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 to or due from Lenders and any Project Revenues, securities or other property of an Obligor in the possession of any Agent or any Lender may at all times be treated as collateral security for the payment of the Loans, LC Loans and the Notes and all other obligations of the Obligors to the Lenders under this Credit Agreement and the other Credit Documents, and each Obligor hereby pledges to Administrative Agent for the benefit of the Lenders 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’ security interest in any such deposits or other sums credited to or due from the Lenders to an Obligor, and may apply any such deposits or other sums to or set them off against such Obligor’s obligations to Lenders under the Notes and this Credit Agreement at any time after the occurrence and during the continuance of any Event of Default following instruction from the Majority Lenders.

Appears in 1 contract

Samples: Management Services Agreement (Macquarie Infrastructure Corp)

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Additional Security; Right to Set-Off. Any deposits or other sums at any time credited to or due from Lenders Lender and any Project Revenuessums, securities or other property of an Obligor Borrower in the possession of any Agent or any the Lender may at all times be treated as collateral security for the payment of the Loans, LC Loans Term Loan and the Notes Note and all other obligations of the Obligors Borrower to the Lenders Lender under this Credit Agreement and the other Credit Financing Documents, and each Obligor Borrower hereby pledges to Administrative Agent the Lender for the benefit of the Lenders Lender and grants Administrative Agent the 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 the Lender and only Administrative Agentthe Lender, may execute or realize on the LendersLender’ security interest in any such deposits or other sums credited to by or due from the Lenders Lender to an ObligorBorrower, and may apply any such deposits or other sums to or set them off against such ObligorBorrower’s obligations to Lenders Lender under the Notes Note and this Credit Agreement at any time after the occurrence and during the continuance of any Event of Default following instruction from the Majority LendersDefault.

Appears in 1 contract

Samples: Loan Agreement (Solarcity Corp)

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

Appears in 1 contract

Samples: Credit Agreement (GST Telecommunications Inc)

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Additional Security; Right to Set-Off. Any deposits or other sums at any time credited to or due from Lenders and any Project Revenues, securities or other property of an Obligor Borrower or any Subsidiary Guarantor in the possession of any the Collateral Agent or any Lender may at all times be treated as collateral security for the payment of the Loans, LC Loans and the Notes and all other obligations of the Obligors Borrower to the Lenders under this Credit Agreement and the other Credit Financing Documents, and each Obligor Borrower hereby pledges to Administrative the Collateral Agent for the benefit of the Lenders and grants Administrative the Collateral 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 the Collateral Agent and only Administrative the Collateral Agent, may execute or realize on the Lenders' security interest in any such deposits or other sums credited to by or due from the Lenders to an ObligorBorrower, and may apply any such deposits or other sums to or set them off against such Obligor’s Borrower's obligations to Lenders under the Notes and this Credit Agreement at any time after the occurrence and during the continuance of any Event of Default following instruction from the Majority Lenders.Default. 12.3

Appears in 1 contract

Samples: Financing Agreement (Central Vermont Public Service Corp)

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