Security; Setoff Sample Clauses
The 'Security; Setoff' clause allows one party to use assets or funds held as security to cover amounts owed by the other party, and to offset mutual debts between the parties. In practice, if one party defaults or owes money, the other can apply any collateral or security deposits to satisfy the outstanding obligation, or deduct what is owed from amounts it otherwise would pay. This clause ensures that parties have a clear mechanism to recover debts and minimize credit risk, providing financial protection and reducing the likelihood of unresolved payment disputes.
Security; Setoff. Each Guarantor grants to the Lender, as security for the full and punctual payment and performance of all of such Guarantor’s obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to such Guarantor now or hereafter held by the Lender and in all deposits (general or special, time or demand, provisional or final) and other sums credited by or due from the Lender to such Guarantor or subject to withdrawal by such Guarantor. Regardless of the adequacy of any collateral security or other means of obtaining payment of any of the Obligations, the Lender is hereby authorized at any time and from time to time, without notice to any Guarantor (any such notice being expressly waived by each Guarantor) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the obligations of each Guarantor under this Guaranty, whether or not the Lender shall have made any demand under this Guaranty and although such obligations may be contingent or unmatured.
Security; Setoff. The Guarantor grants to each of the Agent and the ---------------- Banks, as security for the full and punctual payment and performance of all of the Guarantor's obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to the Guarantor now or hereafter held by the Agent or such Bank and in all deposits (general or special, time or demand, provisional or final) and other sums credited by or due from the Agent or such Bank to the Guarantor or subject to withdrawal by the Guarantor. Regardless of the adequacy of any collateral security or other means of obtaining payment of any of the Obligations, each of the Agent and the Banks is hereby authorized at any time and from time to time, without notice to the Guarantor (any such notice being expressly waived by the Guarantor) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the obligations of the Guarantor under this Guaranty, whether or not the Agent or such Bank shall have made any demand under this Guaranty and although such obligations may be contingent or unmatured.
Security; Setoff. The Guarantor grants to each of the Administrative Agent and the Lenders, as security for the full and punctual payment and performance of all of the Guarantor’s obligations hereunder, a right of setoff , upon and against, all securities or other property belonging to the Guarantor now or hereafter held by the Administrative Agent or such Lender and in all deposits (general or special, time or demand, provisional or final) and other sums credited by or due from the Administrative Agent or such Lender to the Guarantor or subject to withdrawal by the Guarantor. Regardless of the adequacy of any collateral security (if any) or other means of obtaining payment of any of the Obligations, if any Event of Default shall have occurred, each of the Administrative Agent and the Lenders is hereby authorized, without notice to the Guarantor (any such notice being expressly waived by the Guarantor) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the obligations of the Guarantor under this Guaranty, whether or not the Administrative Agent or such Lender shall have made any demand under this Guaranty.
Security; Setoff. Each of the Guarantors grants to each of the Agent, the Issuing Bank and the Lenders, as security for the full and punctual payment and performance of all of the Guarantors' obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to each such Guarantor now or hereafter held by such Agent, the Issuing Bank or such Lender and in all deposits (general or special, time or demand, provisional or final) and other sums credited by or due from such Agent, the Issuing Bank or such Lender to such Guarantor or subject to withdrawal by such Guarantor. Regardless of the adequacy of any collateral security or other means of obtaining payment of any of the Obligations, each of the Agent, the Issuing Bank and the Lenders is hereby authorized at any time and from time to time, without notice to any of the Guarantors (any such notice being expressly waived by each of the Guarantors) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the obligations of such Guarantor under this Guaranty, whether or not such Agent, the Issuing Bank or such Lender shall have made any demand under this Guarantee and although such obligations may be contingent or unmatured.
Security; Setoff. Regardless of the adequacy of any collateral security or other means of obtaining payment of any of the Obligations, each of the Agent and the other Secured Parties is hereby authorized at any time during an Event of Default, without notice to the New Guarantor (any such notice being expressly waived by the New Guarantor) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the accrued and unpaid obligations of the New Guarantor under this Guaranty, whether or not the Agent or such other Secured Party shall have made any demand under this Guaranty.
