Deposit Collateral. The Borrower, each Guarantor and each Subsidiary hereby grant to the Agent and any Agent Affiliate a continuing lien and security interest in any and all deposits or other sums at any time credited by or due from the Agent or any Agent Affiliate to the Borrower, any Guarantor or any Subsidiary, as the case may be, and any cash, securities, instruments or other property of the Borrower, each Subsidiary and each Guarantor in the possession of the Agent or any Agent Affiliate, whether for safekeeping or otherwise, or in transit to or from the Agent or any Agent Affiliate (regardless of the reason the Agent or Agent Affiliate had received the same or whether the Agent or Agent Affiliate has conditionally released the same) as security for the full and punctual payment and performance of all of the liabilities and obligations of the Borrower to the Agent or any Agent Affiliate and such deposits and other sums may be applied or set off against such liabilities and obligations of the Loan Parties to the Agent or any Agent Affiliate at any time, whether or not such are then due, whether or not demand has been made and whether or not other collateral is then available to the Agent or any Agent Affiliate.
Appears in 2 contracts
Sources: Loan and Security Agreement (Newtek Business Services Corp.), Loan and Security Agreement (Newtek Business Services Corp.)