Set Off Right. Lender may set off and apply to the Obligations any and all indebtedness at any time owing to or for the credit or the account of Borrower or any other assets of Borrower in Lender’s possession or control.
Set Off Right. Collateral Agent and each Lender may set off and apply to the Obligations any and all Indebtedness at any time owing to or for the credit or the account of Borrower or any other assets of Borrower in Collateral Agent’s or such Lender’s possession or control.
Set Off Right. Lenders may set off and apply to the Obligations any and all indebtedness at any time owing to or for the credit or the account of Borrower or any other assets of Borrower in Lenders’ possession or control.
Set Off Right. Upon the occurrence and during the continuance of any Event of Default, Lender may set off and apply to the Obligations any and all indebtedness at any time owing to or for the credit or the account of Borrower or any other assets of Borrower in Lender’s possession or control.
Set Off Right. Agent and the Lenders may set off and apply to the Obligations any and all indebtedness at any time owing to or for the credit or the account of Borrower or any other assets of Borrower in Agent’s or any Lender’s possession or control.
Set Off Right. Notwithstanding anything in this Note to the contrary (including, without limitation, Section 4 hereof), in accordance with Section 8.07 of the Purchase Agreement, the Maker shall have the right to set-off against any unsatisfied principal amount of this Note (whether or not such principal amount is then due and payable) the amount of any indemnifiable losses suffered or incurred by the Maker, in accordance with the procedures, and subject to the limitations, set forth in Section 8.07 of the Purchase Agreement. Upon any such set-off, the principal amount of this Note will be reduced by the amount of such set-off and, from and after the date of any such set-off, interest on this Note shall accrue only on the remaining principal amount of this Note, but no set-off of interest shall be made or permitted, and interest shall continue to accrue and be paid on the remaining principal of this Note in accordance with its terms. If a court of competent jurisdiction determines, or the parties agree, that interest has accrued and been paid on principal of this Note that was subject to valid Set-Off Claim (as defined in the Purchase Agreement) but was not set-off, the Payee shall return such amount of interest to Maker, together with interest on such amount at the rate of nine percent (9%) per annum from, and including, the date of payment to, but not including, the date such interest is returned. If any unsatisfied Set-Off Claim has not been resolved in accordance with the Purchase Agreement when the principal amount of this Note becomes due and payable, then, in accordance with the Purchase Agreement, Maker will deposit with an escrow agent an amount (the “Escrow Amount”) equal to the least of (i) the aggregate amount of unsatisfied Set-Off Claims, (ii) the remaining principal amount of the Note and (iii) the excess of $5,825,000 over the aggregate amount set off against the principal amount of this Note prior to maturity, and Maker will pay the remaining principal amount of the Note after reduction by the Escrow Amount, if any, to Payee.
Set Off Right. In the event Key Employee breaches any of the covenants set forth in this Section 7 or in Section 8, Key Employee acknowledges and agrees that Employer may set-off any loss, cost, damage, liability or expense (including, without limitation, lost profits and reasonable attorneys’ fees and expenses) against amounts otherwise payable under this Agreement or any other agreement between Employer and its affiliates and Key Employee. Neither the exercise of nor failure to exercise such right of set-off or to give notice of a claim therefor will constitute an election of remedies or limit Employer in any manner in the enforcement of any other remedies available to it.
Set Off Right. Upon the occurrence of an Event of Default that has not been waived by Lender, Collateral Agent and Lender may set off and apply to the Obligations any and all Indebtedness at any time owing to or for the credit or the account of any Co-Borrower or any other assets of any Co-Borrower in Collateral Agent’s or Lender’s possession or control.
Set Off Right. Borrower agrees that if amounts outstanding under this Agreement are due and unpaid or have been declared or have become due and payable, each Participant, to the extent permitted by applicable law, will be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement; provided that any Participant exercising that right will be obligated to share with the Lenders, as if such participant were a “Lender’ under this Agreement, the amount of any such setoff; and provided, further, that if all or any portion of such excess payment or other recovery is thereafter recovered from the Participant by or on behalf of Borrower, the Participant’s obligation to share such excess payment will be rescinded and such payment shall be returned to Participant to the extent of such recovery. No Participant may exercise any such right of setoff except with the consent of the Required Lenders.
Set Off Right. Xxxxxx is entitled to set off the price, penalizations, damages and any other amount due by the Buyer with any amount Erreka may owe, in turn, to Buyer for any cause, being enough the sole notification of the offsetting. Any of the companys taking part of the Xxxx Xxxxxx Group (Xxxx Xxxxxx X.Xxxx., Erreka Mex, SA de CV, Erreka Plast SRO y XXXX CIF LLC and any other Company which in the future may take part in this Group) may deduct or set off any amount due to Buyer by any of this companies with any amount the Buyer may owe to any of them.
