Common use of Recovery of Amounts Due Clause in Contracts

Recovery of Amounts Due. If any Obligation or other amount payable hereunder or under any of the other Loan Documents is not paid as and when due (after the expiry of any applicable cure periods in Section 5.4(a)(ii)), the Borrower and the other Loan Parties hereby authorize the Agent and the Lenders to proceed, to the fullest extent permitted by Applicable Law, without prior notice, by right of set-off, banker’s lien or counterclaim, against any moneys or other assets of the Borrower or any other Loan Party to the full extent of all Obligations or other amounts payable to the Agent and/or the Lenders.