Common use of Priorities of Security Interests; Rights Reserved by Bank Clause in Contracts

Priorities of Security Interests; Rights Reserved by Bank. Creditor agrees that nothing herein subordinates or waives, and that Bank expressly reserves, any and/or all of Bank’s present and future rights (whether described as rights of setoff, banker’s liens, chargeback or otherwise, and whether available to Bank under the law or under any other agreement between Bank and Customer concerning the Deposit Account) with respect to (a) items deposited to the Deposit Account and returned unpaid, whether for insufficient funds or for any other reason; (b) overdrafts on the Deposit Account; (c) automated clearing house entries; (d) any provisional credits granted by Bank to the Deposit Account; (e) claims of breach of the Uniform Commercial Code’s transfer or presentment warranties made against Bank in connection with items deposited to the Deposit Account; (f) Bank’s usual and customary charges for services rendered in connection with the Deposit Account; or (g) Only with respect to Account No. 8800057097, (the “Pledged Account”), any lien arising in connection with any loan or other credit relationship between Customer and Bank, which lien shall be subject to the provisions of the Subordination/ Intercreditor Agreement identified in Exhibit A hereto. Creditor agrees that notwithstanding receipt of Creditor’s Notice of Exclusive Control, subject to the terms and obligations in the Subordination/ Intercreditor Agreement listed in Exhibit A, Bank may exercise Bank’s rights and remedies in connection with any liens, security interests or claims it may have in or on the Deposit Account as described in this Section 6 provided that with respect to Bank’s exercise of remedies in connection with Customer’s reimbursement obligation to Bank under that certain Application for Cash Secured Standby Letter of Credit relating to the letter of credit issued to TriNet, as beneficiary, which reimbursement obligation is secured by the Pledged Account, Bank shall marshal the Pledged Account before seeking recourse against any other Deposit Account of Customer pledged by Customer to Bank.

Appears in 2 contracts

Samples: Loan and Security Agreement (ARYx Therapeutics, Inc.), Loan and Security Agreement (ARYx Therapeutics, Inc.)

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Priorities of Security Interests; Rights Reserved by Bank. Creditor agrees that nothing herein subordinates or waives, and that Bank expressly reserves, any and/or all of Bank’s 's present and future rights (whether described as rights right of setoff, banker’s 's liens, chargeback or otherwise, and whether available to Bank under the law or under any other agreement between Bank and Customer concerning the Deposit Account) with respect to (a) items deposited to the Deposit Account and returned unpaid, whether for insufficient funds or for any other reason; (b) overdrafts on the Deposit Account; (c) automated clearing house entries; (d) any provisional credits granted by Bank to the Deposit Account; (e) claims of breach of the Uniform Commercial Code’s 's transfer or presentment warranties made against Bank in connection with items deposited to the Deposit Account; (f) Bank’s 's usual and customary charges for services rendered in connection with the Deposit Account; or (g) Only with respect to Account No. 8800057097, (the “Pledged Account”), any lien arising in connection with any loan or other credit relationship between Customer and Bank, Bank which lien shall be subject to the provisions provision of the Subordination/ Intercreditor Agreement identified in Exhibit A hereto. Creditor agrees that notwithstanding receipt of Creditor’s 's Notice of Exclusive Control, subject to the terms and obligations in the Subordination/ Intercreditor Agreement listed in Exhibit A, Bank may exercise Bank’s 's rights and remedies in connection with any liens, security interests or claims it may have in or on the Deposit Account as described in this Section 6 provided that with respect to Bank’s exercise of remedies in connection with Customer’s reimbursement obligation to Bank under that certain Application for Cash Secured Standby Letter of Credit relating to the letter of credit issued to TriNet, as beneficiary, which reimbursement obligation is secured by the Pledged Account, Bank shall marshal the Pledged Account before seeking recourse against any other Deposit Account of Customer pledged by Customer to Bank6.

Appears in 1 contract

Samples: Accounts Receivable Financing Agreement (Arbinet Thexchange Inc)

