Common use of Lien on Deposit Accounts Clause in Contracts

Lien on Deposit Accounts. As additional security for the Full Payment and performance of the Obligations, Borrower hereby grants to Lender a continuing security interest in and Lien upon, and hereby collaterally assigns to Lender, all of Borrower's right, title and interest in and to each Deposit Account and all deposits or other sums at any time credited to each such Deposit Account, including any sums in any blocked account or any special lockbox account and in the accounts in which sums are deposited from such blocked accounts and special lockbox accounts. In connection with the foregoing, Borrower hereby authorizes and directs each such bank or other depository to pay or deliver to Lender upon its written demand therefor made at any time upon the occurrence and during the continuation of an Event of Default and without further notice to Borrower (such notice being hereby expressly waived), all balances in each Deposit Account maintained by Borrower with such depository for application to the Obligations then outstanding, and the rights given Lender in this Section shall be cumulative with and in addition to Lender's other rights and remedies in regard to the foregoing Property as proceeds of

Appears in 2 contracts

Samples: Loan and Security Agreement (Health Systems Solutions Inc), Loan and Security Agreement (Health Systems Solutions Inc)

AutoNDA by SimpleDocs

Lien on Deposit Accounts. As additional security for the Full Payment payment and performance of the Obligations, Borrower hereby grants to Lender Agent, for the benefit of itself as Agent and for the Pro Rata benefit of Lenders, a continuing security interest in and Lien upon, and hereby collaterally assigns to LenderAgent, all of Borrower's right, title and interest in and to each Deposit Account of Borrower and all in and to any deposits or other sums at any time credited to each such Deposit Account, including any sums in any blocked account or any special lockbox account and in the accounts in which sums are deposited from such blocked accounts and special lockbox accountsdeposited. In connection with the foregoing, Borrower hereby authorizes and directs each such bank or other depository to pay or deliver to Lender Agent upon its written demand therefor made at any time upon the occurrence and during the continuation of an Event of Default and without further notice to Borrower (such notice being hereby expressly waived), all balances in each Deposit Account maintained by Borrower with such depository for application to the Obligations then outstanding, and the rights given Lender Agent in this Section shall be cumulative with and in addition to LenderAgent's other rights and remedies in regard to the foregoing Property as proceeds of

Appears in 2 contracts

Samples: Loan and Security Agreement (Pameco Corp), Financing Agreement (Emerge Interactive Inc)

Lien on Deposit Accounts. As additional security for the Full Payment payment and performance of the Obligations, Borrower hereby grants to Lender Agent, for the benefit of itself as Agent and for the Pro Rata benefit of Lenders, a continuing security interest in and Lien lien upon, and hereby collaterally assigns to LenderAgent, all of Borrower's right, title and interest in and to each Deposit Account of Borrower and all in and to any deposits or other sums at any time credited to each such Deposit Account, including any sums in any blocked account or any special lockbox account and in the accounts in which sums are deposited from such blocked accounts and special lockbox accountsdeposited. In connection with the foregoing, Borrower hereby authorizes and directs each such bank or other depository to pay or deliver to Lender Agent upon its written demand therefor made at any time upon the occurrence and during the continuation of an Event of Default and without further notice to Borrower (such notice being hereby expressly waived), all balances in each Deposit Account maintained by Borrower with such depository for application to the Obligations then outstanding, and the rights given Lender Agent in this Section shall be cumulative with and in addition to LenderAgent's other rights and remedies in regard to the foregoing Property as proceeds of

Appears in 1 contract

Samples: Loan and Security Agreement (Metromedia International Group Inc)

Lien on Deposit Accounts. As additional security for the Full Payment payment and performance of the Obligations, each Borrower hereby grants to Lender a continuing security interest in and Lien upon, and hereby collaterally assigns to Lender, Lender all of such Borrower's right, title and interest in and to each Deposit Account of Borrower and all in and to any deposits or other sums at any time credited to each such Deposit Account, including any sums in any blocked account or any special lockbox account and in the accounts in which sums are deposited from and such blocked accounts and special lockbox accounts. In connection with the foregoing, each Borrower hereby authorizes and directs each such bank or other depository to pay or deliver to Lender upon its written demand therefor made at any time upon the occurrence and during the continuation of an Event of Default and without further notice to such Borrower (such notice being hereby expressly waived), all balances in each Deposit Account maintained by Borrower with such depository for application to the Obligations then outstanding, and the rights given Lender in this Section shall be cumulative with and in addition to Lender's other rights and remedies in regard to the foregoing Property as proceeds of

Appears in 1 contract

Samples: Loan and Security Agreement (Atlantic Premium Brands LTD)

Lien on Deposit Accounts. As additional security for the Full Payment payment and ------------------------ performance of the Obligations, Borrower hereby grants to Lender Agent, for the benefit of itself as Agent and for the Pro Rata benefit of Lenders, a continuing security interest in and Lien upon, and hereby collaterally assigns to LenderAgent, all of Borrower's right, title and interest in and to each Deposit Account and all any deposits or other sums at any time credited to each such Deposit Account, including any sums in any blocked account or any special lockbox account and in the accounts in which sums are deposited from and such blocked accounts and special lockbox accounts. In connection with the foregoing, Borrower hereby authorizes and directs each such bank or other depository to pay or deliver to Lender Agent upon its written demand therefor made at any time upon the occurrence and during the continuation of an Event of Default and without further notice to Borrower (such notice being hereby expressly waived), all balances in each Deposit Account maintained by such Borrower with such depository for application to the Obligations then outstanding, and the rights given Lender Agent in this Section shall be cumulative with and in addition to LenderAgent's other rights and remedies in regard to the foregoing Property as proceeds of

