exhibit C-32-2 or (b) the related Mortgaged Property is encumbered with a subordinate lien or security interest against the related Mortgaged Property, other than (i) any Companion Loan of any Mortgage Loan or any subordinate debt that existed at origination and is permitted under the related Mortgage Loan documents, (ii) purchase money security interests (iii) any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan as set forth on Exhibit C-32-3 or (iv) Permitted Encumbrances. The Mortgage or other Mortgage Loan documents provide that to the extent any Rating Agency fees are incurred in connection with the review of and consent to any transfer or encumbrance, the Mortgagor is responsible for such payment along with all other reasonable fees and expenses incurred by the Mortgagee relative to such transfer or encumbrance.

  • Right of Set-off Upon (i) the occurrence and during the continuance of any Event of Default and (ii) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Administrative Agent to declare the outstanding Borrowings due and payable pursuant to the provisions of Section 6.01, each Lender, each LC Issuing Bank and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held, and other obligations (in whatever currency) at any time owing, by such Lender, such LC Issuing Bank or any such Affiliate, to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender, such LC Issuing Bank or their respective Affiliates, irrespective of whether or not such Lender, such LC Issuing Bank or such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender, such LC Issuing Bank different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.21 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the LC Issuing Banks, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations of the Borrower owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each LC Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, such LC Issuing Bank or their respective Affiliates may have. Each Lender and each LC Issuing Bank agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.