Common use of Combining Accounts, Set-Off Clause in Contracts

Combining Accounts, Set-Off. Upon the occurrence and during the continuation of Event of Default, in addition to and not in limitation of any rights now or hereafter granted under applicable law, each Lender may without notice to any Credit Party at any time and from time to time: (a) combine, consolidate or merge any or all of the deposits or other accounts maintained with such Lender by any Company (whether term, notice, demand or otherwise and whether matured or unmatured) and such Company's obligations to such Lender hereunder; and (b) set-off, apply or transfer any or all sums standing to the credit of any such deposits or accounts in or towards the satisfaction of such obligations.

Combining Accounts, Set-Off. Upon the occurrence and during the continuation of Event of Default, in addition to and not in limitation of any rights now or hereafter granted under applicable law, each Lender may without notice to any Credit Party Company at any time and from time to time: (a) combine, consolidate or merge any or all of the deposits or other accounts maintained with such Lender by any such Company (whether term, notice, demand or otherwise and whether matured or unmatured) and such Company's ’s obligations to such Lender hereunder; and (b) set-off, apply or transfer any or all sums standing to the credit of any such deposits or accounts in or towards the satisfaction of such obligations.