Common use of After Default Clause in Contracts

After Default. Upon the occurrence of an Event of Default and acceleration of the Obligations, each Lender is hereby authorized at any time and from time to time, without notice to the Company (any such notice being expressly waived by the Company), to set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account of the Company, including specifically any amounts held in any account maintained at such Lender, against any and all Obligations. Each Lender agrees to give prompt written notice to the Company after exercising such right of set-off, provided, that the failure to give such notice will not affect the validity of any set-off nor give rise to any claim or defense of any Loan Party against the Agent or any Lender. Any amount set off by a Lender shall be applied to the Obligations in accordance with the provisions of Section 6.2 below.