Security; Setoff. This Guaranty is secured by the property described in any security agreement, pledge agreement, mortgage or other collateral security document which Guarantor has heretofore or may from time to time hereafter execute and deliver to Bank to secure any obligations of Guarantor to Bank. Bank at all times and from time to time shall have the right to require Guarantor to deliver to Bank as security for the Obligations of Guarantor hereunder, collateral security, original or additional, satisfactory to Bank. Guarantor hereby authorizes Bank, at any time and from time to time, without notice, which is hereby expressly waived by Guarantor, and whether or not an Event of Default (as defined below) shall have occurred or Bank shall have declared the Obligations to be due and payable in accordance with the terms hereof (i) to set off against, and to appropriate and apply to the payment of Guarantor’s obligations and liabilities under this Guaranty (whether matured or unmatured, fixed or contingent, liquidated or unliquidated), any and all amounts owing by Bank to Guarantor (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 (ii) pending any such action, to the extent necessary, to hold such amounts as collateral to secure such obligations and liabilities and to return as unpaid for insufficient funds any and all checks and other items drawn against any deposits so held as Bank, in its sole discretion, may elect. Guarantor hereby grants to Bank a security interest in all deposits and accounts maintained with Bank, together with all other personal property of Guarantor (including without limitation all money, accounts, general intangibles, goods, instruments, documents and chattel paper) which, or evidence of which, are now or at any time in the future shall come into the possession or under the control of or be in transit to Bank or any of its nominees or agents for any purpose, whether or not accepted for the purposes for which it was delivered, to secure the payment of all obligations and liabilities of Guarantor to Bank under this Guaranty. Every such right of setoff shall be deemed to have been exercised immediately upon the occurrence of an Event of Default hereunder without any action of Bank, although Bank may enter such setoff on its books and records at a later time. No failure by Bank to file...
Security; Setoff. Each Guarantor grants to each of the Agent and the Canadian Facility Secured Parties, as security for the full and punctual payment and performance of all of the Guarantor’s obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to such Guarantor now or hereafter held by the Agent or such Canadian Facility Secured Party and in all deposits (general or special, time or demand, provisional or final) and other sums credited by or due from the Agent or such Canadian Facility Secured Party to any Guarantor or subject to withdrawal by any Guarantor. Regardless of the adequacy of any collateral security or other means of obtaining payment of any of the Canadian Facility Obligations, each of the Agent and the Canadian Facility Secured Parties is hereby authorized at any time and from time to time, without notice to any Guarantor (any such notice being expressly waived by each Guarantor) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the obligations of any Guarantor under this Guarantee, whether or not the Agent or such Canadian Facility Secured Party shall have made any demand under this Guarantee and although such obligations may be contingent or unmatured.
Security; Setoff. Each Guarantor grants to each of the Administrative Agent and the Lenders, as security for the full and punctual payment and performance of all of such Guarantor’s obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to such Guarantor now or hereafter held by the Administrative Agent or such Lender and in all deposits (general or special, time or demand, provisional or final) and other sums credited by or due from the Administrative Agent or such Lender to such Guarantor or subject to withdrawal by such Guarantor. Regardless of the adequacy of any collateral security or other means of obtaining payment of any of the Obligations, each of the Administrative Agent and the Lenders is hereby authorized at any time and from time to time, without notice to any Guarantor (any such notice being expressly waived by each Guarantor) and to the fullest extent permitted by law, to set off and apply such deposits and other sums against the obligations of such Guarantor under this Guaranty, whether or not the Administrative Agent or such Lender shall have made any demand under this Guaranty and although such obligations may be contingent or unmatured.
Security; Setoff. The Guarantor hereby grants to the Bank, as security for the full and punctual payment and performance of the Guarantor’s obligations hereunder, a continuing lien on and security interest in all deposits and other sums credited by or due from the Bank to the Guarantor or subject to withdrawal by the Guarantor. Regardless of the adequacy of any collateral or other means of obtaining repayment of the Obligations, the Bank may at any time upon or after the occurrence of any Event of Default, and without notice to the Guarantor, set off the whole or any portion or portions of any or all such deposits and other sums credited by or due from the Bank to the Guarantor or subject to withdrawal by the Guarantor against amounts payable under this Guaranty, whether or not any other person or persons could also withdraw money therefrom. The Guarantor agrees, to the fullest extent it may effectively do so under applicable law, that any holder of a participation in a Loan, whether or not acquired pursuant to the terms of the Loan Agreement or the Floor Plan, may exercise rights of set-off or counterclaim and other rights with respect to such participation as fully as if such holder of a participation were a direct creditor of the Guarantor in the amount of such participation.
Security; Setoff. Each Guarantor grants to the Lenders, as security for the full and punctual payment and performance of such Guarantor's obligations hereunder, a continuing lien on and security interest in all securities or other property belonging to such Guarantor now or hereafter held by the Lenders or any of their lending affiliates or any Lender acting as a participant under any loan agreement between any Customer and Lenders, and in all deposits and other sums credited by or due from the Lenders or any of their lending affiliates or any Lender acting as a participant under any loan agreement between any Customer and Lenders, to such Guarantor or subject to withdrawal by such Guarantor; and regardless of the adequacy of any collateral or other means of obtaining repayment of the Obligations, each Lender may at any time and without notice to such Guarantor set off the whole or any portion or portions of any or all such deposits and other sums against amounts payable under this Guaranty, whether or not any other person or persons could also withdraw money therefrom.