Appears in 1 contract

Samples: Loan and Security Agreement (Gulf States Steel Inc /Al/)

Lien on Deposit Accounts. As additional security for the Full Payment payment and performance of the Obligations, each Borrower hereby grants to Lender a continuing security interest in and Lien upon, upon and hereby collaterally assigns to Lender, Lender all of such Borrower's right, title and interest in and to each Deposit Account of Borrowers and all in and to any deposits or other sums at any time credited to each such Deposit Account, including any sums in any blocked account or any special lockbox account and in the accounts in which sums are deposited from such blocked accounts and special lockbox accountsdeposited. In connection with the foregoing, each Borrower hereby authorizes and directs each such bank or other depository to pay or deliver to Lender upon its written demand therefor made at any time upon the occurrence and during the continuation of an Event of Default and without further notice to such Borrower (such notice being hereby expressly waived), all balances in each Deposit Account maintained by Borrower Borrowers with such depository for application to the Obligations then outstanding, and the rights given Lender in this Section shall be cumulative with and in addition to Lender's other rights and remedies in regard to the foregoing Property as proceeds of

Appears in 1 contract

Samples: Loan and Security Agreement (Sed International Holdings Inc)

AutoNDA by SimpleDocs

Lien on Deposit Accounts. As additional security for the Full Payment payment and performance of the Obligations, Borrower hereby grants to Lender Agent, for the benefit of itself as Agent and for the Pro Rata benefit of Lenders, a continuing security interest in and Lien lien upon, and hereby collaterally assigns to LenderAgent, all of Borrower's right, title and interest in and to each Deposit Account of Borrower and all in and to any deposits or other sums at any time credited to each such Deposit Account, including all Pledged Cash and any sums in any blocked account or any special lockbox account and in the accounts in which sums are deposited from such blocked accounts and special lockbox accountsdeposited. In connection with the foregoing, Borrower hereby authorizes and directs each such bank or other depository to pay or deliver to Lender Agent upon its written demand therefor made at any time upon the occurrence and during the continuation of an Event of Default and without further notice to Borrower (such notice being hereby expressly waived), all balances in each Deposit Account maintained by Borrower with such depository for application to the Obligations then outstanding, and the rights given Lender Agent in this Section shall be cumulative with and in addition to LenderAgent's other rights and remedies in regard to the foregoing Property as proceeds of

Appears in 1 contract

Samples: Loan and Security Agreement (Amerigroup Corp)

Lien on Deposit Accounts. As additional security for the Full Payment payment and performance of the Obligations, Borrower hereby grants to Lender a continuing security interest in and Lien upon, and hereby collaterally assigns to Lender, all of Borrower's right, title and interest in and to each Deposit Account of Borrower and all in and to any deposits or other sums at any time credited to each such Deposit Account, including any sums in any blocked account or any special lockbox account and in the accounts in which sums are deposited from such blocked accounts and special lockbox accountsdeposited. In connection with the foregoing, Borrower hereby authorizes and directs each such bank or other depository to pay or deliver to Lender upon its written demand therefor made at any time upon the occurrence and during the continuation of an Event of Default and without further notice to Borrower (such notice being hereby expressly waived), all balances in each Deposit Account maintained by Borrower with such depository for application to the Obligations then outstanding, and the rights given Lender in this Section 6.2 shall be cumulative with and in addition to Lender's other rights and remedies in regard to the foregoing Property as proceeds of

Appears in 1 contract

Samples: Loan and Security Agreement (Tropical Sportswear International Corp)

Lien on Deposit Accounts. As additional security for the Full Payment and performance of the Obligations, Borrower hereby grants to Lender a continuing security interest in and Lien upon, and hereby collaterally assigns to Lender, all of Borrower's ’s right, title and interest in and to each Deposit Account and all deposits or other sums at any time credited to each such Deposit Account, including any sums in any blocked account or any special lockbox account and in the accounts in which sums are deposited from such blocked accounts and special lockbox accounts. In connection with the foregoing, Borrower hereby authorizes and directs each such bank or other depository to pay or deliver to Lender upon its written demand therefor made at any time upon the occurrence and during the continuation of an Event of Default and without further notice to Borrower (such notice being hereby expressly waived), all balances in each Deposit Account maintained by Borrower with such depository for application to the Obligations then outstandingoutstanding or as described in the Financing Orders, and the rights given Lender in this Section shall be cumulative with and in addition to Lender's ’s other rights and remedies in regard to the foregoing Property as proceeds ofof Collateral. Borrower hereby irrevocably appoints Lender as Borrower’s attorney-in-fact to collect any and all such balances to the extent any such payment is not made to Lender by such bank or other depository after demand thereon is made by Lender pursuant hereto.

Appears in 1 contract

Samples: Loan and Security Agreement (Elandia, Inc.)

Time is Money Join Law Insider Premium to draft better contracts faster.