Common use of Additional Security; Right to Set-Off Clause in Contracts

Additional Security; Right to Set-Off. Any deposits or other sums at any time credited or due from the Lenders and any securities or other property of Borrower in the possession of Administrative Agent may at all times be treated as collateral security for the payment of the Loans and any Notes and all other obligations of Borrower to the Lenders under this Agreement and the other Credit Facility Documents, and Borrower hereby pledges to Administrative Agent for the benefit of the Lenders and grants Administrative Agent a security interest in and to all such deposits, sums, securities or other property. Regardless of the adequacy of any other collateral, Administrative Agent may execute or realize on the Lenders security interest in any such deposits or other sums credited by or due from the Lenders to Borrower, and may apply any such deposits or other sums to or set them off against Borrower’s obligations to the Lenders under any Notes and this Agreement at any time after the occurrence and during the continuance of any Event of Default.

Appears in 7 contracts

Samples: Credit Agreement (Teco Energy Inc), Credit Agreement (Tampa Electric Co), Credit Agreement (Teco Energy Inc)

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Additional Security; Right to Set-Off. Any deposits or other sums at any time credited or due from the Lenders and any securities or other property of Borrower in the possession of Administrative Agent may at all times be treated as collateral security for the payment of the Loans and any Notes and all other obligations of Borrower to the Lenders under this Agreement and the other Credit Facility Documents, and Borrower hereby pledges to Administrative Agent for the benefit of the Lenders and grants Administrative Agent a security interest in and to all such deposits, sums, securities or other property. Regardless of the adequacy of any other collateral, Administrative Agent may execute or realize on the Lenders security interest in any such deposits or other sums credited by or due from the Lenders to Borrower, and may apply any such deposits or other sums to or set them off against Borrower’s 's obligations to the Lenders under any Notes and this Agreement at any time after the occurrence and during the continuance of any Event of Default.

Appears in 4 contracts

Samples: Credit Agreement (Teco Energy Inc), Credit Agreement (Teco Energy Inc), Credit Agreement (Tampa Electric Co)

Additional Security; Right to Set-Off. Any deposits or other sums at any time credited or due from the Lenders Banks and any Project Revenues, securities or other property of Borrower in the possession of Administrative Agent may at all times be treated as collateral security for the payment of the Loans and any the Notes and all other obligations of Borrower to the Lenders Banks under this Agreement and the other Credit Facility Documents, and Borrower hereby pledges to Administrative Agent for the benefit of the Lenders Banks and grants Administrative Agent a security interest in and to all such deposits, sums, securities or other property. Regardless of the adequacy of any other collateral, Administrative Agent and only Administrative Agent, may execute or realize on the Lenders Banks' security interest in any such deposits or other sums credited by or due from the Lenders Banks to Borrower, and may apply any such deposits or other sums to or set them off against Borrower’s 's obligations to Banks under the Lenders under any Notes and this Agreement at any time after the occurrence and during the continuance of any Event of Default.

Appears in 3 contracts

Samples: Subordination Agreement (Calpine Corp), Security Agreement (Calpine Corp), Credit Agreement (Calpine Corp)

Additional Security; Right to Set-Off. Any deposits or other sums at any time credited or due from the Lenders and any securities or other property of Borrower in the possession of Administrative Agent may at all times be treated as collateral security for the payment of the Loans and any Notes and all other obligations of Borrower to the Lenders under this Agreement and the other Credit Facility Documents, and Borrower hereby pledges to Administrative Agent for the benefit of the Lenders and grants Administrative Agent a security interest in and to all such deposits, sums, securities or other property. Regardless of the adequacy of any other collateral, Administrative Agent may execute or realize on the Lenders Lenders’ security interest in any such deposits or other sums credited by or due from the Lenders to Borrower, and may apply any such deposits or other sums to or set them off against Borrower’s obligations to the Lenders under any Notes and this Agreement at any time after the occurrence and during the continuance of any Event of Default.

Appears in 3 contracts

Samples: Credit Agreement (Tampa Electric Co), Assignment and Assumption (Tampa Electric Co), Credit Agreement (Tampa Electric Co)

Additional Security; Right to Set-Off. Any deposits or other sums at any time credited or due from the Lenders Lender and any sums, securities or other property of Borrower Borrowers in the possession of Administrative Agent Lender may at all times be treated as collateral security for the payment of the Loans and any the Notes and all other obligations of Borrower Borrowers to the Lenders Lender under this Agreement and the other Credit Facility Financing Documents, and Borrower Borrowers hereby pledges pledge to Administrative Agent for the benefit of the Lenders Lender and grants Administrative Agent grant Lender a security interest and Lien in and to all such deposits, sums, securities or other property. Regardless of the adequacy of any other collateral, Administrative Agent Lender and only Lender, may execute or realize on the Lenders Lender’s security interest in any such deposits or other sums credited by or due from the Lenders Lender to BorrowerBorrowers, and may apply any such deposits or other sums to or set them off against Borrower’s Borrowers’ obligations to Lender under the Lenders under any Notes and this Agreement at any time after the occurrence and during the continuance of any Event of Default.

