AMD 2003 Annual Report Download - page 176

and any other payment obligations that the Borrower owes pursuant to this Agreement, in accordance with the provisions of Clause 16, whereby All
Lenders’ Lending Obligations shall cease to be effective.
22.4 If a Lender has become aware of the occurrence of any events described in the items of Clauses 22.1 or 22.2 with respect to the Borrower or the
Guarantor, the Lender shall immediately notify the Agent of such occurrence, and the Agent shall notify all other Lenders of the occurrence of such
events.
23. SET-OFF; EXERCISE OF FLOATING SECURITY INTERESTS
23.1 When the Borrower is required to perform its obligations to a Lender upon their due date, upon acceleration or otherwise, (a) the Lender may set off the
receivables it has against the Borrower under this Agreement against its deposit obligations or other obligations (including all kinds of obligations under
an agreement for insurance) owed to the Borrower whether or not such obligations are due and payable, regardless of Clause 16.2, and (b) the Lender
may also omit giving prior notice and following established procedures, may take the deposited amount on behalf of the Borrower, and apply this amount
to the payment of obligations. The interest, the Break Funding Cost and default interest and others for the receivables and obligations involved in such a
set-off or application to payment shall be calculated up to the time of such calculation, and in such calculation, the interest rate and default interest rate
shall be in accordance with each agreement, and the foreign exchange rate at the time such calculation is made, as reasonably determined by the Lender,
shall be applied. If the amount to be set-off or applied to payment is not sufficient to extinguish all of the Borrower’s debts, the Lender may apply such
set-off amount in the order and method it deems appropriate, and the Borrower shall not object to such application.
23.2 The Borrower may, upon the Due Date of payment of the Loan, and if it is necessary for the Borrower to preserve its deposit receivables or any other
receivables (including all kinds of receivables under an agreement for insurance) that it has against a Lender that became due, set off such receivables
against its obligations owed to the Lender under this Agreement, regardless of Clause 16.2. In this case, the Borrower shall give written set-off notice to
the Lender and immediately submit to the Lender the receivable certificates for the deposit receivables or other receivables being set-off and the
passbook impressed with the seal of the seal impression submitted. The interest and default interest for the receivables and obligations involved in such a
set-off shall be calculated up to the day of receipt of such set-off notice, and in such calculation, the interest rate and default interest rate shall be figured
in accordance with each agreement, and the foreign exchange rate at the time such calculation is made, as reasonably determined by the Lender, shall be
applied. If the Borrower’s receivables to be set-off are not sufficient to extinguish all of its debts, the Borrower may apply such set-off amount in the
order and method it deems appropriate. Provided, however, that if the Borrower does not instruct such order or method, any such amounts may be
applied in the order and method deemed appropriate by each Lender, and the Borrower shall not object to such application.
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Source: ADVANCED MICRO DEVIC, 10-K, March 09, 2004