Setoffs, Counterclaims, etc Sample Clauses

Setoffs, Counterclaims, etc. If (i) an Event of Default shall have occurred and be continuing, and (ii) a Secured Party shall obtain any amounts through the exercise of a right of banker’s lien, setoff, counterclaim, recoupment, indemnification or contribution against any Obligor (including, without limitation, any ordinary course application of account balances (by way of set-off, pre-authorized withdrawals, account consolidation or otherwise) to reduce any outstanding principal and to permanently reduce any commitment availability under any Secured Obligation that is in the nature of revolving credit), then such Secured Party shall, promptly after receipt thereof, notify the Trustee in writing and remit such amounts to the Trustee and the Trustee shall deposit such amounts into the Collateral Proceeds Account. The Trustee shall, promptly after receipt of such amounts, if the Specified Conditions have occurred and are continuing, disburse the amounts so remitted to it as provided in Section 4.7, in the order of priority set forth therein. Any such amounts shall not be deemed to have satisfied any obligations in respect of which it was originally received by such Secured Party but rather shall be deemed to have satisfied, to the extent of such amounts, the obligations of the Obligors to which such proceeds are applied pursuant to Section 4.7 herein.