Common use of Setoff; Property Held by Secured Party Clause in Contracts

Setoff; Property Held by Secured Party. Subject to the terms of the Subordination Agreement, Secured Party shall have the right to set off and apply against the Obligations, at any time and without notice to any Debtor, any and all deposits (general or special, time or demand, provisional or final) or other sums at any time credited by or owing from Secured Party to such Debtor whether or not the Obligations are then due. As additional security for the Obligations, each Debtor hereby grants Secured Party a security interest in all money, instruments, and other property of such Debtor now or hereafter held by Secured Party, including, without limitation, property held in safekeeping. In addition to Secured Party's right of setoff and as further security for the Obligations, each Debtor hereby grants Secured Party a security interest in all deposits (general or special, time or demand, provisional or final) and other accounts of such Debtor now or hereafter on deposit with or held by Secured Party and all other sums at any time credited by or owing from Secured Party to such Debtor. The rights and remedies of Secured Party hereunder are in addition to other rights and remedies (including, without limitation, other rights of setoff) which Secured Party may have.

Setoff; Property Held by Secured Party. Subject to the terms provisions of the Subordination Credit Agreement, which shall control over any contrary provisions in this Section, Secured Party shall have the right to set off and apply against the Obligations, at any time and without notice to any Debtor, any and all deposits (general or special, time or demand, provisional or final) or other sums at any time credited by or owing from Secured Party to such Debtor whether or not the Obligations are then dueDebtor. As additional security for the Obligations, each Debtor hereby grants Secured Party a security interest in all money, instruments, and other property of such Debtor now or hereafter held by Secured Party, including, including without limitation, property held in safekeeping. In addition to Secured Party's right of setoff and as further security for the Obligations, each Debtor hereby grants Secured Party a security interest in all deposits (general or special, time or demand, provisional or final) and other accounts of such Debtor now or hereafter on deposit with or held by Secured Party and all other sums at any time credited by or owing from Secured Party to such Debtor. The rights and remedies of Secured Party hereunder are in addition to other rights and remedies (including, without limitation, other rights of setoff) which Secured Party may have.

Setoff; Property Held by Secured Party. Subject to the terms of the Subordination Agreement, Secured Party shall have the right to set off and apply against the Obligations, at any time and without notice to any DebtorPledgor, any and all deposits (general or special, time or demand, provisional or final) or other sums at any time credited by or owing from Secured Party or any Lender to such Debtor Pledgor whether or not the Obligations are then due. As additional security for the Obligations, each Debtor Pledgor hereby grants to Secured Party Party, for the ratable benefit of the Lenders, a security interest in all money, instruments, and other property of such Debtor Pledgor now or hereafter held by Secured PartyParty or any Lender, including, without limitation, property held in safekeeping. In addition to Secured Party's and the Lenders' right of setoff and as further security for the Obligations, each Debtor Pledgor hereby grants to Secured Party Party, for the Craftmade International, Inc. Amended and Restated Pledge Agreement 8 125 ratable benefit of the Lenders, a security interest in all deposits (general or special, time or demand, provisional or final) and other accounts of such Debtor Pledgor now or hereafter on deposit maintained with or held by Secured Party or any Lender and all other sums at any time credited by or owing from Secured Party or any Lender to such DebtorPledgor. The rights and remedies of Secured Party and the Lenders hereunder are in addition to other rights and remedies (including, including without limitation, limitation other rights of setoff) which Secured Party and the Lenders may have.

Setoff; Property Held by Secured Party. Subject to the terms of the Subordination Agreement, Secured Party shall have the right to set off and apply against the Obligations, at any time and without notice to any DebtorPledgor during the continuance of an Event of Default, any and all deposits (general or special, time or demand, provisional or finalother than special deposits such as payroll and tax deposits) or other sums at any time credited by or owing from Secured Party to such Debtor Pledgor whether or not the Obligations are then due. As additional security for the Obligations, each Debtor Pledgor hereby grants Secured Party a security interest in all money, instruments, and other property of such Debtor Pledgor now or hereafter held by Secured Party, including, without limitation, property held in safekeeping. In addition to Secured Party's right of setoff and as further security for the Obligations, each Debtor Pledgor hereby grants Secured Party a security interest in all deposits (general or special, time or demand, provisional or finalother than special deposits such as payroll and tax deposits) and other accounts of such Debtor Pledgor now or hereafter on deposit maintained with or held by Secured Party and all other sums at any time credited by or owing from Secured Party to such DebtorPledgor. The rights and remedies of Secured Party hereunder are in addition to other rights and remedies (including, without limitation, other rights of setoff) which Secured Party may have.

Setoff; Property Held by Secured Party. Subject to the terms of the Subordination Agreement, Secured Party shall have the right to set off and apply against the Obligations, at any time and without notice to any DebtorPledgor, any and all deposits (general or special, time or demand, provisional or final) or other sums at any time credited by or owing from Secured Party to such Debtor Pledgor whether or not the Obligations are then due. As additional security for the Obligations, each Debtor Pledgor hereby grants Secured Party a security Craftmade International, Inc. Pledge Agreement 7 65 interest in all money, instruments, and other property of such Debtor Pledgor now or hereafter held by Secured Party, including, without limitation, property held in safekeeping. In addition to Secured Party's right of setoff and as further security for the Obligations, each Debtor Pledgor hereby grants Secured Party a security interest in all deposits (general or special, time or demand, provisional or final) and other accounts of such Debtor Pledgor now or hereafter on deposit maintained with or held by Secured Party and all other sums at any time credited by or owing from Secured Party to such DebtorPledgor. The rights and remedies of Secured Party hereunder are in addition to other rights and remedies (including, including without limitation, limitation other rights of setoff) which Secured Party may have.

Setoff; Property Held by Secured Party. Subject to the terms provisions of the Subordination Intercreditor Agreement, Secured Party shall have the right to set off and apply against the Obligations, at any time and without notice to any Debtor, any and all deposits (general or special, time or demand, provisional or final) or other sums at any time credited by or owing from Secured Party to such Debtor whether or not the Obligations are then due. As additional security for the Obligations, each Debtor hereby grants Secured Party a security interest in all money, instruments, instruments and other property of such Debtor now or hereafter held by Secured Party, including, including without limitation, property held in safekeeping. In addition to Secured Party's right of setoff and as further security for the Obligations, each Debtor hereby grants Secured Party a security interest in all deposits (general or special, time or demand, provisional or final) and other accounts of such Debtor now or hereafter on deposit deposited with or held by Secured Party and all other sums at any time credited by or owing from Secured Party to such Debtor. The rights and remedies of Secured Party hereunder are in addition to other rights and remedies (including, without limitation, other rights of setoff) which Secured Party may have.