Common use of Exercise of Setoff Rights Clause in Contracts

Exercise of Setoff Rights. Subject to the Contrarian Intercreditor Agreement, each Credit Party authorizes the Lender, and the Lender shall have the right, after the occurrence and during the continuance of an Event of Default, without notice, to set off and apply against any and all property or assets of such Credit Party held by, or in the possession of the Lender, any of the Obligations owed to the Lender. 65

Exercise of Setoff Rights. Subject to the Contrarian Intercreditor Agreement, each Credit Party authorizes the Lender, and the Lender shall have the right, after the occurrence and during the continuance of an Event of Default, without notice, to set off and apply against any and all property or assets of such Credit Party held by, or in the possession of the Lender, any of the Obligations owed to the Lender. 65.