Common use of Additional Security; Setoff Clause in Contracts

Additional Security; Setoff. Bank shall have a security interest in and right of set off with respect to all deposits or other sums credited by or due from Bank to Borrower and a security interest in all securities or other property of Borrower in Bank's possession for safekeeping or otherwise. Bank's security interest shall secure payment of the Obligations. Upon an Event of Default under this Agreement, regardless of the adequacy of collateral, without any demand or notice, except as required by applicable law, Bank may apply or set off such deposits or other sums and may sell or dispose of any or all of such securities or other property and may exercise any and all rights it may have under the New York Uniform Commercial Code, as in effect from time to time. The rights of Bank under this Agreement are in addition to, and not exclusive of, any other rights it may have with respect to such deposits, sums, securities, or other property under other agreements or applicable principles of law. Bank shall have no duty to take steps to preserve rights against prior parties as to such securities or other property.

Additional Security; Setoff. The Bank shall have a security interest in and right of set off setoff with respect to all deposits or other sums credited by or due from Bank to Borrower Grantor and a security interest in all securities or other property of Borrower Grantor in Bank's possession for safekeeping or otherwise. Bank's security Security interest shall secure payment of the ObligationsLiabilities. Upon an In the event of any Event of Default under this Agreement, regardless of the adequacy of collateral, without any demand or notice, except as required by applicable law, Bank may apply or set off setoff such deposits or other sums and may sell or dispose of any or all of such securities or other property and may exercise any and all rights it may have under the New York Uniform Commercial Code, as in effect from time to time. The rights of Bank under this Agreement are in addition to, and not exclusive of, any other rights it may have with respect to such deposits, sums, securities, or other property under other agreements or applicable principles of law. Bank shall have no not duty to take steps to preserve rights against prior parties as to such securities or other property.