Common use of SECURITY; SET-OFF Clause in Contracts

SECURITY; SET-OFF. The Guarantors grant to the Agent and the Lenders, as security for the full and punctual payment and performance of the Guarantors' obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to the Guarantors now or hereafter held by the Agent or the Lenders and in all deposits (general or special, time or demand, provisional or final) and other sums credited by or due from the Agent or the Lenders to the Guarantors or subject to withdrawal by the Guarantors; and regardless of the adequacy of any collateral or other means of obtaining repayment of the Obligations, the Agent or the Lenders are hereby authorized at any time and from time to time, without notice to the Guarantors (any such notice being expressly waived by the Guarantors) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the obligations of the Guarantors under this Guaranty, whether or not the Agent or the Lenders shall have made any demand under this Guaranty and although such obligations may be contingent or unmatured.

Appears in 3 contracts

Sources: Credit Agreement (Brookstone Inc), Credit Agreement (Brookstone Inc), Credit Agreement (Brookstone Inc)

SECURITY; SET-OFF. The Guarantors grant Guarantor grants to the Agent Banks and the LendersAgent, as security for the full and punctual payment and performance of the Guarantors' Guarantor's obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to the Guarantors Guarantor now or hereafter held by the Banks and the Agent or the Lenders and in all ail deposits (general or special, time or demand, provisional or final) and other sums credited by or due from the Banks and the Agent or the Lenders to the Guarantors Guarantor or subject to withdrawal by the GuarantorsGuarantor; and regardless of the adequacy of any collateral or other means of obtaining repayment of the Obligations, the Banks and the Agent or the Lenders are hereby authorized at any time and from time to time, without notice to the Guarantors Guarantor (any such notice being expressly waived by the GuarantorsGuarantor) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the obligations of the Guarantors Guarantor under this Guaranty, whether or not the Agent Banks or the Lenders Agent shall have made any demand under this Guaranty and although such obligations may be contingent or unmatured.

Appears in 2 contracts

Sources: Unlimited Guaranty (Dollar Tree Stores Inc), Unlimited Guaranty (Dollar Tree Stores Inc)

SECURITY; SET-OFF. The Guarantors grant Guarantor grants to the Agent and the LendersLender, as security for the full and punctual payment and performance of the Guarantors' obligations Guarantor's Obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to the Guarantors Guarantor now or hereafter held by the Agent or the Lenders Lender and in all deposits (general or special, time or demand, provisional or final) and other sums credited by or due from the Agent or the Lenders Lender to the Guarantors Guarantor or subject to withdrawal by the GuarantorsGuarantor; and regardless of the adequacy of any collateral or other means of obtaining repayment of the Obligations, the Agent or the Lenders are Lender is hereby authorized at any time and from time to time, without notice to the Guarantors Guarantor (any such notice being expressly waived by the GuarantorsGuarantor) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the obligations of the Guarantors Guarantor under this Guaranty, whether or not the Agent or the Lenders Lender shall have made any demand under this Guaranty and although such obligations may be contingent or unmatured.

Appears in 1 contract

Sources: Guaranty (Ipg Photonics Corp)

SECURITY; SET-OFF. The Guarantors grant Guarantor grants to the Agent and the LendersLender, as security for the full and punctual payment and performance of the Guarantors' Guarantor's obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to the Guarantors Guarantor now or hereafter held by the Agent or the Lenders Lender and in all deposits (general or special, time or demand, provisional or final) and other sums credited by or due from the Agent or the Lenders Lender to the Guarantors Guarantor or subject to withdrawal by the GuarantorsGuarantor; and regardless of the adequacy of any collateral or other means of obtaining repayment of the Obligations, the Agent or the Lenders are Lender is hereby authorized at any time and from time to time, without notice to the Guarantors Guarantor (any such notice being expressly waived by the GuarantorsGuarantor) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the obligations of the Guarantors Guarantor under this Guaranty, whether or not the Agent or the Lenders Lender shall have made any demand under this Guaranty and although such obligations may be contingent or unmatured.

Appears in 1 contract

Sources: Guaranty (BioVex Group, Inc.)

SECURITY; SET-OFF. The Guarantors grant Guarantor grants to Agent, for the Agent and benefit of the Lenders, as security for the full and punctual payment and performance of the Guarantors' Guarantor's obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to the Guarantors Guarantor now or hereafter held by the Agent or the Lenders and in all deposits (deposits, general or special, special time or demand, provisional or final) final and other sums credited by or due from the Lenders and/or Agent or the Lenders to the Guarantors or subject to withdrawal by the Guarantors; and Guarantor, regardless of the adequacy of any collateral or other their means of obtaining repayment of the Obligations. Agent, for the Agent or benefit of the Lenders are Lenders, is hereby authorized at any time and from time to timetime after an Event of Default or a Guaranty Event of Default has occurred and is continuing, without notice to the Guarantors Guarantor (any such notice being expressly waived by the Guarantors) Guarantor and to the fullest extent permitted by law), to set off and apply such deposits and other sums against the obligations of the Guarantors Guarantor under this Guaranty, Unlimited Guaranty whether or not the Agent or the Lenders shall have has made any demand under this Unlimited Guaranty and although such obligations may be contingent or unmatured.