Priorities of Security Interests; Rights Reserved by Bank. Creditor agrees that nothing herein subordinates or waives, and that Bank expressly reserves, any and/or all of Bank’s present and future rights (whether described as rights of setoff, banker’s liens, chargeback or otherwise, and whether available to Bank under the law or under any other agreement between Bank and Customer concerning the Deposit Account) with respect to (a) items deposited to the Deposit Account and returned unpaid, whether for insufficient funds or for any other reason; (b) overdrafts on the Deposit Account; (c) automated clearing house entries; (d) any provisional credits granted by Bank to the Deposit Account; (e) claims of breach of the Uniform Commercial Code’s transfer or presentment warranties made against Bank in connection with items deposited to the Deposit Account; (f) Bank’s usual and customary charges for services rendered in connection with the Deposit Account; or (g) Only with respect to Account No. 8800057097, (the “Pledged Account”), any lien arising in connection with any loan or other credit relationship between Customer and Bank, which lien shall be subject to the provisions of the Subordination/ Intercreditor Agreement identified in Exhibit A hereto. Creditor agrees that notwithstanding receipt of Creditor’s Notice of Exclusive Control, subject to the terms and obligations in the Subordination/ Intercreditor Agreement listed in Exhibit A, Bank may exercise Bank’s rights and remedies in connection with any liens, security interests or claims it may have in or on the Deposit Account as described in this Section 6 provided that with respect to Bank’s exercise of remedies in connection with Customer’s reimbursement obligation to Bank under that certain Application for Cash Secured Standby Letter of Credit relating to the letter of credit issued to TriNet, as beneficiary, which reimbursement obligation is secured by the Pledged Account, Bank shall marshal the Pledged Account before seeking recourse against any other 6. SVB Deposit Account of Customer pledged by Customer to Bank.Control Agreement 11/01/2003 2

Appears in 1 contract

Samples: Patent Mortgage and Security Agreement (Hemosense Inc)

Priorities of Security Interests; Rights Reserved by Bank. Creditor agrees that nothing herein subordinates or waives, and that Bank expressly reserves, any and/or all of Bank’s 's present and future rights (whether described as rights of setoff, banker’s 's liens, chargeback or otherwise, and whether available to Bank under the law or under any other agreement between Bank and Customer concerning the Deposit Account) with respect to (a) items deposited to the Deposit Account and returned unpaid, whether for insufficient funds or for any other reason; (b) overdrafts b)overdrafts on the Deposit Account; (c) automated clearing house entries; (d) any provisional credits granted by Bank to the Deposit Account; (e) claims of breach of the Uniform Commercial Code’s 's transfer or presentment warranties made against Bank in connection with items deposited to the Deposit Account; (f) Bank’s 's usual and customary charges for services rendered in connection with the Deposit Account; or (g) Only with respect to Account No. 8800057097, (the “Pledged Account”), any lien arising in connection with any loan or other credit relationship between Customer and Bank, which lien shall be subject to the provisions of the Subordination/ Subordination/Intercreditor Agreement identified in Exhibit A hereto. Creditor agrees that notwithstanding receipt of Creditor’s 's Notice of Exclusive Control, subject to the terms and obligations in the Subordination/ Subordination/Intercreditor Agreement listed in Exhibit A, Bank may exercise Bank’s 's rights and remedies in connection with any liens, security interests or claims it may have in or on the Deposit Account as described in this Section 6 provided that with respect to Bank’s exercise of remedies in connection with Customer’s reimbursement obligation to Bank under that certain Application for Cash Secured Standby Letter of Credit relating to the letter of credit issued to TriNet, as beneficiary, which reimbursement obligation is secured by the Pledged Account, Bank shall marshal the Pledged Account before seeking recourse against any other Deposit Account of Customer pledged by Customer to Bank6.

Appears in 1 contract

Samples: Control Agreement (Verso Technologies Inc)

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Priorities of Security Interests; Rights Reserved by Bank. Creditor agrees that nothing herein subordinates or waives, and that Bank expressly reserves, any and/or all of Bank’s 's present and future rights (whether described as rights of setoff, banker’s 's liens, chargeback or otherwise, and whether available to Bank under the law or under any other agreement between Bank and Customer concerning the Deposit Account) with respect to (a) items deposited to the Deposit Account and returned unpaid, whether for insufficient funds or for any other reason; (b) overdrafts on the Deposit Account; (c) automated clearing house entries; (d) any provisional credits granted by Bank to the Deposit Account; (e) claims of breach of the Uniform Commercial Code’s 's transfer or presentment warranties made against Bank in connection with items deposited to the Deposit Account; (f) Bank’s 's usual and customary charges for services rendered in connection with the Deposit Account; or (g) Only with respect to Account No. 8800057097, (the “Pledged Account”), any lien arising in connection with any loan or other credit relationship between Customer and Bank, which lien shall be subject to the provisions of the Subordination/ Intercreditor Agreement identified in Exhibit A hereto. Creditor agrees that notwithstanding receipt of Creditor’s 's Notice of Exclusive Control, subject to the terms and obligations in the Subordination/ Intercreditor Agreement listed in Exhibit A, Bank may exercise Bank’s 's rights and remedies in connection with any liens, security interests or claims it may have in or on the Deposit Account as described in this Section 6 provided that with respect to Bank’s exercise of remedies in connection with Customer’s reimbursement obligation to Bank under that certain Application for Cash Secured Standby Letter of Credit relating to the letter of credit issued to TriNet, as beneficiary, which reimbursement obligation is secured by the Pledged Account, Bank shall marshal the Pledged Account before seeking recourse against any other Deposit Account of Customer pledged by Customer to Bank6.

Appears in 1 contract

Samples: Loan and Security Agreement (NovaCardia Inc)

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