Common use of Other Loans Clause in Contracts

Other Loans. Agent may engage in other business with Obligors as if it ----- ----------- were not performing the duties specified herein, and may accept fees and other consideration from Obligors for services in connection therewith without having to account for the same to the Lenders. In the event that any Lender obtains collateral (which does not secure the Revolver under the terms of the Loan Documents) to secure any other loan or credit accommodation extended by such Lender to an Obligor and such other collateral also secures any of the Lender Indebtedness, such Lender may apply the proceeds of such other collateral towards payment of all other obligations of such Obligor to such Lender before applying any proceeds thereof to any Lender Indebtedness for the pro rata benefit of the Lenders. Notwithstanding the foregoing, any items or funds against which a Lender or Lender Affiliate exercises a right of set-off or turnover under SECTION 13.3 of this Agreement shall be applied toward the Lender ------------ Indebtedness. In the event that any Lender extends credit accommodations to an Obligor other than in connection with the transactions contemplated in this Agreement, and such credit accommodations are secured by any collateral hereafter obtained for the Revolver, such Lender agrees that all proceeds of such collateral shall be used first to pay all Lender Indebtedness incurred in connection with the transaction contemplated in this Agreement.

Appears in 1 contract

Samples: Loan Agreement (Specialty Products & Insulation Co)

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Other Loans. Agent may engage in other business with Obligors any Borrower as if it ----- ----------- were not performing the duties specified herein, and may accept fees and other consideration from Obligors any Borrower for services in connection therewith without having to account for the same to the Lenders. In the event that any Lender obtains collateral (which does not secure other than the Revolver under the terms of the Loan DocumentsCollateral described in this Agreement) to secure any other loan or credit accommodation extended by such Lender to an Obligor any Borrower and such other collateral also secures any of the Lender Indebtedness, such Lender may apply the proceeds of such other collateral towards payment of all other obligations of such Obligor Borrower to such Lender before applying any proceeds thereof to any Lender Indebtedness for the pro rata benefit of the Lenders. Notwithstanding the foregoing, any items or funds against which a Lender or Lender Affiliate exercises a right of set-off or turnover under SECTION 13.3 Section 15.5 of this Agreement shall be applied toward the Lender ------------ Indebtedness. In the event that any Lender extends credit accommodations to an Obligor any Borrower other than in connection with the transactions contemplated in this Agreement, and such credit accommodations are secured by any collateral hereafter obtained for the RevolverCollateral, such Lender agrees that all proceeds of such collateral the Collateral shall be used first to pay all Lender Indebtedness incurred in connection with the transaction contemplated in this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Nobel Education Dynamics Inc)

Other Loans. Agent may engage in other business with Obligors any Obligor as if it ----- ----------- were not performing the duties specified herein, and may accept fees and other consideration from Obligors any Obligor for services in connection therewith without having to account for the same to the Lenders. In the event that any Lender obtains collateral (which does not secure other than the Revolver under the terms of the Loan DocumentsCollateral described in this Agreement) to secure any other loan or credit accommodation extended by such Lender to an any Obligor and such other collateral also secures any of the Lender Indebtedness, such Lender may apply the proceeds of such other collateral towards payment of all other obligations of such Obligor to such Lender before applying any proceeds thereof to any Lender Indebtedness for the pro rata benefit of the Lenders. Notwithstanding the foregoing, any items or funds against which a Lender or Lender Affiliate exercises a right of set-off or turnover under SECTION 13.3 Sections 13.5 and 13.6 of this Agreement shall be applied toward the Lender ------------ Indebtedness. In the event that any Lender extends credit accommodations to an any Obligor other than in connection with the transactions contemplated in this Agreement, and such credit accommodations are secured by any collateral hereafter obtained for the RevolverCollateral, such Lender agrees that all proceeds of such collateral the Collateral shall be used first to pay all Lender Indebtedness incurred in connection with the transaction contemplated in this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Hooper Holmes Inc)

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Other Loans. Agent and each Lender may engage in other business with Obligors as if it ----- ----------- were not performing the duties specified herein, and may accept fees and other consideration from Obligors for services in connection therewith without having to account for the same to the Lenders. In the event that any Lender obtains collateral (which does not secure other than the Revolver under the terms of the Loan DocumentsCollateral described in this Agreement) to secure any other loan or credit accommodation extended by such Lender to an Obligor and such other collateral also secures any of the Lender Indebtedness, such Lender may apply the proceeds of such other collateral towards payment of all other obligations of such Obligor to such Lender before applying any proceeds thereof to any Lender Indebtedness for the pro rata benefit of the Lenders. Notwithstanding the foregoing, any items or funds against which a Lender or Lender Affiliate exercises a right of set-off or turnover under SECTION Section 13.3 of this Agreement shall be applied toward the Lender ------------ Indebtedness. In the event that any Lender extends credit accommodations to an Obligor other than in connection with the transactions contemplated in this Agreement, and such credit accommodations are secured by any collateral hereafter obtained for the RevolverCollateral, such Lender agrees that all proceeds of such collateral the Collateral shall be used first to pay all Lender Indebtedness incurred in connection with the transaction contemplated in this Agreement; provided, however, that the foregoing is expressly inapplicable to the CoreStates Line which shall share with the Credit Facilities a pari passu lien on the Collateral.

Appears in 1 contract

Samples: Loan Agreement (JPM Co)

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