Common use of RIGHT OF SETOFF; DEPOSIT ACCOUNTS Clause in Contracts

RIGHT OF SETOFF; DEPOSIT ACCOUNTS. Upon and after the occurrence of an Event of Default, (a) Borrower hereby authorizes Agent and each Lender, acting on its behalf or on behalf of any Lender, at any time and from time to time, without notice, which is hereby expressly waived by Borrower, and whether or not Agent or any Lender shall have declared any credit subject hereto to be due and payable in accordance with the terms hereof, to set off against, and to appropriate and apply to the payment of, Borrower's obligations and liabilities under the Loan Documents (whether matured or unmatured, fixed or contingent, liquidated or unliquidated), any and all amounts owing by Agent or any Lender to Borrower (whether payable in U.S. dollars or any other currency, whether matured or unmatured, and in the case of deposits, whether general or special (except trust and escrow accounts), time or demand and however evidenced), and (b) pending any such action, to the extent necessary, to hold such amounts as collateral to secure such obligations and liabilities. Borrower hereby grants to Agent and each Lender a security interest in all deposits and accounts maintained with Agent or any Lender and with any financial institution to secure the payment of all obligations and liabilities of Borrower to Agent and each Lender under the Loan Documents.

RIGHT OF SETOFF; DEPOSIT ACCOUNTS. Upon and after the occurrence of an Event of Default, (ai) Borrower hereby authorizes Agent and each Lender, acting on its behalf or on behalf of any Lender, at any time and from time to time, without notice, which is hereby expressly waived by Borrower, and whether or not Agent or any Lender shall have declared any credit subject hereto this Note to be due and payable in accordance with the terms hereof, to set off against, and to appropriate and apply to the payment of, Borrower's obligations and liabilities under the Loan Documents this Note (whether matured or unmatured, fixed or contingent, liquidated or unliquidated), any and all amounts owing by Agent or any Lender to Borrower (whether payable in U.S. dollars or any other currency, whether matured or unmatured, and in the case of deposits, whether general or special (except trust and escrow accounts), time or demand and however evidenced), and (bii) pending any such action, to the extent necessary, to hold such amounts as collateral to secure such obligations and liabilities. Borrower hereby grants to Agent and each Lender a security interest in all deposits and accounts maintained with Agent or any Lender and with any financial institution to secure the payment of all obligations and liabilities of Borrower to Agent and each or Lender under the Loan Documentsthis Note.