Common use of Lien and Right of Setoff Clause in Contracts

Lien and Right of Setoff. Each Obligor hereby grants to Lender a lien, security interest and right of setoff as security for all liabilities and obligations to Lender or any other lender under the Loan and Security Agreement, whether now existing or hereafter arising, upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Lender or any entity under common control with Lender, or in transit to any of them. At any time, without demand or notice, Lender may, if an event which constitutes or which with notice or lapse of time, or both, would constitute an Event of Default under this Note, the Loan and Security Agreement or any of the other Loan Documents has occurred and is continuing, set off the same or any part thereof and apply the same to any liability or obligation of any Obligor to Lender or any other lender under the Loan and Security Agreement even though unmatured and regardless of the adequacy of any other collateral securing the Loans. ANY AND ALL RIGHTS TO REQUIRE LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE LOANS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF ANY OBLIGOR, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.