No Restrictions on Set-Off. Nothing in this Agreement shall restrict the right of the Securities Agent to exercise on behalf of the Collateral Agent or either Trustee any right of set-off against any Shareholder that may exist in favor of the Collateral Agent or such Trustee or the Securities Agent, under this Agreement or any other Transaction Document, by operation of law or otherwise; provided, however, that the right of set-off is exercised in respect of a Secured Obligation arising under a Transaction Document and is exercised for the benefit of, and only at the express written direction of, the Collateral Agent, either Trustee or their respective assigns.
Appears in 2 contracts
Samples: Conditional Share Transfer Agreement, Conditional Share Transfer Agreement (Transmeridian Exploration Inc)
No Restrictions on Set-Off. Nothing in this Agreement shall restrict the right of the Securities Agent to exercise on behalf of the Collateral Agent or either Trustee any right of set-off against any Shareholder that may exist in favor of the Collateral Agent or such Trustee or the Securities Agent, under this Agreement or any other Transaction Document, by operation of law or otherwise; provided, however, that the right of set-off is exercised in respect of a Secured an Obligation arising under a Transaction Document and is exercised for the benefit of, and only at the express written direction of, the Collateral AgentTrustee, either Trustee or their respective its assigns.
Appears in 2 contracts
Samples: Conditional Share Transfer Agreement, Conditional Share Transfer Agreement (Transmeridian Exploration Inc)