Common use of Deduction from Amounts Payable by the Agents Clause in Contracts

Deduction from Amounts Payable by the Agents. If any amount is due and payable by any party to the Facility Agent, the US Paying Agent or the Administrative Agent under any Finance Document the Facility Agent, the US Paying Agent or the Administrative Agent, as the case may be, may, after giving notice to that party, deduct an amount not exceeding that amount from any payment to that party which the Facility Agent, the US Paying Agent or the Administrative Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that party shall be regarded as having received such payment without any such deduction.

Deduction from Amounts Payable by the Agents. If any amount is due and payable by any party to the Facility Agent, the US Paying Agent or the Administrative Agent under any Finance Document the Facility Agent, the US Paying Agent or the Administrative Agent, as the case may be, may, after giving notice to that party, deduct an amount not exceeding that amount from any payment to that party which the Facility Agent, the US Paying Agent or the Administrative Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards 187 satisfaction of the amount owed. For the purposes of the Finance Documents that party shall be regarded as having received such payment without any such deduction.