Common use of Setoffs Clause in Contracts

Setoffs. Upon the occurrence and continuance of any Event of Default, the Lender shall have the right to set off against all obligations of each Borrower to the Lender under this Agreement and the Notes, whether matured or unmatured, all amounts owing to such Borrower by the Lender, whether or not then due and payable, and all funds or property of such Borrower on deposit with or otherwise held or in the custody of the Lender for the beneficial account of such Borrower. Such funds shall be charged against accrued interest on and/or principal of the Notes as the Lender may determine in its discretion.

Setoffs. Upon the occurrence and continuance of any Event of Default, the Lender shall have the right to set off against all obligations of each the Borrower to the Lender under this Agreement and the NotesRevolving Credit Note, whether matured or unmatured, all amounts owing to such the Borrower by the Lender, whether or not then due and payable, and all funds or property of such the Borrower on deposit with or otherwise held or in the custody of the Lender for the beneficial account of such the Borrower. Such funds shall be charged against accrued interest on and/or principal of the Notes Revolving Credit Note as the Lender may determine in its discretion.

Setoffs. Upon the occurrence and continuance of any Event of Default, the Lender shall have the right to set off against all obligations of each the Borrower to the Lender under this Agreement and the Notes, whether matured or unmatured, all amounts owing to such the Borrower by the Lender, whether or not then due and payable, and all funds or property of such the Borrower on deposit with or otherwise held or in the custody of the Lender for the beneficial account of such the Borrower. Such funds shall be charged against accrued interest on and/or principal of the Notes as the Lender may determine in its discretion.