Common use of Setoff; Security Interest Clause in Contracts

Setoff; Security Interest. (a) Setoff. In addition to any rights and remedies of the Banks provided by law, each Bank shall have the right without prior notice to Borrower, any such notice being expressly waived by Borrower to the extent permitted by applicable law, upon the occurrence and during the continuance of a Default or an Event of Default, to set-off and apply against any Obligations of Borrower to such Bank which are then due and payable, any amount owing from such Bank to Borrower, at or at any time after, the happening of any of the above mentioned events, and as security for such Obligations, Borrower hereby grants to each Bank a continuing security interest in any and all deposits, accounts or moneys of Borrower then or thereafter maintained with such Bank, subject in each case to Subparagraph 2.08(b). The aforesaid right of set-off may be exercised by such Bank against Borrower or against any trustee in bankruptcy, debtor in possession, assignee for the benefit of creditors, receiver or execution, judgment or attachment creditor of Borrower or against anyone else claiming through or against Borrower or such trustee in bankruptcy, debtor in possession, assignee for the benefit of creditors, receiver, or execution, judgment or attachment creditor, notwithstanding the fact that such right of set-off shall not have been exercised by such Bank prior to the occurrence of a Default or an Event of Default. Each Bank agrees promptly to notify Borrower after any such set-off and application made by such Bank, provided that the failure to give such notice shall not affect the validity of such set-off and application.

Setoff; Security Interest. (a) Setoff. In addition to any rights and remedies of the Banks provided by law, each Bank shall have the right without prior notice to Borrower, any such notice being expressly waived by Borrower to the extent permitted by applicable law, upon the occurrence and during the continuance of a Default or an Event of Default, to set-off and apply against any Obligations of Borrower to such Bank which are then due and payable, any amount owing from such Bank to Borrower, at or at any time after, the happening of any of the above mentioned events, and as security for such Obligations, Borrower hereby grants to each Bank a continuing security interest in any and all deposits, accounts or moneys of Borrower then or thereafter maintained with such Bank, subject in each case to Subparagraph 2.08(b2.09(b). The aforesaid right of set-off may be exercised by such Bank against Borrower or against any trustee in bankruptcy, debtor in possession, assignee for the benefit of creditors, receiver or execution, judgment or attachment creditor of Borrower or against anyone else claiming through or against Borrower or such trustee in bankruptcy, debtor in possession, assignee for the benefit of creditors, receiver, or execution, judgment or attachment creditor, notwithstanding the fact that such right of set-off shall not have been exercised by such Bank prior to the occurrence of a Default or an Event of Default. Each Bank agrees promptly to notify Borrower after any such set-off and application made by such Bank, provided that the failure to give such notice shall not affect the validity of such set-off and application.

Setoff; Security Interest. (a) Setoff. In addition to any rights and remedies of the Banks Lenders provided by law, each Bank Lender shall have the right without prior notice to Borrower, any such notice being expressly waived by Borrower to the extent permitted by applicable law, upon the occurrence and during the continuance of a Default or an Event of Default, to set-off and apply against any Obligations of Borrower to such Bank Lender which are then due and payable, any amount owing from such Bank Lender to Borrower, at or at any time after, the happening of any of the above mentioned events, and as security for such Obligations, Borrower hereby grants to each Bank Lender a continuing security interest in any and all deposits, accounts or moneys of Borrower then or thereafter maintained with such BankLender, subject in each case to Subparagraph 2.08(b2.09(b). The aforesaid right of set-off may be exercised by such Bank Lender against Borrower or against any trustee in bankruptcy, debtor in possession, assignee for the benefit of creditors, receiver or execution, judgment or attachment creditor of Borrower or against anyone else claiming through or against Borrower or such trustee in bankruptcy, debtor in possession, assignee for the benefit of creditors, receiver, or execution, judgment or attachment creditor, notwithstanding the fact that such right of set-off shall not have been exercised by such Bank Lender prior to the occurrence of a Default or an Event of Default. Each Bank Lender agrees promptly to notify Borrower after any such set-off and application made by such BankLender, provided that the failure to give such notice shall not affect the validity of such set-off and application.