Appears in 2 contracts

Samples: Credit Agreement, Credit Agreement

Additional Security; Right to Set-Off. Any deposits or other sums at any time credited or due from the Lenders Lender and any Project Revenues, securities or other property of Borrower in the possession of Administrative Agent Lender may at all times be treated as collateral security for the payment of amounts due with respect to the Loans Loan Facility and any Notes the Note and all other obligations of Borrower to the Lenders Lender under this Agreement and the other Credit Facility Documents, and Borrower hereby pledges to Administrative Agent Lender for the benefit of the Lenders Lender and grants Administrative Agent Lender a security interest in and to all such deposits, sums, securities or other property. Regardless of the adequacy of any other collateral, Administrative Agent Lender and only Lender, may execute or realize on the Lenders Lender's security interest in any such deposits or other sums credited by or due from the Lenders Lender to Borrower, and may apply any such deposits or other sums to or set them off against Borrower’s 's obligations to Lender under the Lenders under any Notes Note and this Agreement at any time after the occurrence and during the continuance of any Event of Default.

Appears in 2 contracts

Samples: Credit Agreement (GST Telecommunications Inc), Credit Agreement (GST Telecommunications Inc)

Additional Security; Right to Set-Off. Any deposits or other sums at any time credited or due from the Lenders and any securities or other property of Borrower in the possession of Administrative Agent may at all times be treated as collateral security for the payment of the Loans and any Notes and all other obligations of Borrower to the Lenders under this Agreement and the other Credit Facility Documents, and Borrower hereby pledges to Administrative Agent for the benefit of the Lenders and grants Administrative Agent a security interest in and to all such deposits, sums, securities or other property. Regardless of the adequacy of any other collateral, Administrative Agent may execute or realize on the Lenders Lenders’ security interest in any such deposits or other sums credited by or due from the Lenders to Borrower, and may apply any such deposits or other sums to or set them off against BorrowerXxxxxxxx’s obligations to the Lenders under any Notes and this Agreement at any time after the occurrence and during the continuance of any Event of Default.

Appears in 1 contract

Samples: Credit Agreement (Tampa Electric Co)

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Additional Security; Right to Set-Off. Any deposits or other sums at any time credited or due from the Lenders and any Lenders, securities or other property of the Borrower in the possession of Administrative Agent may at all times be treated as collateral security for the payment of the Loans and any the Notes and all other obligations of Borrower to the Lenders under this Agreement and the other Credit Facility Financing Documents, and Borrower hereby pledges to Administrative Agent for the benefit of the Lenders Secured Parties and grants Administrative Agent a security interest and Lien in and to all such deposits, sums, securities or other property. Regardless of the adequacy of any other collateral, Administrative Agent and only Administrative Agent, may execute or realize on the Lenders Secured Parties’ security interest in any such deposits or other sums credited by or due from the Lenders to Borrower, and may apply any such deposits or other sums to or set them off against Borrower’s obligations to the Lenders under any the Notes and this Agreement at any time after the occurrence and during the continuance of any Event of Default.

Appears in 1 contract

Samples: Financing Agreement (Fuelcell Energy Inc)

Additional Security; Right to Set-Off. Any deposits or other sums at any time credited or due from the Lenders and any securities or other property of Borrower in the possession of Administrative Agent may at all times be treated as collateral security for the payment of the Loans Loan and any Notes and all other obligations of Borrower to the Lenders under this Agreement and the other Credit Facility Documents, and Borrower hereby pledges to Administrative Agent for the benefit of the Lenders and grants Administrative Agent a security interest in and to all such deposits, sums, securities or other property. Regardless of the adequacy of any other collateral, Administrative Agent may execute or realize on the Lenders security interest in any such deposits or other sums credited by or due from the Lenders to Borrower, and may apply any such deposits or other sums to or set them off against Borrower’s obligations to the Lenders under any Notes and this Agreement at any time after the occurrence and during the continuance of any Event of Default.

Appears in 1 contract

Samples: Credit Agreement (Teco Energy Inc)

Additional Security; Right to Set-Off. Any deposits or other sums at any time credited or due from the Lenders Banks and any Project Revenues, securities or other property of Borrower in the possession of Administrative Agent may at all times be treated as collateral security for the payment of the Loans and any the Notes and all other obligations of Borrower to the Lenders Banks under this Agreement and the other Credit Facility Documents, and Borrower hereby pledges to Administrative Agent Agent, for the benefit of the Lenders Secured Parties and grants Administrative Agent a security interest in and to all such deposits, sums, securities or other property. Regardless of the adequacy of any other collateral, any Bank or any Affiliate thereof (but only with the prior written consent of Administrative Agent Agent), may execute or realize on the Lenders Banks' security interest in any such deposits or other sums credited by or due from the Lenders Banks to Borrower, and may apply any such deposits or other sums to or set them off against Borrower’s 's obligations to Banks under the Lenders under any Notes and this Agreement at any time after the occurrence and during the continuance of any Event of Default.

Appears in 1 contract

Samples: Credit Agreement (NRG Energy Inc)

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