Appears in 1 contract

Sources: Unlimited Guaranty (PCD Inc)

SECURITY; SET-OFF. The Guarantors grant Guarantor hereby grants to the Agent and the LendersBank, as security for the full and punctual payment and performance of the Guarantors' Guarantor's obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to the Guarantors Guarantor now or hereafter held by the Agent or the Lenders Bank and in all deposits (general or special, time or demand, provisional or final) and other sums credited by or due from the Agent or the Lenders Bank to the Guarantors Guarantor or subject to withdrawal by the GuarantorsGuarantor; and regardless of the adequacy of any collateral or other means of obtaining repayment of the Obligations, the Agent or the Lenders are Bank is hereby authorized at any time and from time to timetime during the continuance of a Default or an event of Default, without notice to the Guarantors Guarantor (any such notice being expressly waived by the GuarantorsGuarantor) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the obligations of the Guarantors Guarantor under this Guaranty, whether or not the Agent or the Lenders Bank shall have made any demand under this Guaranty and although such obligations may be contingent or unmatured.

Appears in 1 contract

Sources: Unlimited Guaranty (Grove Property Trust)

SECURITY; SET-OFF. The Guarantors grant Guarantor hereby grants to the Agent and the LendersBanks, as security for the full and punctual payment and performance of the Guarantors' Guarantor's obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to the Guarantors Guarantor now or hereafter held by the Agent or the Lenders any Bank and in all deposits (general or special, time or demand, provisional or final) and other sums credited by or due from the Agent or the Lenders any Bank to the Guarantors Guarantor or subject to withdrawal by the GuarantorsGuarantor; and regardless of the adequacy of any collateral or other means of obtaining repayment of the Obligations, the Agent or the Lenders and each Bank are hereby authorized at any time and from time to timetime during the continuance of a Default or an event of Default, without notice to the Guarantors Guarantor (any such notice being expressly waived by the GuarantorsGuarantor) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the obligations of the Guarantors Guarantor under this Guaranty, whether or not the Agent or and the Lenders Banks shall have made any demand under this Guaranty and although such obligations may be contingent or unmatured.

Appears in 1 contract

Sources: Revolving Credit Agreement (Grove Property Trust)

SECURITY; SET-OFF. The Guarantors grant Guarantor grants to the Agent and the LendersLender, as security for the full and punctual payment and performance of the Guarantors' Guarantor's obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to the Guarantors Guarantor now or hereafter held by the Agent or the Lenders Lender and in all deposits (general or special, time or demand, provisional or final) and other sums credited by or due from the Agent or the Lenders Lender to the Guarantors Guarantor or subject to withdrawal by the GuarantorsGuarantor; and regardless of the adequacy of any collateral or other means of obtaining repayment of the Obligations, the Agent or the Lenders are Lender is hereby authorized at any time and from time to timetime during the existence of an Event of Default, without notice to the Guarantors Guarantor (any such notice being expressly waived by the GuarantorsGuarantor) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the obligations of the Guarantors Guarantor under this GuarantyGuaranty then due and payable, whether or not the Agent or the Lenders Lender shall have made any demand under this Guaranty and although such obligations may be contingent or unmaturedGuaranty.

Appears in 1 contract

Sources: Unlimited Guaranty (Sevcon, Inc.)

SECURITY; SET-OFF. The Guarantors grant Guarantor hereby grants to the Agent and the Lenders, as security for the full and punctual payment and performance of the Guarantors' Guarantor's obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to the Guarantors Guarantor now or hereafter held by the Agent or and/or the Lenders and in all deposits (general or special, time or demand, provisional or final) and other sums credited by or due from the Agent or and/or the Lenders to the Guarantors Guarantor or subject to withdrawal by the GuarantorsGuarantor; and regardless of the adequacy of any collateral or other means of obtaining repayment of the Obligations, the Agent or and each of the Lenders are hereby authorized at any time and from time to time, without notice to the Guarantors Guarantor (any such notice being expressly waived by the GuarantorsGuarantor) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the obligations of the Guarantors Guarantor under this Guaranty, whether or not the Agent or and/or the Lenders shall have made any demand under this Guaranty and although such obligations may be contingent or unmatured.

Appears in 1 contract

Sources: Credit Agreement (Scan Optics Inc)