Common use of Security Agreement in Accounts and Setoff Clause in Contracts

Security Agreement in Accounts and Setoff. As additional security for the payment of all of the Obligations, each Borrower grants to the Agent, each Bank and each holder of a Note a security interest in, a lien on, and an express contractual right to set off against, each deposit account and all deposit account balances, cash and any other property of such Borrower now or hereafter maintained with, or in the possession of, the Agent, such Bank or such other holder of a Note. Upon the occurrence and during the continuance of any Event of Default, upon written direction by the Agent to such effect, the Agent, each such Bank and each such holder of a Note may: (a) refuse to allow withdrawals from any such deposit account; (b) apply the amount of such deposit account balances and the other assets of such Borrower described above to the Obligations of such Borrower; and (c) offset any other obligation of the Agent, such Bank or such holder of a Note due to such Borrower against the Obligations of such Borrower; all whether or not the Obligations are then due or have been accelerated and all without any advance or contemporaneous notice or demand of any kind to the Company, such notice and demand being expressly waived.

Security Agreement in Accounts and Setoff. As additional security for the payment of all of the Obligations, each the Borrower grants to the Agent, each Bank and each holder of a Note a security interest in, a lien on, and an express contractual right to set off against, each deposit account and all deposit account balances, cash and any other property of such the Borrower now or hereafter maintained with, or in the possession of, the Agent, such Bank or such other holder of a Note. Upon the occurrence and during the continuance of any Event of Default, upon written direction by the Agent to such effect, the Agent, each such Bank and each such holder of a Note may: (a) refuse to allow withdrawals from any such deposit account; (b) apply the amount of such deposit account balances and the other assets of such the Borrower described above to the Obligations of such BorrowerObligations; and (c) offset any other obligation of the Agent, such Bank or such holder of a Note due to such Borrower against the Obligations of such BorrowerObligations; all whether or not the Obligations are then due or have been accelerated and all without any advance or contemporaneous notice or demand of any kind to the CompanyBorrower, such notice and demand being expressly waived.

Security Agreement in Accounts and Setoff. As additional security for the payment of all of the Obligations, each the Borrower grants to the Agent, each Bank and each holder of a Note a security interest in, a lien on, and an express contractual right to set off against, each deposit account and all deposit account balances, cash and any other property of such the Borrower now or hereafter maintained with, or in the possession of, the Agent, such Bank or such other holder of a Note. Upon the occurrence and during the continuance of any Event of Default, upon written direction by the Agent to such effect, the Agent, each such Bank and each such holder of a Note may: (a) refuse to allow withdrawals from any such deposit account; (b) apply the amount of such deposit account balances and the other assets of such the Borrower described above to the Obligations of such BorrowerObligations; and (c) offset any other obligation of the Agent, such Bank or such holder of a Note due to such Borrower against the Obligations of such BorrowerObligations; all whether or not the Obligations are then due or have been accelerated and all without any advance or contemporaneous notice or demand of any kind to the CompanyBorrower, such notice and demand being expressly waived. Each of the Agent and the Banks agrees to notify the Borrower promptly after any such setoff and application.

Security Agreement in Accounts and Setoff. As additional security for the payment of all of the Indebtedness of the Borrower owed to the Bank or any other holder of the Notes (the "Obligations"), each the Borrower grants to the Agent, each Bank and each any such holder of a Note the Notes a security interest in, a lien on, and an express contractual right to set off against, each deposit account and all deposit account balances, cash and any other property of such the Borrower now or hereafter maintained with, or in the possession of, the Agent, such Bank or such other holder of a Notethe Notes. Upon the occurrence and during the continuance of any Event of Default, upon written direction by the Agent Default (without regard to such effectany grace or waiting periods), the Agent, each such Bank and each or such holder of a Note the Notes may: (a) refuse to allow withdrawals from any such deposit account; (b) apply the amount of such deposit account balances and the other assets of such the Borrower described above to the Obligations of such BorrowerObligations; and (c) offset any other obligation of the Agent, such Bank or such holder of a Note due to such Borrower the Notes against the Obligations of such BorrowerObligations; all whether or not the Obligations are then due or have been accelerated and all without any advance or contemporaneous notice or demand of any kind to the CompanyBorrower, such notice and demand being expressly waived.