Common use of Waiver of Set Off Clause in Contracts

Waiver of Set Off. (a) The Seller, the Servicer and the Originator each hereby waives any right of setoff it may have or to which it may be entitled under this Agreement from time to time against the Administrative Agent, each Purchaser, its Affiliates or its respective assets. (b) Without in any way limiting the provisions of Section 13.3, the Administrative Agent and each Purchaser is hereby authorized (in addition to any other rights it may have) at any time after the occurrence and during the continuance of a Termination Event to set-off, appropriate and apply (without presentment, demand, protest or other notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by the Administrative Agent or such Purchaser to, or for the respective account of, the Seller, the Servicer or the Originator against any amount owing by the Seller, the Servicer or the Originator, respectively, to such Person or to the Administrative Agent on behalf of such Person (even if contingent or unmatured). For the avoidance of doubt, the right of setoff set forth in this Section 13.15(b) does not permit setoff of deposits and indebtedness held or owing by one Person to or for the account of a second Person against amounts owing by any Person other than such second Person.