Right of Offset; Recoupment; Application. At any time that an amount is due Member or any other Secured Party from Carrier, and Member or such other Secured Party does not obtain payment of such amount due as provided in the Agreement, Member (on behalf of itself and any other Secured Party) shall have the right to apply, recoup or set off any amounts otherwise owed by Member or any other Secured Party to Carrier hereunder, including, without limitation, any amounts attributable to the Deposit, to the amount owed by Carrier. Where any application, recoupment or set off requires the conversion of one currency into another, Member shall be entitled to effect such conversion in accordance with its prevailing practice and Carrier shall bear all exchange risks, losses, commissions and other bank charges which may thereafter arise.
Appears in 4 contracts
Samples: Signatory Agreement (Frontier Group Holdings, Inc.), Signatory Agreement (Frontier Group Holdings, Inc.), Signatory Agreement (Frontier Group Holdings, Inc.)
