Offsetting Claims Clause Samples
The Offsetting Claims clause allows parties to deduct amounts they owe each other, so that only the net balance is paid. In practice, if both parties have outstanding obligations or debts to one another, this clause permits them to offset these amounts rather than making separate payments. This mechanism streamlines financial settlements and reduces administrative burden, ensuring that only the net amount is exchanged and minimizing the risk of overpayment or duplicate payments.
Offsetting Claims. With respect to any Claim for which BGM has an obligation to any ▇▇▇▇▇▇ Indemnitee pursuant to Section 9.1 and ▇▇▇▇▇▇ has an obligation to any BGM Indemnitee pursuant to Section 9.2, each Party shall indemnify each of the other Party’s Indemnitees for its Losses to the extent of its responsibility, relative to the other Party, for the facts underlying the Claim.
Offsetting Claims. The Federal Income Tax Refund Claims become subject to one or more disputes, setoffs, counterclaims, deductions or other offsetting claims of the United States of America or any department or agency thereof in an aggregate amount in excess of $25,000,000.
Offsetting Claims. With respect to any Claim for which BGM has an obligation to any BMX Indemnitee pursuant to Section 9.1 and BMX has an obligation to any BGM Indemnitee pursuant to Section 9.2, each Party shall indemnify each of the other Party’s Indemnitees for its Losses to the extent of its responsibility, relative to the other Party, for the facts underlying the Claim.
Offsetting Claims. 1. All the Borrowers' accounts with Rabobank International, irrespective of their nature or the currency in which they are denominated, shall be considered to be one and the same account.
2. Rabobank International shall at all times be entitled to set off any and all amounts due and payable by the Borrowers under the Facility against any and all claims which the Borrowers may have against Rabobank International. regardless of whether or not they arc due. For the purpose of this clause, obligations expressed in foreign currencies shall be converted into Dutch Guilders at the then current rates of the Amsterdam exchange market, based on the (informative) buying and selling rates quoted by Dc Ncdcrlandschc Bank N.V. on each Business Day. The Borrowers hereby grant an unconditional and irrevocable power of attorney to Rabobank International to do all that is necessary to effect the aforesaid set off.