Common use of No Set-Offs Clause in Contracts

No Set-Offs. Each Lender hereby acknowledges that the exercise by any Lender of offset, set-off, banker’s lien or similar rights against any deposit account or other property or asset of Borrowers, regardless of the state in which the property is located, could result under certain laws in significant impairment of the ability of all Lenders to recover any further amounts in respect of the Loan. Therefore, each Lender agrees not to charge or offset any amount owed to it by Borrowers against any of the accounts, property or assets of Borrowers or any of its affiliates held by such Lender without the prior written approval of Administrative Agent and Requisite Lenders.

No Set-Offs. Each Lender hereby acknowledges that the exercise by any Lender of offset, set-off, banker’s lien or similar rights against any deposit account or other property or asset of BorrowersBorrower, regardless of the state in which the property is located, could result under certain laws in significant impairment of the ability of all Lenders to recover any further amounts in respect of the Loan. Therefore, each Lender agrees not to charge or offset any amount owed to it by Borrowers Borrower against any of the accounts, property or assets of Borrowers Borrower or any of its affiliates held by such Lender without the prior written approval of Administrative Agent and Requisite Lenders.

No Set-Offs. Each Lender hereby acknowledges that the exercise by any Lender of offset, set-off, banker’s lien or similar rights against any deposit account or other property or asset of BorrowersBorrower, regardless of the state whether or not located in which the property is locatedHawaii or Texas, could result under certain laws in significant impairment of the ability of all Lenders to recover any further amounts in respect of the Loan. Therefore, each Lender agrees not to charge or offset any amount owed to it by Borrowers Borrower against any of the accounts, property or assets of Borrowers Borrower or any of its affiliates held by such Lender without the prior written approval of Administrative Agent and Requisite Lenders.

No Set-Offs. Each Lender hereby acknowledges that the exercise by any Lender of offset, set-off, banker’s lien or similar rights against any deposit account or other property or asset of BorrowersBorrower, regardless of the state whether or not located in which the property is locatedHawaii, Texas, or Maryland, could result under certain laws in significant impairment of the ability of all Lenders to recover any further amounts in respect of the Loan. Therefore, each Lender agrees not to charge or offset any amount owed to it by Borrowers Borrower against any of the accounts, property or assets of Borrowers Borrower or any of its affiliates held by such Lender without the prior written approval of Administrative Agent and Requisite Lenders.