Common use of Attempted Setoff by Deposit Taker Clause in Contracts

Attempted Setoff by Deposit Taker. By delivery of a Deposit Taker’s Agreement, each Deposit Taker must agree not to setoff or attempt a setoff, without in each case first obtaining the prior written authorization of BTMUCLF (which BTMUCLF will not grant without the prior written consent of all Participants, if applicable), obligations owed to such Deposit Taker against any Collateral held by it from time to time. Nevertheless, LRC acknowledges and agrees (without limiting its right to recover any resulting damages from any Deposit Taker that violates such agreements) that BTMUCLF shall not be responsible for, or be deemed to have taken any action against LRC because of, any violation of such agreement by any Deposit Taker. Further, and without limiting the foregoing, as additional consideration for BTMUCLF’s accommodations to LRC, including BTMUCLF’s acceptance of the Collateral in lieu of other forms of security as collateral for the Secured Obligations, LRC hereby waives and covenants not to assert any defense or claim arising out of (i) the California antideficiency laws, including without limitation California Code of Civil Procedure Sections 580a, 580b, 580d and 726, and (ii) without limiting the generality of the foregoing, Xxxxxx v. Community Bank, 10 Cal. 3d 729, 111 Cal. Xxxx. 000, 518 P.2d 329 (1974), Security Pacific Nat’l Bank x. Xxxxx, 51 Cal. 3d 991, 275 Cal. Xxxx. 000, 800 P.2d 557 (1990), and similar cases, to the extent such claim arises out of or relates to the exercise of set off rights by any Deposit Taker.

Attempted Setoff by Deposit Taker. By delivery of a Deposit Taker’s Agreement, each Deposit Taker must agree not to setoff or attempt a setoff, without in each case first obtaining the prior written authorization of BTMUCLF BNPPLC (which BTMUCLF BNPPLC will not grant without the prior written consent of all Participants, if applicable), obligations owed to such Deposit Taker against any Collateral held by it from time to time. Nevertheless, LRC acknowledges and agrees (without limiting its right to recover any resulting damages from any Deposit Taker that violates such agreements) that BTMUCLF BNPPLC shall not be responsible for, or be deemed to have taken any action against LRC because of, any violation of such agreement by any Deposit Taker. Further, and without limiting the foregoing, as additional consideration for BTMUCLFBNPPLC’s accommodations to LRC, including BTMUCLFBNPPLC’s acceptance of the Collateral in lieu of other forms of security as collateral for the Secured Obligations, LRC hereby waives and covenants not to assert any defense or claim arising out of (i) the California antideficiency laws, including without limitation California Code of Civil Procedure Sections 580a, 580b, 580d and 726, and (ii) without limiting the generality of the foregoing, Xxxxxx Wxxxxx v. Community Bank, 10 Cal. 3d 729, 111 Cal. XxxxRxxx. 000, 518 P.2d 329 (1974), Security Pacific Nat’l Bank x. v. Xxxxx, 51 Cal. 3d 991, 275 Cal. XxxxRxxx. 000, 800 P.2d 557 (1990), and similar cases, to the extent such claim arises out of or relates to the exercise of set off rights by any Deposit Taker.

Attempted Setoff by Deposit Taker. By delivery of a Deposit Taker’s Agreement, each Deposit Taker must agree not to setoff or attempt a setoff, without in each case first obtaining the prior written authorization of BTMUCLF BNPPLC (which BTMUCLF BNPPLC will not grant without the prior written consent of all Participants, if applicable), obligations owed to such Deposit Taker against any Pledge Agreement (Livermore/ Parcel 7) — Page 12 Collateral held by it from time to time. Nevertheless, LRC acknowledges and agrees (without limiting its right to recover any resulting damages from any Deposit Taker that violates such agreements) that BTMUCLF BNPPLC shall not be responsible for, or be deemed to have taken any action against LRC because of, any violation of such agreement by any Deposit Taker. Further, and without limiting the foregoing, as additional consideration for BTMUCLFBNPPLC’s accommodations to LRC, including BTMUCLFBNPPLC’s acceptance of the Collateral in lieu of other forms of security as collateral for the Secured Obligations, LRC hereby waives and covenants not to assert any defense or claim arising out of (i) the California antideficiency laws, including without limitation California Code of Civil Procedure Sections 580a, 580b, 580d and 726, and (ii) without limiting the generality of the foregoing, Xxxxxx Wxxxxx v. Community Bank, 10 Cal. 3d 729, 111 Cal. XxxxRxxx. 000, 518 P.2d 329 (1974), Security Pacific Nat’l Bank x. v. Xxxxx, 51 Cal. 3d 991, 275 Cal. XxxxRxxx. 000, 800 P.2d 557 (1990), and similar cases, to the extent such claim arises out of or relates to the exercise of set off rights by any Deposit Taker.