Common use of Compensation and Set-Off Clause in Contracts

Compensation and Set-Off. 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 that is continuing, each Finance Party 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 such Finance Party to or for the credit or the account of the Borrower against and on account of the obligations and liabilities of the Borrower to such Finance Party under the Operative Documents, irrespective of whether or not the Agent shall have made any demand hereunder or shall have declared the Loans to be due and payable as permitted hereunder and although said obligations and liabilities, or any of them, shall be contingent or unmatured.

Compensation and Set-Off. 17.5.1 In addition to any rights now or hereafter granted under applicable Law and not by way of limitation of any such rights, after upon the occurrence of an Event of Default that is continuingDefault, each Finance Party is hereby authorized by each of the BorrowerBorrowers, at any time and from time to time, without notice to any of the Borrower Borrowers or to any other Person, any such notice being hereby expressly waived, to effect compensation, to set-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 such Finance Party to or for the credit or the account of the a Borrower against and on account of the obligations and liabilities of the any Borrower to such Finance Party under the Operative Documents, irrespective of whether or not the Agent shall have made any demand hereunder or shall have declared the Loans to be due and payable as permitted hereunder and although said obligations and liabilities, or any of them, shall be contingent or unmatured.

Compensation and Set-Off. 17.5.1 In addition to any rights now or hereafter granted under applicable Law and not by way of limitation of any such rights, after upon the occurrence of an Event of Default that is continuingDefault, each Finance Party is hereby authorized by each of the BorrowerBorrowers, at any time and from time to time, without notice to any of the Borrower Borrowers 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 such Finance Party to or for the credit or the account of the a Borrower against and on account of the obligations and liabilities of the any Borrower to such Finance Party under the Operative Documents, irrespective of whether or not the Agent shall have made any demand hereunder or shall have declared the Loans to be due and payable as permitted hereunder and although said obligations and liabilities, or any of them, shall be contingent or unmatured.