Common use of Restrictions on Actions by Lenders; Sharing of Payments Clause in Contracts

Restrictions on Actions by Lenders; Sharing of Payments. Each of the Lenders agrees that it shall not, without the express consent of the Agent, and that it shall, to the extent it is lawfully entitled to do so, upon the request of the Agent, set off against the obligations of the Borrower, any amounts owing by such Lender to the Borrower or any accounts of the Borrower now or hereafter maintained with such Lender. Each of the Lenders further agrees that it shall not, unless specifically requested to do so by the

Appears in 1 contract

Sources: Credit and Security Agreement (Sm&a Corp)

Restrictions on Actions by Lenders; Sharing of Payments. Each of the Lenders agrees that it shall not, without the express written consent of the Agent, and that it shall, to the extent it is lawfully entitled to do so, upon the written request of the Agent, set off against the obligations of the BorrowerObligations, any amounts owing by such Lender to the Borrower or its Subsidiaries or any deposit accounts of the Borrower or its Subsidiaries now or hereafter maintained with such Lender. Each of the Lenders further agrees that it shall not, unless specifically requested to do so by the2368

Appears in 1 contract

Sources: Credit Agreement (Jack Cooper Holdings Corp.)