Common use of Bank Accounts; Offset Clause in Contracts

Bank Accounts; Offset. To secure the repayment of the Obligations, each Restricted Person hereby grants to each Lender a security interest, a lien, and a right of offset, each of which shall be in addition to all other interests, liens, and rights of any Lender at common Law, under the Loan Documents, or otherwise, and each of which shall be upon and against (a) any and all moneys, securities or other property (and the proceeds therefrom) of such Restricted Person now or hereafter held or received by or in transit to any Lender from or for the account of such Restricted Person, whether for safekeeping, custody, pledge, transmission, collection or otherwise, (b) any and all deposits (general or special, time or demand, provisional or final) of such Restricted Person with any Lender, and (c) any other credits and claims of such Restricted Person at any time existing against any Lender, including claims under certificates of deposit. At any time and from time to time during the continuance of any Event of Default, each Lender is hereby authorized to foreclose upon, or to offset against the Obligations then due and payable (in either case without notice to any Restricted Person), any and all items herein above referred to. The remedies of foreclosure and offset are separate and cumulative, and either may be exercised independently of the other without regard to procedures or restrictions applicable to the other.

Appears in 5 contracts

Samples: Credit Agreement (Plains All American Pipeline Lp), Credit Agreement (Plains All American Pipeline Lp), Credit Agreement (Plains All American Pipeline Lp)

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Bank Accounts; Offset. To secure the repayment of the --------------------- Obligations, each Restricted Person hereby grants to each Lender a security interest, a lien, and a right of offset, each of which shall be in addition to all other interests, liens, and rights of any Lender at common Law, under the Loan Documents, or otherwise, and each of which shall be upon and against (a) any and all moneys, securities or other property (and the proceeds therefrom) of such Restricted Person now or hereafter held or received by or in transit to any Lender from or for the account of such Restricted Person, whether for safekeeping, custody, pledge, transmission, collection or otherwise, (b) any and all deposits (general or special, time or demand, provisional or final) of such Restricted Person with any Lender, and (c) any other credits and claims of such Restricted Person at any time existing against any Lender, including claims under certificates of deposit. At any time and from time to time during the continuance of any Event of Default, each Lender is hereby authorized to foreclose upon, or to offset against the Obligations then due and payable (in either case without notice to any Restricted Person), any and all items herein above referred to. The remedies of foreclosure and offset are separate and cumulative, and either may be exercised independently of the other without regard to procedures or restrictions applicable to the other.

Appears in 4 contracts

Samples: Credit Agreement (Plains All American Pipeline Lp), Credit Agreement (Plains All American Pipeline Lp), Credit Agreement (Plains All American Pipeline Lp)

Bank Accounts; Offset. To secure the repayment of the Obligations, each Restricted Person hereby grants to each Lender a security interest, a lien, and a right of offset, each of which shall be in addition to all other interests, liens, and rights of any Lender at common Law, under the Loan Documents, or otherwise, and each of which shall be upon and against (a) any and all moneys, securities or other property (and the proceeds therefrom) of such Restricted Person now or hereafter held or received by or in transit to any Lender from or for the account of such Restricted Person, whether for safekeeping, custody, pledge, transmission, collection or otherwise, (b) any and all deposits (general or special, time or demand, provisional or final) of such Restricted Person with any Lender, and (c) any other credits and claims of such Restricted Person at any time existing against any Lender, including claims under certificates of deposit. At any time and from time to time during the continuance of any Event of Default, each Lender is hereby authorized to foreclose upon, or to offset against the Obligations then due and payable (in either case without notice to any Restricted Person), any and all items herein above hereinabove referred to. The remedies of foreclosure and offset are separate and cumulative, and either may be exercised independently of the other without regard to procedures or restrictions applicable to the other.

