Common use of Bank Accounts; Offset Clause in Contracts

Bank Accounts; Offset. To secure the repayment of the Obligations Borrower and Parent each hereby 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 Borrower or Parent now or hereafter held or received by or in transit to any Lender from or for the account of Borrower 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 Borrower or Parent with any Lender, and (c) any other credits and claims of Borrower or Parent at any time existing against any Lender, including claims under certificates of deposit. At any time and from time to time after the occurrence of any 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 Borrower or Parent), any and all items 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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Bank Accounts; Offset. To secure the repayment of the Obligations Borrower and Parent each hereby 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 Borrower or Parent now or hereafter held or received by or in transit to any Lender from or for the account of Borrower 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 Borrower or Parent with any Lender, and (c) any other credits and claims of Borrower or Parent at any time existing against any Lender, including claims under certificates of deposit. At any time and from time to time after the occurrence of any 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 Borrower or Parent), any and all items 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 each Borrower and Parent each hereby grant 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 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 Borrower or Parent now or hereafter held or received by or in transit to any the Lender from or for the account of Borrower or Parentsuch Borrower, 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 Borrower or Parent with any Lender, the Lender and (c) any other credits and claims of such Borrower or Parent 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 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 Borrower or Parentsuch Borrower), any and all items 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.)

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Bank Accounts; Offset. To secure the repayment of the Obligations Borrower and Parent each hereby grant 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 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 Borrower or Parent now or hereafter held or received by or in transit to any Lender from or for the account of Borrower or ParentBorrower, whether for safekeeping, custody, pledge, transmission, collection or otherwise, (b) any and all deposits (general or special, time or demand, provisional or final) of Borrower or Parent with any Lender, and (c) any other credits and claims of Borrower or Parent at any time existing against any Lender, including claims under certificates of deposit. At any time and from time to time after the occurrence of any 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 Borrower or Parent)payable, any and all items 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 (St Mary Land & Exploration Co)

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