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Credit Agreement Right of Setoff Sample Clause

Description: Rights of setoff in credit agreements allow the administrative agent, the lenders and their affiliates to set off obligations owed by the borrower against funds of the borrower held by the other parties. This sample setoff right clause is based on LSTA's model credit agreement clauses.
Form Type: Contract Clauses
Practice Area: Corporate & Securities

Date: May 2014
PLI Item #: 133464
Keywords: "LSTA"; "Loan Syndication and Trading Association"; "credit agreement"; "credit facility"; "borrower"; "lender"; "Dodd-Frank"; "FATCA"; "loan document"; "representations and warranties"; "right of setoff"; "event of default"; "administrative agent"; "affiliates"; "issuing bank"
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