Lender’s Right of Set-Off. Each Lender shall have the right to set-off against any Collateral any Obligations then due and unpaid by Borrower provided that Lender remits to Agent all such sums received as a result of such set-off so that Agent may insure the distribution thereof in accordance with each Lenders Pro Rata Payment Percentage.
Appears in 3 contracts
Samples: Loan and Security Agreement (Silverleaf Resorts Inc), Loan and Security Agreement Inventory (Silverleaf Resorts Inc), Loan and Security Agreement (Silverleaf Resorts Inc)
Lender’s Right of Set-Off. Each Lender shall have the right to set-off against any Collateral any Obligations then due and unpaid by Borrower provided that Lender remits to Agent all such sums received as a result of such set-off so that Agent may insure the distribution thereof in accordance with each Lenders Lender's Pro Rata Payment Percentage.
Appears in 1 contract
Samples: Loan and Security Agreement (Silverleaf Resorts Inc)
