Common use of Compensation and Set-Off Clause in Contracts

Compensation and Set-Off. 12.2.1 In addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of any such rights, after the occurrence of an Event of Default, the Lender is hereby authorized by the Borrower, at any time and from time to time, without notice to the Borrower or to any other Person, any such notice being hereby expressly waived, to effect compensation, to set-off and to appropriate and to apply any and all deposits (general or special, time or demand, including Indebtedness evidenced by certificates of deposit, in each case whether matured or unmatured), and any other Indebtedness at any time held or owing by the Lender to or for the credit or the account of the Borrower against and on account of the obligations and liabilities of the Borrower to the Lender hereunder, although said obligations and liabilities, or any of them, shall be contingent or unmatured.

Compensation and Set-Off. 12.2.1 6.9.1 In addition to any rights right now or hereafter granted under Applicable applicable Law and not by way of limitation of any such rights, after upon the occurrence of an Event of Default, the Default each Lender is hereby authorized by the Borrowereach Guarantor, at any time and from time to time, without notice to the Borrower or any of the Guarantors or to any other Person, any such notice being hereby expressly waived, to effect compensation, to set-off and to appropriate and to apply any and all deposits (general or special, time or demand, including Indebtedness evidenced by certificates of deposit, in each case whether matured or unmatured), and any other Indebtedness at any time held or owing by the such Lender to or for the credit or the account of the Borrower any Guarantor against and on account of the obligations Guaranteed Obligations, irrespective or whether or not the Agent shall have made any demand hereunder and liabilities of the Borrower to the Lender hereunder, although said obligations and liabilities, or any of them, shall be contingent or unmatured.