Offset and Subordination Clause Samples

Offset and Subordination. Maker shall be entitled, at Maker's option, to credit and offset against any payments due under this Note, an aggregate amount equal to all amounts owing to Maker by Payee and/or Jame▇ ▇. ▇▇▇▇▇ ▇▇ their assigns, pursuant to the Purchase Agreement; provided, however, that any sums offset hereunder may not also be offset under the First Note. Paye▇ ▇▇▇ees to subordinate its rights under this Note in accordance with the Security Agreement.