Common use of Benefit of Set-Off Clause in Contracts

Benefit of Set-Off. The Borrower agrees that each Participant shall be deemed to have the rights of set-off provided in Sections 2.12 and 8.02 in respect of its participating interest in amounts owing under the Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Bank under the Loan Documents, provided that each Bank shall retain the right of set-off provided in Sections 2.12 and 8.02 with respect to the amount of participating interests sold to each Participant. The Banks agree to share with each Participant, and each Participant, by exercising the right of set-off provided in Section 2.12 or 8.02, agrees to share with each Bank, any amount received pursuant to the exercise of its right of set-off, such amounts to be shared in accordance with Section 10.07 as if each Participant were a Bank.

Benefit of Set-Off. The Borrower agrees that each Participant shall be deemed to have the rights of set-off provided in Sections 2.12 and 8.02 in respect of its participating interest in amounts owing under the Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under the Loan Documents, provided that each Bank Lender shall retain the right of set-off provided in Sections 2.12 and 8.02 with respect to the amount of participating interests sold to each Participant. The Banks Lenders agree to share with each Participant, and each Participant, by exercising the right of set-off provided in Section 2.12 or 8.02, agrees to share with each BankLender, any amount received pursuant to the exercise of its right of set-off, such amounts to be shared in accordance with Section 10.07 as if each Participant were a BankLender.

Benefit of Set-Off. The Borrower agrees that each Participant shall be deemed to have the rights right of set-off provided in Sections 2.12 and 8.02 Section 11.2 in respect of its participating interest in amounts owing under the Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under the Loan Documents, provided that each Bank Lender shall retain the right of set-off provided in Sections 2.12 and 8.02 Section 11.2 with respect to the amount of participating interests sold to each Participant. The Banks Lenders agree to share with each Participant, and each Participant, by exercising the right of set-off provided in Section 2.12 or 8.0211.2, agrees to share with each BankLender, any amount received pursuant to the exercise of its right of set-off, such amounts to be shared in accordance with Section 10.07 11.2 as if each Participant were a BankLender.