LENDER'S RIGHT OF SETOFF. Upon the occurrence of any Event of Default, or if the Lender shall be served with garnishee process, whether or not the Borrower shall be in default hereunder at the time, the Lender may, but shall not be required to, set off any indebtedness owing by the Lender to the Borrower against any indebtedness under the Loan Documents, without prejudice to any other rights or remedies of the Lender thereunder.
Appears in 5 contracts
Samples: Loan Agreement (Maui Land & Pineapple Co Inc), Credit Agreement (Pacific Office Properties Trust, Inc.), Loan Agreement (U S Restaurant Properties Inc)
LENDER'S RIGHT OF SETOFF. Upon the occurrence of any Event of Default, or if the Lender Lenders shall be served with garnishee process, whether or not the Borrower shall be in default hereunder at the time, the Lender Lenders may, but shall not be required to, set off any indebtedness owing by the Lender Lenders to the Borrower against any indebtedness under the Loan Documents, without prejudice to any other rights or remedies of the Lender Lenders thereunder.
Appears in 1 contract
Samples: Loan Agreement (Turn Works Acquisition Iii Sub a Inc)
