Common use of No Set Clause in Contracts

No Set. off by Guarantor. No set-off, abatement, recoupment, counterclaim, reduction or diminution of a Guaranty Obligation, or any defense of any kind or nature which the Guarantor has or may have with respect to a Guaranty Obligation (other than the complete fulfillment, performance or satisfaction of such Guaranty Obligation) shall be available hereunder to the Guarantor against the Depositor or any Other Beneficiary; provided, however, that the Guarantor shall be entitled to, except to the extent it arises out of the bankruptcy or insolvency of the Seller, any right of set-off, abatement, recoupment, counterclaim, reduction or diminution of any Seller Obligation, or any equitable defense of any kind or nature to which the Seller is entitled with respect to any Seller Obligation.

No Set. off by Guarantor. No set-off, abatement, recoupment, counterclaim, reduction or diminution of a Guaranty Obligation, or any defense of any kind or nature which the Guarantor has or may have with respect to a Guaranty Obligation (other than the complete fulfillment, performance or satisfaction of such Guaranty Obligation) shall be available hereunder to the Guarantor against the Depositor GMAC-CMS or any Other Beneficiary; provided, however, that the Guarantor shall be entitled to, except to the extent it arises out of the bankruptcy or insolvency of the Seller, any right of set-off, abatement, recoupment, counterclaim, reduction or diminution of any Seller Obligation, Obligation or any equitable defense of any kind or nature to which the Seller is entitled has or may have with respect to any Seller Obligation.