NO AUTOMATIC SET-OFF. The existence of any sum or sums being on deposit with Lender shall in no way constitute a set off against or be deemed to compensate the obligations of the Loan or any payment or performance due under the Loan Documents or this Agreement, unless and until Lender, by affirmative action, shall so apply said accounts or any portion thereof, and then only to the extent thereof as so designated by Lender.
Appears in 3 contracts
Samples: Business Loan and Security Agreement (Iron Bridge Mortgage Fund, LLC), Business Loan and Security Agreement (Terra Property Trust, Inc.), Business Loan and Security Agreement (Terra Secured Income Fund 5, LLC)
NO AUTOMATIC SET-OFF. The existence of any sum or sums being on deposit with Lender shall in no way constitute a set off against or be deemed to compensate the obligations of the Loan or any payment or performance due under the Loan Documents or this Agreement, unless and until Lender, by affirmative action, shall so apply said accounts or any portion thereof, and then only to the extent thereof as so designated applied by Lender.
Appears in 2 contracts
Samples: Business Loan Agreement (Redwood Mortgage Investors Viii), Business Loan Agreement (Redwood Mortgage Investors IX)
NO AUTOMATIC SET-OFF. The existence Borrower acknowledges and agrees that the fact of any sum or sums being on deposit with Lender shall in no way constitute a set set-off against or be deemed to compensate the obligations of the Loan or any payment or performance due under the Loan Documents or this Agreement, unless and until Lender, by affirmative action, shall so apply said accounts or any portion thereof, and then only to the extent thereof as so designated by Lender.
Appears in 2 contracts
Samples: Loan Agreement (Alpha Investment Inc.), Loan Agreement (Alpha Investment Inc.)
NO AUTOMATIC SET-OFF. The existence of any sum or sums being on deposit with Lender shall in no way constitute a set set-off against or be deemed to compensate the obligations of the Loan or any payment or performance due under the Loan Documents or this Agreement, unless and until Lender, by affirmative action, shall so apply said accounts or any portion thereof, and then only to the extent thereof as so designated by Lender.
Appears in 1 contract
