Common use of ADDITIONAL COLLATERAL/SETOFF Clause in Contracts

ADDITIONAL COLLATERAL/SETOFF. To further secure payment of the borrowings and all other obligations under the Credit Facilities and all of the Borrower's other liabilities to the Bank, the Borrower grants to the Bank a continuing security interest in: (i) all securities and other property of the Borrower in the custody, possession or control of the Bank (other than property held by the Bank solely in a fiduciary capacity) and (ii) all balances of deposit accounts of the Borrower with the Bank. The Bank shall have the right at any time to apply its own debt or liability to the Borrower, or to any other party liable for payment of the obligations under the Credit Facilities, in whole or partial payment of such obligations or other present or future liabilities, without any requirement of mutual maturity.

Appears in 7 contracts

Samples: Line of Credit Agreement (Syntel Inc), Credit Agreement (Power Efficiency Corp), Line of Credit Agreement (American Medical Technologies Inc/De)

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ADDITIONAL COLLATERAL/SETOFF. To further secure payment of the borrowings and all other obligations under the Credit Facilities and all of the Borrower's other liabilities to the Bank, the Borrower grants to the Bank a continuing security interest in: (i) all securities and other property of the Borrower in the custody, possession or control of the Bank (other than property held by the Bank solely in a fiduciary capacity) and (ii) all balances of deposit accounts of the Borrower with the Bank. The Bank shall have the right at any time to apply its own debt or liability to the Borrower, or to any other party liable for payment of the obligations borrowings under the Credit Facilities, in whole or partial payment of such obligations borrowings or other present or future liabilities, without any requirement of mutual maturity.

Appears in 4 contracts

Samples: Credit Authorization Agreement (Interface Systems Inc), Credit Authorization Agreement (Interface Systems Inc), Credit Authorization Agreement (Interface Systems Inc)

ADDITIONAL COLLATERAL/SETOFF. To further secure payment of the borrowings and all other obligations amounts owing under the Credit Facilities and all of the Borrower's other liabilities to the Bank, the Borrower grants to the Bank a continuing security interest in: (i) all securities and other property of the Borrower in the custody, possession or control of the Bank (other than property held by the Bank solely in a fiduciary capacity) ), and (ii) all balances of deposit accounts of the Borrower with the Bank. The Bank shall have the right at any time to apply its own debt or liability to the Borrower, or to any other party liable for payment of the obligations under the Credit Facilities, in whole or partial payment of such obligations the Credit Facilities or other present or future liabilities, without any requirement of mutual maturity.

Appears in 3 contracts

Samples: Credit Authorization Agreement (Northern Radio Network Corp), Credit Authorization Agreement (National Techteam Inc /De/), Credit Authorization Agreement (Bixby Carl L)

ADDITIONAL COLLATERAL/SETOFF. To further secure payment of the borrowings and all other obligations under the Credit Facilities Obligations and all of the Borrower's other liabilities to the Bank, the Borrower grants to the Bank bank a continuing security interest in: (iA) all securities and other property of the Borrower in the custody, possession or control of the Bank (other than property held by the Bank solely in a fiduciary capacity) ); and (iiB) all balances of deposit accounts of the Borrower with the Bankbank. The Bank shall have the right at any time to apply its own debt or liability to the Borrower, or to any other party liable for payment of the obligations under the Credit FacilitiesObligations, in whole or in partial payment of such obligations Obligations or any other present or future liabilities, without any requirement of mutual maturity.

Appears in 1 contract

Samples: Credit Authorization Agreement (Complete Business Solutions Inc)

ADDITIONAL COLLATERAL/SETOFF. To further secure payment of the borrowings and all other obligations borrowing under the Credit Facilities and all of the Borrower's other liabilities to the Bank, the Borrower grants to the Bank a continuing security interest in: (i) all securities and other property of the Borrower in the custody, possession or control of the Bank (other than property held by the Bank solely in a fiduciary capacity) and (ii) all balances of deposit accounts of the Borrower with the Bank. The Bank shall have the right at any time after default to apply its own debt or liability to the Borrower, or to any other party liable for payment of the obligations borrowings under the Credit Facilities, in whole or partial payment of such obligations borrowings or other present or future liabilities, without any requirement of mutual maturity.

Appears in 1 contract

Samples: Credit Agreement (Made2manage Systems Inc)

ADDITIONAL COLLATERAL/SETOFF. To further secure payment of the borrowings and all other obligations under the Credit Facilities and all of the Borrower's other liabilities to the Bank, the Borrower grants to the Bank a continuing security interest in: (i) all securities and other property of the Borrower in the custody, possession or control of the Bank (other than property held by the Bank solely in a fiduciary capacity) ); and (ii) all balances of deposit accounts of the Borrower with the Bank. The Bank shall have the right at any time to apply its own debt or liability to the Borrower, or to any other party liable for payment of the obligations borrowings under the Credit Facilities, in whole or partial payment of such obligations borrowings or other present or future liabilities, without any requirement of mutual maturity.

Appears in 1 contract

Samples: Credit Authorization Agreement (Complete Business Solutions Inc)

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ADDITIONAL COLLATERAL/SETOFF. To further secure payment of the borrowings and all other obligations under the Credit Facilities and all of the Borrower's other liabilities to the Bank, the Borrower grants to the Bank a continuing security interest in: (i) all securities and other property of the Borrower in the custody, possession or control of the Bank (other than property held by the Bank solely in a fiduciary capacity) ), and (ii) all balances of deposit accounts of the Borrower with the Bank. The Bank shall have the right at any time to apply its own debt or liability to the Borrower, or to any other party liable for payment of the obligations under the Credit Facilities, in whole or partial payment of such obligations borrowings or other present or future liabilities, without any requirement of mutual maturity.

Appears in 1 contract

Samples: Credit Authorization Agreement (Perceptron Inc/Mi)

ADDITIONAL COLLATERAL/SETOFF. To further secure payment of the borrowings borrowing and all other obligations under the Credit Facilities and all of the Borrower's other liabilities to the Bank, the Borrower grants to the Bank a continuing security interest in: in (i) all securities and other property of the Borrower in the custody, possession or control of the Bank (other than property held by the Bank solely in a fiduciary capacity) and (ii) all balances of deposit accounts of the Borrower with the Bank. The Bank shall have the right at any time to apply its own debt or liability to the e Borrower, or to any other party liable for payment of the obligations under the Credit Facilities, in whole or partial payment of such obligations or other present or future liabilities, without any requirement of mutual maturity.

Appears in 1 contract

Samples: Credit Authorization Agreement (Michigan Community Bancorp LTD)

ADDITIONAL COLLATERAL/SETOFF. To further secure payment of the borrowings and all other obligations under the Credit Facilities Loans and all of the Borrower's other liabilities to the Bank, the Borrower grants to the Bank a continuing security interest in: (i) all securities and other property of the Borrower in the custody, possession or control of the Bank (other than property held by the Bank solely in a fiduciary capacity) and (ii) all balances of deposit accounts of the Borrower with the Bank. The Bank shall have the right at any time to apply its own debt or liability to the Borrower, or to any other party liable for payment of the obligations under the Credit FacilitiesLoans, in whole or partial payment of such obligations loans or other present or future liabilities, without any requirement of mutual maturity.

Appears in 1 contract

Samples: Term Loan Agreement (Made2manage Systems Inc)

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