Common use of Bank Accounts; Offset Clause in Contracts

Bank Accounts; Offset. To secure the repayment of the Obligations each Related Person hereby grants to Bank One and to each financial institution which hereafter acquires a participation or other interest in the Loan 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 Bank One or Participant 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 any Related Person now or hereafter held or received by or in transit to Bank One or Participant from or for the account any Related 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 any Related Person with Bank One or Participant, and (c) any other credits and claims of any Related Person at any time existing against Bank One or Participant, including claims under certificates of deposit. Upon the occurrence and during the continuance of any Event of Default, each of Bank One and Participants is hereby authorized to foreclose upon, offset, appropriate, and apply, at any time and from time to time, without notice to Borrower, any and all items hereinabove referred to against the Obligations then due and payable.

Bank Accounts; Offset. To secure the repayment of the Obligations each Related Person hereby grants to Bank One Lender and to each financial institution which hereafter acquires a participation or other interest in the Loan 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 Bank One Lender or any Participant 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 any Related Person now or hereafter held or received by or in transit to Bank One Lender, any Lender or Participant from or for the account any Related 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 any Related Person with Bank One Lender or any Participant, and (c) any other credits and claims of any Related Person at any time existing against Bank One Lender, any Lender or Participant, including claims under certificates of deposit. Upon the occurrence and during the continuance of any Event of Default, each of Bank One Lender and Participants is hereby authorized to foreclose upon, offset, appropriate, and apply, at any time and from time to time, without notice to BorrowerBorrowers, any and all items hereinabove referred to against the Obligations then due and payable.

Bank Accounts; Offset. To secure the repayment of the Obligations each Related Person hereby grants to Bank One Lender and to each financial institution which hereafter acquires a participation or other interest in the Loan 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 Bank One Lender or any Participant 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 any Related Person now or hereafter held or received by or in transit to Bank One Lender, any Lender or Participant from or for the account any Related 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 any Related Person with Bank One Lender or any Participant, and (c) any other credits and claims of any Related Person at any time existing against Bank One Lender, any Lender or Participant, including claims under certificates of deposit. Upon the occurrence and during the continuance of any Event of Default, each of Bank One Lender and Participants is hereby authorized to foreclose upon, offset, appropriate, and apply, at any time and from time to time, without notice to BorrowerBorrowers, any and all items hereinabove referred to against the Obligations then due and payable.

Bank Accounts; Offset. To secure the repayment of the --------------------- Obligations each Related Person hereby grants to Bank One Lender and to each financial institution which hereafter acquires a participation or other interest in the Loan 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 Bank One Lender or Participant 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 any Related Person now or hereafter held or received by or in transit to Bank One Lender or Participant from or for the account any Related 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 any Related Person with Bank One Lender or Participant, and (c) any other credits and claims of any Related Person at any time existing against Bank One Lender or Participant, including claims under certificates of deposit. Lender shall provide Borrower with notice of the existence and identity of any Participant within a reasonable time after such Participant acquires a participation or other interest in the Loan or Note. Upon the occurrence and during the continuance of any Event of Default, each of Bank One Lender and Participants is hereby authorized to foreclose upon, offset, appropriate, and apply, at any time and from time to time, without notice to Borrower, any and all items hereinabove referred to against the Obligations then due and payable.