Common use of RIGHT OF SET-OFF AND COMPENSATION Clause in Contracts

RIGHT OF SET-OFF AND COMPENSATION. Upon the occurrence and continuance of a Default and expiration of the notice provided in Section 7.02, Lender is hereby authorized at any time and from time to time, without notice to Borrower (any such notice being expressly waived by the Borrower) to set-off, compensate and apply any and all deposits (general or special, time or demand, provisional or final) at any time held, and other indebtedness at any time owing by the Lender to or for the credit or the account of the Borrower against any and all of the Obligations of the Borrower, irrespective of whether or not the Lender shall have made any demand under this Agreement or the Note and although such Obligations may be unmatured. The Lender agrees promptly to notify the Borrower after any such set-off, compensation and application, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Lender under this Section are in addition to other rights of set-off and compensation which the Lender may have under the Collateral Documents or otherwise. Lender shall have the right to impute all payments on the Obligations in any order as Lender may desire.

RIGHT OF SET-OFF AND COMPENSATION. Upon the occurrence and continuance of a Default and expiration of the notice provided in Section 7.028.02, Lender is hereby authorized at any time and from time to time, without notice to Borrower (any such notice being expressly waived by the Borrower) to set-off, compensate and apply any and all deposits (general or special, time or demand, provisional or final) at any time held, and other indebtedness at any time owing by the Lender to or for the credit or the account of the Borrower against any and all of the Obligations of the Borrower, irrespective of whether or not the Lender shall have made any demand under this Agreement or the Note and although such Obligations may be unmatured. The Lender agrees promptly to notify the Borrower after any such set-off, compensation and application, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Lender under this Section are in addition to other rights of set-off and compensation which the Lender may have under the Collateral Documents or otherwise. Lender shall have the right to impute all payments on the Obligations in any order as Lender may desire.