Setting off. Upon a default or event of default under the Loan Documents and payment by VSBFA under the Guaranty Agreement, the Borrower and the Guarantor(s), jointly and severally, acknowledge and agree that VSBFA may set off, collect and retain any payments or monies due or owing the Borrower or any Guarantor from the Commonwealth of Virginia, and/or any governmental authority or agency of the Commonwealth of Virginia.
Appears in 3 contracts
Sources: Loan Agreement, Borrower's Agreement, Borrower's Agreement