Common use of The City’s Right of Setoff Clause in Contracts

The City’s Right of Setoff. Funding Recipient does hereby authorize and direct the City to, upon prior notice to Funding Recipient, apply all or any portion of the Funding to any amounts payable by Funding Recipient under this Agreement that remain unpaid as and when due, it being understood and agreed that any such application of the Funding by the City shall not relieve Funding Recipient of any of its obligations hereunder or cure any Default of Funding Recipient on account of any such failure to make a requisite payment as and when due. Amounts of the Funding applied by the City in accordance with this Section shall be deemed a proper disbursement of the Funding in accordance with the terms of this Agreement. For the foregoing purposes, Funding Recipient does hereby grant the City a security interest in, right of set-off against and transfers, pledges and assigns to the City all of Funding Recipient’s right, title and interest, if any, to the Funding.

The City’s Right of Setoff. Funding Recipient does hereby authorize and direct the City to, upon prior notice to Funding Recipient, apply all or any portion of the Funding to any amounts payable by Funding Recipient under this Agreement that remain unpaid as and when due, it being understood and agreed that any such application of the Funding by the City shall not relieve Funding Recipient of any of its obligations hereunder or cure any Default of Funding Recipient on account of any such failure to make a requisite payment as and when due. Amounts of the Funding applied by the City in accordance with this Section shall be deemed a proper disbursement of the Funding in accordance with the terms of this Agreement. For the foregoing purposes, Funding Recipient does hereby grant the City a security interest in, right of set-off against and transfers, pledges and assigns to the City all of Funding Recipient’s right, title and interest, if any, to the Funding. No additional text on this page.

The City’s Right of Setoff. Funding Recipient does hereby authorize authorizes and direct directs the City to, upon prior notice to Funding Recipient, apply all or any portion of the Funding to any amounts payable by Funding Recipient under this Agreement that remain unpaid as and when due, it being understood and agreed that any such application of the Funding by the City shall not relieve Funding Recipient of any of its obligations Obligations hereunder or cure any Default of Funding Recipient on account of any such failure to make a requisite payment as and when due. Amounts of the Funding applied by the City in accordance with this Section shall be deemed a proper disbursement of the Funding in accordance with the terms of this Agreement. For the foregoing purposes, Funding Recipient does hereby grant the City a security interest in, right of set-off against and transfers, pledges and assigns to the City all of Funding Recipient’s right, title and interest, if any, to the Funding.Funding.‌