Common use of Security; Setoff Clause in Contracts

Security; Setoff. The Guarantor hereby grants to the Bank, as security for the full and punctual payment and performance of the Guarantor’s obligations hereunder, a continuing lien on and security interest in all deposits and other sums credited by or due from the Bank to the Guarantor or subject to withdrawal by the Guarantor. Regardless of the adequacy of any collateral or other means of obtaining repayment of the Obligations, the Bank may at any time upon or after the occurrence of any Event of Default, and without notice to the Guarantor, set off the whole or any portion or portions of any or all such deposits and other sums credited by or due from the Bank to the Guarantor or subject to withdrawal by the Guarantor against amounts payable under this Guaranty, whether or not any other person or persons could also withdraw money therefrom. The Guarantor agrees, to the fullest extent it may effectively do so under applicable law, that any holder of a participation in a Loan, whether or not acquired pursuant to the terms of the Loan Agreement or the Floor Plan, may exercise rights of set-off or counterclaim and other rights with respect to such participation as fully as if such holder of a participation were a direct creditor of the Guarantor in the amount of such participation.

Security; Setoff. The Each Guarantor hereby grants to the BankSecured Parties, as security for the full and punctual payment and performance of the such Guarantor’s obligations hereunder, a continuing lien on and security interest in all deposits and other sums credited by or due from the Bank any Secured Party to the Guarantor or subject to withdrawal by the Guarantor. Regardless of the adequacy of any collateral or other means of obtaining repayment of the Obligations, the Bank any Secured Party may at any time upon or after the occurrence of any Event of Default, and without notice to the any Guarantor, set off the whole or any portion or portions of any or all such deposits and other sums credited by or due from the Bank any Secured Party to the a Guarantor or subject to withdrawal by the a Guarantor against amounts payable under this Guaranty, whether or not any other person or persons could also withdraw money therefrom. The Each Guarantor agrees, to the fullest extent it may effectively do so under applicable law, that any holder of a participation in a LoanNote, whether or not acquired pursuant to the terms of the Loan Agreement or the Floor PlanCredit Agreement, may exercise rights of set-off or counterclaim and other rights with respect to such participation as fully as if such holder of a participation were a direct creditor of the Guarantor in the amount of such participation.

Security; Setoff. The Each Guarantor hereby grants to the Bank, as security for the full and punctual payment and performance of the such Guarantor’s obligations hereunder, a continuing lien on and security interest in all deposits and other sums credited by or due from the Bank to the Guarantor or subject to withdrawal by the Guarantor. Regardless of the adequacy of any collateral or other means of obtaining repayment of the Obligations, the Bank may at any time upon or after the occurrence of any Event of Default, and without notice to the any Guarantor, set off the whole or any portion or portions of any or all such deposits and other sums credited by or due from the Bank to the a Guarantor or subject to withdrawal by the a Guarantor against amounts payable under this Guaranty, whether or not any other person or persons could also withdraw money therefrom. The Each Guarantor agrees, to the fullest extent it may effectively do so under applicable law, that any holder of a participation in a LoanNote, whether or not acquired pursuant to the terms of the Loan Agreement or the Floor PlanCredit Agreement, may exercise rights of set-off or counterclaim and other rights with respect to such participation as fully as if such holder of a participation were a direct creditor of the Guarantor in the amount of such participation.