Common use of Set Off and Sharing of Payments Clause in Contracts

Set Off and Sharing of Payments. In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, upon the occurrence and during the continuance of any Event of Default, Lender is hereby authorized by Borrower at any time or from time to time, without notice to Borrower or to any other Person to set off and to appropriate and to apply any and all (A) balances held by Lender or any affiliate of Lender at any of its offices for the account of Borrower or any of its Affiliates (regardless of whether such balances are then due to Borrower or such Affiliate), and (B) other property at any time held or owing by Lender or any affiliate of Lender to or for the credit or for the account of Borrower or any of its Affiliates against and on account of any of the Obligations which are not paid when due.