Common use of Right of Setoff; Other Collateral Clause in Contracts

Right of Setoff; Other Collateral. (a) Upon the occurrence and during the continuance of an Event of Default, the Bank is hereby authorized at any time and from time to time without notice to the City (any such notice being expressly waived by the City), and to the fullest extent permitted by law, to setoff, to exercise any banker’s lien or any right of attachment and to apply any and all balances, credits, deposits (general or special, time or demand, provisional or final), accounts or monies of the Enterprise at any time held by the Bank which secures (A) Indebtedness of the City secured by a Lien on General Airport Revenues on a parity with or subordinate to the Lien on General Airport Revenues securing the Payment Obligations hereunder or Indebtedness of the City payable from General Airport Revenues on a priority which is on a parity with or subordinate to Payment Obligations hereunder, or (B) Indebtedness at any time owing by the Bank to or for the account of the City which the payment by the Bank to the City would constitute General Airport Revenues which would secure Indebtedness of the City secured by a Lien on General Airport Revenues on a parity with or subordinate to the Lien on General Airport Revenues securing the Payment Obligations hereunder (irrespective of the currency in which such accounts, monies or Indebtedness may be denominated and the Bank is authorized to convert such accounts, monies and Indebtedness into United States dollars) against any and all of the obligations of the City in respect of the Enterprise hereunder, whether or not the Bank shall have made any demand hereunder or thereunder. Notwithstanding anything set forth herein to the contrary, no provision of this Section 11.6 shall be effective to the extent it contravenes any provision of the Master Bond Resolution or the Issuing and Paying Agent Agreement.

Right of Setoff; Other Collateral. (a) Upon the occurrence and during the continuance of an Event of Default, the Bank is hereby authorized at any time and from time to time without notice to the City (any such notice being expressly waived by the City), and to the fullest extent permitted by law, to setoff, to exercise any banker’s lien or any right of attachment and to apply any and all (A) balances, credits, deposits (general or special, time or demand, provisional or final), accounts or monies of the Enterprise at any time held by the Bank which secures (A) Indebtedness of the City secured by a Lien on General Airport Revenues on a parity with or subordinate to the Lien on General Airport Revenues securing the Payment Obligations hereunder or Indebtedness of the City payable from General Airport Revenues on a priority which is on a parity with or subordinate to Payment Obligations hereunder, or (B) Indebtedness at any time owing by the Bank to or for the account of the City which the payment by the Bank to the City would constitute General Airport Revenues which would secure Indebtedness of the City secured by a Lien on General Airport Revenues on a parity with or subordinate to the Lien on General Airport Revenues securing the Payment Obligations hereunder (irrespective of the currency in which such accounts, monies or Indebtedness may be denominated and the Bank is authorized to convert such accounts, monies and Indebtedness into United States dollars) against any and all of the obligations of the City in respect of the Enterprise hereunder, whether or not the Bank shall have made any demand hereunder or thereunder. Notwithstanding anything set forth herein to the contrary, no provision of this Section 11.6 10.6 shall be effective to the extent it contravenes any provision of the Master Bond Resolution or the Issuing and Paying Agent Agreement, and no provision of this Section 10.6 shall relieve the Bank of its obligation to honor properly presented and conforming Drawing certificates under the Letter of Credit.

Right of Setoff; Other Collateral. (a) Upon the occurrence and during the continuance of an Event of Default, the Bank is hereby authorized at any time and from time to time without notice to the City (any such notice being expressly waived by the City), and to the fullest extent permitted by law, to setoff, to exercise any banker’s lien or any right of attachment and to apply any and all balances, credits, deposits (general or special, time or demand, provisional or final), accounts or monies of the Enterprise at any time held by the Bank which secures (A) Indebtedness of the City secured by a Lien on General Airport Revenues on a parity with or subordinate to the Lien on General Airport Revenues securing the Payment Obligations hereunder or Indebtedness of the City payable from General Airport Revenues on a priority which is on a parity with or subordinate to Payment Obligations hereunder, hereunder or (B) Indebtedness at any time owing by the Bank to or for the account of the City which the payment by the Bank to the City would constitute General Airport Revenues which would secure Indebtedness of the City secured by a Lien on General Airport Revenues on a parity with or subordinate to the Lien on General Airport Revenues securing the Payment Obligations hereunder (irrespective of the currency in which such accounts, monies or Indebtedness may be denominated and the Bank is authorized to convert such accounts, monies and Indebtedness into United States dollars) against any and all of the obligations of the City in respect of the Enterprise hereunder, whether or not the Bank shall have made any demand hereunder or thereunder. Notwithstanding anything set forth herein to the contrary, no provision of this Section 11.6 shall be effective to the extent it contravenes any provision of the Master Bond Resolution or the Issuing and Paying Agent Agreement.