Appears in 3 contracts

Samples: Credit Agreement (Genesis Energy Lp), Credit Agreement (Genesis Energy Lp), Credit Agreement (Genesis Energy Lp)

Bank Accounts; Offset. To secure the repayment of the Obligations, Obligations each Restricted Related Person hereby grants to Lender and to each Lender financial institution which hereafter acquires a participation or other interest in the Loans or Note (in this section called a "Participant") a security interest, a lien, and a right of offset, each of which shall be in addition to all other interests, liens, and rights of Lender or any Lender Participant at common Lawlaw, under the Loan Documents, or otherwise, and each of which shall be upon and against (a) any and all moneys, securities or other property (and the proceeds therefrom) of such Restricted any Related Person now or hereafter held or received by or in transit to Lender, any Lender or Participant from or for the account of such Restricted any Related Person, whether for safekeeping, custody, custody pledge, transmission, collection or otherwise, (b) any and all deposits (general or special, time or demand, provisional or final) of such Restricted any Related Person with Lender or any LenderParticipant, and (c) any other credits and claims of such Restricted any Related Person at any time existing against Lender, any LenderLender or Participant, including claims under certificates of deposit. At any time and from time to time during Upon the continuance occurrence of any Event of Default, each of Lender and Participants is hereby authorized to foreclose upon, or offset, appropriate, and apply, at any time and from time to offset time, without notice to Borrower, any and all items hereinabove referred to against the Obligations then due and payable (in either case without notice to any Restricted Person), any and all items herein above referred to. The remedies of foreclosure and offset are separate and cumulative, and either may be exercised independently of the other without regard to procedures or restrictions applicable to the otherpayable.

Appears in 2 contracts

Samples: Credit Agreement (Fieldstone Investment Corp), Credit Agreement (Technical Olympic Usa Inc)

Bank Accounts; Offset. To secure the repayment of the Obligations, Obligations each Restricted Related Person hereby grants to Lender and to each Lender financial institution which hereafter acquires a participation or other interest in the Loans or Note (in this section called a “Participant”) a security interest, a lien, and a right of offset, each of which shall be in addition to all other interests, liens, and rights of Lender or any Lender Participant at common Lawlaw, under the Loan Documents, or otherwise, and each of which shall be upon and against (a) any and all moneys, securities or other property (and the proceeds therefrom) of such Restricted any Related Person now or hereafter held or received by or in transit to Lender, any Lender or Participant from or for the account of such Restricted any Related Person, whether for safekeeping, custody, custody pledge, transmission, collection or otherwise, (b) any and all deposits (general or special, time or demand, provisional or final) of such Restricted any Related Person with Lender or any LenderParticipant, and (c) any other credits and claims of such Restricted any Related Person at any time existing against Lender, any LenderLender or Participant, including claims under certificates of deposit. At any time and from time to time during Upon the continuance occurrence of any Event of Default, each of Lender and Participants is hereby authorized to foreclose upon, or offset, appropriate, and apply, at any time and from time to offset time, without notice to Borrower, any and all items hereinabove referred to against the Obligations then due and payable (in either case without notice to any Restricted Person), any and all items herein above referred to. The remedies of foreclosure and offset are separate and cumulative, and either may be exercised independently of the other without regard to procedures or restrictions applicable to the otherpayable.

Appears in 2 contracts

Samples: Credit Agreement (Ryland Group Inc), Credit Agreement (Ryland Group Inc)

Bank Accounts; Offset. To secure the repayment of the Obligations, Obligations each Restricted Person hereby grants to each Lender a security interest, a lien, and a right of offset, each of which shall be in addition to all other interests, liens, and rights of any Lender at common Law, under the Loan Documents, or otherwise, and each of which shall be upon and against (a) any and all moneys, securities or other property (and the proceeds therefrom) of such Restricted Person now or hereafter held or received by or in transit to any Lender from or for the account of such Restricted Person, whether for safekeeping, custody, pledge, transmission, collection or otherwise, (b) any and all deposits (general or special, time or demand, provisional or final) of such Restricted Person with any Lender, and (c) any other credits and claims of such Restricted Person at any time existing against any Lender, including claims under certificates of deposit. At any time and from time to time during the continuance of any Event of Default, each Lender is hereby authorized to foreclose upon, or to offset against the Obligations then due and payable (in either case without notice to any Restricted Person), any and all items herein above referred to. The remedies of foreclosure and offset are separate and cumulative, and either may be exercised independently of the other without regard to procedures or restrictions applicable to the other.

