Common use of Setoffs Clause in Contracts

Setoffs. If the unpaid principal amount of the Loan, interest accrued thereon or any other amount owing by the Borrower under the Loan Documents shall have become due and payable (by demand, acceleration or otherwise), the Lender shall have the right, in addition to all other rights and remedies available to it, without notice to the Borrower, to set off against, and to appropriate and apply to such due and payable amounts any debt owing to, and any other funds held in any manner by the Lender for the account of, the Borrower. Such right shall exist whether or not the Lender shall have made any demand hereunder or under any other Loan Document, whether or not such debt owing to or funds held for the account of the Borrower is or are matured or unmatured, and regardless of the existence or adequacy of any collateral, guaranty or any other security, right or remedy available to the Lender.

Setoffs. If the unpaid principal amount of the Loan, interest accrued thereon or any other amount owing by the Borrower under the Loan Documents shall have become due and payable (by demand, acceleration or otherwise), the Lead Lender shall have the right, in addition to all other rights and remedies available to it, without notice to the Borrower, to set off against, and to appropriate and apply to such due and payable amounts any debt owing to, and any other funds held in any manner by the Lead Lender for the account of, the Borrower. Such right shall exist whether or not the Lead Lender shall have made any demand hereunder or under any other Loan Document, whether or not such debt owing to or funds held for the account of the Borrower is or are matured or unmatured, and regardless of the existence or adequacy of any collateral, guaranty or any other security, right or remedy available to the Lead Lender.