Common use of Set-off, Sharing of Payments, Etc Clause in Contracts

Set-off, Sharing of Payments, Etc. If any Lender shall obtain payment of any principal of or interest on the Term Loan made by it to the Borrower under this Agreement through the exercise of any right of set-off, banker's lien or counterclaim or similar right or otherwise, and, as a result of such payment, such Lender shall have received a greater percentage of the principal or interest then due hereunder by the Borrower to such Lender than the percentage received by any other Lenders, it shall promptly (a) notify each other Lender thereof and (b) purchase from such other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Term Loans made by such other Lenders (or in interest due thereon, as the case may be) in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the Lenders shall share the benefit of such excess payment (net of any expenses which may be incurred by such Lender in obtaining or preserving

Appears in 1 contract

Samples: Loan and Warrant Agreement (Doane Pet Care Co)

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