Appears in 2 contracts

Samples: Credit Agreement (Plains All American Pipeline Lp), Credit Agreement (Plains All American Pipeline Lp)

Bank Accounts; Offset. To secure the repayment of the Obligations, each Restricted Person Obligations Borrower hereby grants to Agent and each Lender a security interest, a lien, and a right of offset, each of which shall be in addition to all other interests, liens, and rights of Agent or any Lender at common Lawlaw, under the Loan Documents, or otherwise, and each of which shall be upon and against (a) any and all moneys, securities or other property (and the proceeds therefrom) of such Restricted Person Borrower now or hereafter held or received by or in transit to Agent or any Lender from or for the account of such Restricted PersonBorrower, whether for safekeeping, custody, pledge, transmission, collection or otherwise, (b) any and all deposits (general or special, time or demand, provisional or final) of such Restricted Person Borrower with Agent or any Lender, and (c) any other credits and claims of such Restricted Person Borrower at any time existing against Agent or any Lender, including claims under certificates of deposit. At any time and from time to time during after the continuance occurrence of any Event of Default, each Lender of Agent and Lenders is hereby authorized to foreclose upon, or to offset against the Obligations then due and payable (in either case without notice to any Restricted PersonBorrower), any and all items herein above hereinabove referred to. The remedies of foreclosure and offset are separate and cumulative, and either may be exercised independently of the other without regard to procedures or restrictions applicable to the other.

Appears in 2 contracts

Samples: Credit Agreement (Forcenergy Inc), Credit Agreement (Forcenergy Inc)

Bank Accounts; Offset. To secure the repayment of the Obligations, each Restricted Person hereby grants to each Lender a security interest, a lien, and a right of offset, each of which shall be in addition to all other interests, liens, and rights of any Lender at common Law, under the Loan Documents, or otherwise, and each of which shall be upon and against (a) any and all moneys, securities or other property (and the proceeds therefrom) of such Restricted Person now or hereafter held or received by or in transit to any Lender from or for the account of such Restricted Person, whether for safekeeping, custody, pledge, transmission, collection or otherwise, (b) any and all deposits (general or special, time or demand, provisional or final) of such Restricted Person with any Lender, and (c) any other credits and claims of such 004726 000020 DALLAS 1786243.3 SECOND AMENDED AND RESTATED CREDIT AGREEMENT [CONFORMED THROUGH AUGUST 2004] 57 Restricted Person at any time existing against any Lender, including claims under certificates of deposit. At any time and from time to time during the continuance of any Event of Default, each Lender is hereby authorized to foreclose upon, or to offset against the Obligations then due and payable (in either case without notice to any Restricted Person), any and all items herein above referred to. The remedies of foreclosure and offset are separate and cumulative, and either may be exercised independently of the other without regard to procedures or restrictions applicable to the other.

Appears in 1 contract

Samples: Credit Agreement (Energy Transfer Partners Lp)

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Bank Accounts; Offset. To secure the repayment of the Obligations, --------------------- Obligations Borrower and Parent each Restricted Person hereby grants grant to each Lender a security interest, a lien, and a right of offset, each of which shall be in addition to all other interests, liens, and rights of any Lender at common Law, under the Loan Documents, or otherwise, and each of which shall be upon and against (a) any and all moneys, securities or other property (and the proceeds therefrom) of such Restricted Person Borrower or Parent now or hereafter held or received by or in transit to any Lender from or for the account of such Restricted PersonBorrower or Parent, whether for safekeeping, custody, pledge, transmission, collection or otherwise, (b) any and all deposits (general or special, time or demand, provisional or final) of such Restricted Person Borrower or Parent with any Lender, and (c) any other credits and claims of such Restricted Person Borrower or Parent at any time existing against any Lender, including claims under certificates of deposit. At any time and from time to time during after the continuance occurrence of any Event of Default, each Lender is hereby authorized to foreclose upon, or to offset against the Obligations then due and payable (in either case without notice to any Restricted PersonBorrower or Parent), any and all items herein above hereinabove referred to. The remedies of foreclosure and offset are separate and cumulative, and either may be exercised independently of the other without regard to procedures or restrictions applicable to the other.

