Common use of SECURITY; SET-OFF Clause in Contracts

SECURITY; SET-OFF. The Guarantor hereby grants to the Bank a continuing lien, security interest and right of setoff as security for all liabilities and obligations to the Bank, whether now existing or hereafter arising, including without limitation, the Guarantor's liabilities and obligations to the Bank hereunder, upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of the Bank or any entity under the control of FleetBoston Financial Corporation and its successors and assigns or in transit to any of them. At any time, without demand or notice (any such notice being expressly waived by the Guarantor), the Bank may setoff the same or any part thereof and apply the same to any liability or obligation of the Guarantor even though unmatured and regardless of the adequacy of any other collateral securing the Guaranteed Obligations. ANY AND ALL RIGHTS TO REQUIRE THE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE GUARANTEED OBLIGATIONS PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE GUARANTOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

SECURITY; SET-OFF. The Each Guarantor hereby grants to the Bank Lender, as security for the full and punctual payment and performance of such Guarantor's Guarantied Obligations hereunder, a continuing lien, security interest and right of setoff as security for all liabilities and obligations to the Banksetoff, whether now existing or hereafter arising, including without limitation, the Guarantor's liabilities and obligations to the Bank hereunder, upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of the Bank Lender or any entity under the control of FleetBoston Financial Corporation and its successors and assigns assigns, or in transit to any of them. At Regardless of the adequacy of any collateral or other means of obtaining repayment of the Guarantied Obligations, the Lender is hereby authorized at any time and from time to time, without demand or notice to the Guarantors (any such notice being expressly waived by the Guarantor)Guarantors) and to the fullest extent permitted by law, the Bank may setoff the same or any part thereof to set off and apply such deposits and other sums against the same to any liability or obligation Guarantied Obligations of the Guarantor even though unmatured and regardless of Guarantors under this Guaranty, whether or not the adequacy of Lender shall have made any other collateral securing the Guaranteed Obligationsdemand under this Guaranty. ANY AND ALL RIGHTS TO REQUIRE THE BANK LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE GUARANTEED OBLIGATIONS LOAN, PRIOR TO EXERCISING ITS THE RIGHT OF SETOFF SET OFF WITH RESPECT TO SUCH DEPOSITS, CREDITS CREDIT OR OTHER PROPERTY OF THE GUARANTOR, COMPANY ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.