Secured Party’s Setoff Sample Clauses
The 'Secured Party’s Setoff' clause grants the secured party the right to offset or deduct amounts owed to them by the debtor from any funds or accounts the debtor holds with the secured party. In practice, if the debtor defaults or fails to make required payments, the secured party can directly withdraw the owed amount from the debtor’s deposit or other accounts under their control. This clause ensures the secured party can efficiently recover debts without needing to pursue separate legal action, thereby reducing credit risk and streamlining the collection process.
Secured Party’s Setoff. Secured Party shall have the right, in addition to all other rights and remedies available to it, following an Event of Default, to set off against any Obligations due Secured Party, any debt owing to the Company by Secured Party.
Secured Party’s Setoff. Subject to the CGB Subordination Agreement, Secured Party shall have the right, in addition to all other rights and remedies available to it, following an Event of Default, to set off, without the need for notice or demand, against any Obligations (whether or not matured) due Secured Party, any debt owing to Debtor by Secured Party, including, without limitation, any funds in any checking or other account now or hereafter maintained by Debtor at Secured Party. Debtor hereby confirms Secured Party’s right to banker’s lien and setoff, and nothing in this Agreement or any of the Loan Documents (except the express provisions of the CGB Subordination Agreement) shall be deemed a waiver or prohibition of Secured Party’s right of banker’s lien and setoff.
Secured Party’s Setoff. Secured Party shall have the right, in addition to all other rights and remedies available to it, following an Event of Default, to set off, without the need for notice or demand, against any Obligations (whether or not matured) due Secured Party, any debt owing to Debtor by Secured Party, including, without limitation, any funds in any checking or other account now or hereafter maintained by Debtor at Secured Party. Debtor hereby confirms Secured Party’s right to banker’s lien and setoff, and nothing in this Agreement or any of the Loan Documents shall be deemed a waiver or prohibition of Secured Party’s right of banker’s lien and setoff.