Permitted set-off. We may (but are not obliged to) set off any amount due and payable by you under this document against any such amounts due and payable to you under this document.
Permitted set-off. If the Borrower defaults in the payment of any amount of interest or principal on the due date for such payment, the Lender may, without prejudice to any other remedy which may be available to it, reduce any payments owing or due to be made by the Lender under a *CONFIDENTIAL MATERIAL OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH OMISSIONS. Collaboration Agreement by an amount equal to the amount in default plus accrued interest on such amount at the rate of 7.5 per cent. per annum from and including the date of default to but excluding the date on which the relevant payment by the Lender which is to be reduced falls due. In this paragraph 8, "COLLABORATION AGREEMENT" means any collaborative agreement between the Lender (or any of its Affiliates) and the Borrower (or any of its Affiliates). In this Agreement, an "AFFILIATE" of either party is a company, partnership or other business entity which Controls, is Controlled by or is under common Control with that party provided always that, in the case of the Lender, the term Affiliate shall not include Genentech Inc. whose address is 1 DNA Way, South San Francisco, CA 94080, USA and Chugai Pharmacexxxxxx Xx. Xxx. xxxxx xxxxxxx xx 0-0, Xxxxxxxi 2-chome, Chuo Ku, Tokyo, 104-8301, Japan (and which is a potential future Xxxxxxxxx xx xxx Xxxxxx), xxxxxs the Lender opts for such inclusion by written notice to the Borrower. In this Agreement, a company (A) "CONTROLS" another company (B) if either (i) A directly or indirectly holds a majority of the voting rights in B or (ii) A is a member of B and has the right to appoint or remove a majority of B's board of directors and "CONTROLLED" and "CONTROL" shall be construed accordingly.
Permitted set-off. The Maker hereby waives any and all rights in law or equity the Maker may have to exercise any right of set-off or similar common law right to cease making payments hereunder, other than in accordance with Section 9.9 of the Asset Purchase Agreement. Amounts set-on in accordance with Section 9.9 of the Asset Purchase Agreement shall be treated as reductions to the Principal Amount then outstanding.
Permitted set-off. Either Party may (but is not obliged to) set off any amount due and payable by the other Party under the Funded Participation against any such amounts due and payable by it to the other Party under the Funded Participation.thereunder. The Party exercising its rights under this Clause 11.2provision may effect such currency exchanges as it considers necessary to implement the set off.
