Common use of Set-Off and Debit Clause in Contracts

Set-Off and Debit. If at any time following and during the continuance of an Event of Default Bank accelerates the Debt, then any such deposits, balances or other sums credited by or due from Bank, or from any such Affiliate of Bank, to Borrower may to the fullest extent not prohibited by applicable law at any time or from time to time, without regard to the existence, sufficiency or adequacy of any other collateral, and without notice or compliance with any other condition precedent now or hereafter imposed by statute, rule of law or otherwise, all of which are hereby waived, be set off, debited and appropriated, and applied by Bank against any or all of the Debt, in such manner as Bank in its sole but reasonable discretion may determine. Within five (5) Business Days of making any such set off, debit or appropriation and application, Bank agrees to notify Borrower thereof, provided the failure to give such notice shall not affect the validity of such set off, debit or appropriation and application. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

Set-Off and Debit. (i) If at any time following and during payment is not made when due under any of the continuance of an Loan Documents, after giving regard to applicable grace periods, if any, or (ii) if any Event of Default Bank accelerates occurs, or (iii) at any time, whether or not any Default or Event of Default exists in the Debtevent any attachment, then trustee process, garnishment, or other levy or lien is, or is sought to be, imposed on any property of Borrower; then, in any such event, any such deposits, balances or other sums credited by or due from BankLender, or from any such Affiliate affiliate of BankLender, to Borrower may to the fullest extent not prohibited by applicable law at any time or from time to time, without regard to the existence, sufficiency or adequacy of any other collateral, and without notice or compliance with any other condition precedent now or hereafter imposed by statute, rule of law or otherwise, all of which are hereby waived, be set off, debited and appropriated, and applied by Bank Lender against any or all of the DebtBorrower's Obligations irrespective of whether demand shall have been made and although such Obligations may be unmatured, in such manner as Bank Lender in its sole but reasonable and absolute discretion may determine. Within five (5) Business Days of making any such set off, debit or appropriation and application, Bank Lender agrees to notify Borrower thereof, provided the failure to give such notice shall not affect the validity of such set off, debit or appropriation and application. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

Set-Off and Debit. (i) If at any time following and during payment is not made when due under any of the continuance of an Loan Documents, after giving regard to applicable grace periods, if any, or (ii) if any Event of Default Bank accelerates or other event which would entitle Lender to accelerate the DebtLoan occurs, then or (iii) at any time, whether or not any Default or Event of Default exists in the event any attachment, trustee process, garnishment, or other levy or lien is, or is sought to be, imposed on any property of Borrower; then, in any such event, any such deposits, balances or other sums credited by or due from BankLender, or from any such Affiliate affiliate of BankLender, to Borrower may to the fullest extent not prohibited by applicable law at any time or from time to time, without regard to the existence, sufficiency or adequacy of any other collateral, and without notice or compliance with any other condition precedent now or hereafter imposed by statute, rule of law or otherwise, all of which are hereby waived, be set off, debited and appropriated, and applied by Bank Lender against any or all of the DebtBorrower's Obligations irrespective of whether demand shall have been made and although such Obligations may be unmatured, in such manner as Bank Lender in its sole but reasonable and absolute discretion may determine. Within five (5) Business Days of making any such set off, debit or appropriation and 36 application, Bank Lender agrees to notify Borrower thereof, provided the failure to give such notice shall not affect the validity of such set off, debit or appropriation and application. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

Set-Off and Debit. (i) If at any time following and during payment is not made when due under any of the continuance of an Loan Documents, after giving regard to applicable grace periods, if any, or (ii) if any Event of Default Bank accelerates or other event which would entitle Lender to accelerate the DebtLoan occurs, then or (iii) at any time, whether or not any Default or Event of Default exists in the event any attachment, trustee process, garnishment, or other levy or lien is, or is sought to be by initiation of a court proceeding, imposed on any property of Borrower; then, in any such event, any such deposits, balances or other sums credited by or due from Bank, Lender or from any such Affiliate affiliate of Bank, Lender to Borrower may to the fullest extent not prohibited by applicable law at any time or from time to time, without regard to the existence, sufficiency or adequacy of any other collateral, and without notice or compliance with any other condition precedent now or hereafter imposed by statute, rule of law or otherwise, all of which are hereby waived, be set off, debited and appropriated, and applied by Bank Lender against any or all of the DebtBorrower’s obligations irrespective of whether demand shall have been made and although such Obligations may be unmatured, in such manner as Bank Lender in its sole but reasonable and absolute discretion may determine. Within five (5) Business Days of making any such set off, debit or appropriation and application, Bank Lender agrees to notify Borrower thereof, provided the failure to give such notice shall not affect the validity of such set off, debit or appropriation and application. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.