Common use of Netting of Claims Clause in Contracts

Netting of Claims. If an Event of Default exists, Administrative Agent, Lenders and Swap Counterparties, or any of them, may, without further notice to Borrower, setoff (a) any amount then due and owing by Borrower to Swap Counterparty under the Swap Agreement or to Administrative Agent or Lenders under any other Loan Document, as applicable, against (b) any amounts due and owing to Borrower or any other Obligor by Swap Counterparty under or in respect of the Swap Agreement or by Administrative Agent or Lenders under or in respect of any other Loan Document, as applicable, without regard (in the case of the preceding clause (b)) to whether such amounts arise by set off, offset, combination of accounts, deduction, retention, counterclaim or withholding. If an amount is unascertainable, Administrative Agent, Lenders and Swap Counterparty, or any of them, may, acting in a commercially reasonable matter, setoff an estimated amount and account to Borrower when the amount is ascertained.

Netting of Claims. If an Event of Default exists, Administrative Agent, Lenders and Swap CounterpartiesCounterparty, or any of them, may, without further notice to Borrower, setoff (a) any amount then due and owing by Borrower to Swap Counterparty under the Swap Agreement or to Administrative Agent or Lenders under any other Loan Document, as applicable, against (b) any amounts due and owing to Borrower or any other Obligor by Swap Counterparty under or in respect of the Swap Agreement or by Administrative Agent or Lenders under or in respect of any other Loan Document, as applicable, without regard (in the case of the preceding clause (b)) to whether such amounts arise by set off, offset, combination of accounts, deduction, retention, counterclaim or withholding. If an amount is unascertainable, Administrative Agent, Lenders and Swap Counterparty, or any of them, may, acting in a commercially reasonable matter, setoff an estimated amount and account to Borrower when the amount is ascertained.