Common use of Other Loans Clause in Contracts

Other Loans. Agent may engage in other business with any Obligor as if it were not performing the duties specified herein, and may accept fees and other consideration from any Obligor for services in connection therewith without having to account for the same to the Lenders. In the event that any Lender obtains collateral (other than the Collateral described in this Agreement) to secure any other loan or credit accommodation extended by such Lender to any Obligor and such other collateral also secures any of the Lender Indebtedness, such Lender may apply the proceeds of such other collateral towards payment of all other obligations of such Obligor to such Lender before applying any proceeds thereof to any Lender Indebtedness for the pro rata benefit of the Lenders. Notwithstanding the foregoing, any items or funds against which a Lender or Lender Affiliate exercises a right of set-off or turnover under Sections 13.5 and 13.6 of this Agreement shall be applied toward the Lender Indebtedness. In the event that any Lender extends credit accommodations to any Obligor other than in connection with the transactions contemplated in this Agreement, and such credit accommodations are secured by the Collateral, such Lender agrees that all proceeds of the Collateral shall be used first to pay all Lender Indebtedness incurred in connection with the transaction contemplated in this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Hooper Holmes Inc)

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Other Loans. Agent and each Lender may engage in other business with any Obligor Obligors as if it were not performing the duties specified herein, and may accept fees and other consideration from any Obligor Obligors for services in connection therewith without having to account for the same to the Lenders. In the event that any Lender obtains collateral (other than the Collateral described in this Agreement) to secure any other loan or credit accommodation extended by such Lender to any an Obligor and such other collateral also secures any of the Lender Indebtedness, such Lender may apply the proceeds of such other collateral towards payment of all other obligations of such Obligor to such Lender before applying any proceeds thereof to any Lender Indebtedness for the pro rata benefit of the Lenders. Notwithstanding the foregoing, any items or funds against which a Lender or Lender Affiliate exercises a right of set-off or turnover under Sections 13.5 and 13.6 Section 13.3 of this Agreement shall be applied toward the Lender Indebtedness. In the event that any Lender extends credit accommodations to any an Obligor other than in connection with the transactions contemplated in this Agreement, and such credit accommodations are secured by the Collateral, such Lender agrees that all proceeds of the Collateral shall be used first to pay all Lender Indebtedness incurred in connection with the transaction contemplated in this Agreement; provided, however, that the foregoing is expressly inapplicable to the CoreStates Line which shall share with the Credit Facilities a pari passu lien on the Collateral.

Appears in 1 contract

Samples: Loan Agreement (JPM Co)

Other Loans. Agent may engage in other business with any Obligor Borrower as if it were not performing the duties specified herein, and may accept fees and other consideration from any Obligor Borrower for services in connection therewith without having to account for the same to the Lenders. In the event that any Lender obtains collateral (other than the Collateral described in this Agreement) to secure any other loan or credit accommodation extended by such Lender to any Obligor Borrower and such other collateral also secures any of the Lender Indebtedness, such Lender may apply the proceeds of such other collateral towards payment of all other obligations of such Obligor Borrower to such Lender before applying any proceeds thereof to any Lender Indebtedness for the pro rata benefit of the Lenders. Notwithstanding the foregoing, any items or funds against which a Lender or Lender Affiliate exercises a right of set-off or turnover under Sections 13.5 and 13.6 Section 15.5 of this Agreement shall be applied toward the Lender Indebtedness. In the event that any Lender extends credit accommodations to any Obligor Borrower other than in connection with the transactions contemplated in this Agreement, and such credit accommodations are secured by the Collateral, such Lender agrees that all proceeds of the Collateral shall be used first to pay all Lender Indebtedness incurred in connection with the transaction contemplated in this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Nobel Education Dynamics Inc)

Other Loans. Agent may engage in other business with any Obligor Obligors as if it ----- ----------- were not performing the duties specified herein, and may accept fees and other consideration from any Obligor Obligors for services in connection therewith without having to account for the same to the Lenders. In the event that any Lender obtains collateral (other than which does not secure the Collateral described in this AgreementRevolver under the terms of the Loan Documents) to secure any other loan or credit accommodation extended by such Lender to any an Obligor and such other collateral also secures any of the Lender Indebtedness, such Lender may apply the proceeds of such other collateral towards payment of all other obligations of such Obligor to such Lender before applying any proceeds thereof to any Lender Indebtedness for the pro rata benefit of the Lenders. Notwithstanding the foregoing, any items or funds against which a Lender or Lender Affiliate exercises a right of set-off or turnover under Sections 13.5 and 13.6 SECTION 13.3 of this Agreement shall be applied toward the Lender ------------ Indebtedness. In the event that any Lender extends credit accommodations to any an Obligor other than in connection with the transactions contemplated in this Agreement, and such credit accommodations are secured by any collateral hereafter obtained for the CollateralRevolver, such Lender agrees that all proceeds of the Collateral such collateral shall be used first to pay all Lender Indebtedness incurred in connection with the transaction contemplated in this Agreement.

Appears in 1 contract

Samples: Loan Agreement (Specialty Products & Insulation Co)

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Other Loans. Agent and Issuing Bank may engage in other business with any Obligor Borrower as if it were not performing the duties specified herein, and may accept fees and other consideration from any Obligor Borrower for services in connection therewith without having to account for the same to the Lenders. In the event that any Lender obtains collateral (other than the Collateral described in this Agreement) to secure any other loan or credit accommodation extended by such Lender to any Obligor Borrower and such other collateral also secures any of the Lender IndebtednessObligations, such Lender may apply the proceeds of such other collateral towards payment of all other obligations of such Obligor Borrower to such Lender before applying any proceeds thereof to any Lender Indebtedness Obligations for the pro rata benefit of the LendersLenders as provided herein. Notwithstanding the foregoing, any items or funds against which a Lender or any affiliate of any Lender Affiliate exercises a right of set-off or turnover under Sections 13.5 and 13.6 of pursuant to this Agreement shall be applied toward the Lender IndebtednessObligations. In the event that any Lender extends credit accommodations to any Obligor Borrower other than in connection with the transactions contemplated in this Agreement, and such credit accommodations are secured by the Collateral, such Lender agrees that all proceeds of the Collateral shall be used first to pay all Lender Indebtedness Obligations incurred in connection with the transaction contemplated in this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Buckeye Partners L P)

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