Appears in 1 contract

Samples: Credit Agreement (Inland Resources Inc)

Bank Accounts; Offset. To secure the repayment of the Obligations, Obligations each Restricted Person Borrower hereby grants to each the Lender a security interest, a lien, and a right of offset, each of which shall be in addition to all other interests, liens, and rights of any the Lender at common Law, under the Loan Documents, or otherwise, and each of which shall be upon and against (a) any and all moneys, securities or other property (and the proceeds therefrom) of such Restricted Person Borrower now or hereafter held or received by or in transit to any the Lender from or for the account of such Restricted PersonBorrower, whether for safekeeping, custody, pledge, transmission, collection or otherwise, (b) any and all deposits (general or special, time or demand, provisional or final) of such Restricted Person Borrower with any Lender, the Lender and (c) any other credits and claims of such Restricted Person Borrower at any time existing against any the Lender, including claims under certificates of deposit. At any time and from time to time after the occurrence and during the continuance of any Event of Default, each the Lender is hereby authorized to foreclose upon, or to offset against the Obligations then due and payable (in either case without notice to any Restricted Personsuch Borrower), any and all items herein above hereinabove referred to. The remedies of foreclosure and offset are separate and cumulative, and either may be exercised independently of the other without regard to procedures or restrictions applicable to the other.

Appears in 1 contract

Samples: Credit Agreement (Clean Energy Fuels Corp.)

Bank Accounts; Offset. To secure the repayment of the Obligations, each Restricted Person hereby grants to each Lender a security interest, a lien, and a right of offset, each of which shall be in addition to all other interests, liens, and rights of any Lender at common Law, under the Loan Documents, or otherwise, and each of which shall be upon and against (a) any and all moneys, securities or other property (and the proceeds therefrom) of such SECOND AMENDED AND RESTATED CREDIT AGREEMENT Restricted Person now or hereafter held or received by or in transit to any Lender from or for the account of such Restricted Person, whether for safekeeping, custody, pledge, transmission, collection or otherwise, (b) any and all deposits (general or special, time or demand, provisional or final) of such Restricted Person with any Lender, and (c) any other credits and claims of such Restricted Person at any time existing against any Lender, including claims under certificates of deposit. At any time and from time to time during the continuance of any Event of Default, each Lender is hereby authorized to foreclose upon, or to offset against the Obligations then due and payable (in either case without notice to any Restricted Person), any and all items herein above referred to. The remedies of foreclosure and offset are separate and cumulative, and either may be exercised independently of the other without regard to procedures or restrictions applicable to the other.

Appears in 1 contract

Samples: Credit Agreement (Energy Transfer Partners Lp)

Bank Accounts; Offset. To secure the repayment of the Obligations, --------------------- Obligations Borrower and Parent each Restricted Person hereby grants grant to each Lender a security interest, a lien, and a right of offset, each of which shall be in addition to all other interests, liens, and rights of any Lender at common Lawlaw, under the Loan Documents, or otherwise, and each of which shall be upon and against (a) any and all moneys, securities or other property (and the proceeds therefrom) of such Restricted Person Borrower or Parent now or hereafter held or received by or in transit to any Lender from or for the account of such Restricted PersonBorrower or Parent, whether for safekeeping, custody, pledge, transmission, collection or otherwise, (b) any and all deposits (general or special, time or demand, provisional or final) of such Restricted Person Borrower or Parent with any Lender, and (c) any other credits and claims of such Restricted Person Borrower or Parent at any time existing against any Lender, including claims under certificates of deposit. At any time and from time to time during after the continuance occurrence of any Event of Default, each Lender is hereby authorized to foreclose upon, or to offset against the Obligations then due and payable (in either case without notice to any Restricted PersonBorrower or Parent), any and all items herein above hereinabove referred to. The remedies of foreclosure and offset are separate and cumulative, and either may be exercised independently of the other without regard to procedures or restrictions applicable to the other.

Appears in 1 contract

Samples: Credit Agreement (Inland Resources Inc)

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