LIEN AND RIGHT OF SET-OFF. If an Event of Default shall have occurred and be continuing, CNB is hereby authorized at any time and from time to time, without notice to Borrower or any other Person, to the fullest extent permitted by law, to setoff and apply any and all deposits (general or specific, time or savings or demand, provisional or final) at any time held and any other Debt at any time owing by CNB to or for the credit or the account of Borrower against any and all of the Obligations of Borrower now or hereafter existing under the Agreement and the other Loan Documents, irrespective of whether or not CNB shall have made any demand under this Agreement or such other Loan Documents and although such obligations may be unmatured. The rights of CNB under this Section are in addition to other rights and remedies (including other rights of setoff) which CNB may have under applicable law.
Appears in 4 contracts
Samples: Credit and Security Agreement (RealD Inc.), Credit and Security Agreement (RealD Inc.), Credit and Security Agreement (RealD Inc.)
