Recoupment and Set Off. BANK has the right of recoupment and set-off from the Reserve Account or the Account. This means that it may offset any outstanding/uncollected amounts owed from: (i) any amounts it would otherwise be obligated to deposit into the MERCHANT Account, and (ii) any other amounts MERCHANT may owe BANK under this Agreement or any other agreement. MERCHANT acknowledges that in the event of a bankruptcy proceeding, in order for MERCHANT to provide adequate protection under Bankruptcy Code Section 362 to BANK, MERCHANT must create or maintain the Reserve Account as required by BANK, and BANK will have the right of offset against the Reserve Account for any and all obligations which MERCHANT may owe to BANK, without regard to whether the obligations relate to sales drafts initiated or created before or after the filing of the bankruptcy petition.
Recoupment and Set Off. Service Providers have the right of recoupment and set-off. Service Providers may offset any outstanding/uncollected amounts owed to them from: (i) any amounts they would otherwise be obligated to deposit into the Bank Account; (ii) any other amounts Service Providers may owe Merchant under this Agreement; and (iii) the Reserve Account or any other account of Merchant at Service Providers. The rights conferred upon Service Providers in this Section are not intended to be exclusive of each other or of any other rights and remedies of Service Providers under this Agreement, at law, or in equity. Rather, each and every right of Service Providers at law or in equity will be cumulative and concurrent and in addition to every other right.
Recoupment and Set Off. Bank and NMS each has the right of recoupment and set-off. Specifically, Bank may offset or recoup any outstanding/uncollected amounts owed by Merchant from: (i) any amounts Bank would otherwise be obligated to deposit into the Designated Account; (ii) any other amounts Bank or NMS may owe Merchant under this Agreement or any other agreement; and (iii) any funds in the Designated Account or Reserve Account. Merchant acknowledges that in the event of a bankruptcy proceeding, in order for Merchant to provide adequate protection under the Bankruptcy Code to Bank and NMS, Merchant must create or maintain the Reserve Account as required by Bank and NMS, and Bank must have the right to offset against the Reserve Account for any and all obligations which Merchant may owe to Bank and/or NMS, without regard to whether the obligations relate to Sales Drafts initiated or created before or after the filing of the bankruptcy petition.
Recoupment and Set Off. Service Provider has the right of recoupment and set-off. Specifically, Service Provider may offset or recoup any outstanding/uncollected amounts owed by Merchant from: (i) any amounts Service Provider would otherwise be obligated to deposit into the Designated Account;
Recoupment and Set Off. SERVICE PROVIDERS have the right of recoupment and set-off from the Reserve Account or the Account. This means that it may offset any outstanding/uncollected amounts owed from: (i) any amounts it would otherwise be obligated to deposit into the MERCHANT Account, and (ii) any other amounts MERCHANT may owe SERVICE PROVIDERS under this Agreement or any other agreement. MERCHANT acknowledges that in the event of a bankruptcy proceeding, in order for MERCHANT to provide adequate protection under Bankruptcy Code Section 362 to SERVICE PROVIDERS, MERCHANT must create or maintain the Reserve Account as required by SERVICE PROVIDERS, and SERVICE PROVIDERS will have the right of offset against the Reserve Account for any and all obligations which MERCHANT may owe to SERVICE PROVIDERS, without regard to whether the obligations relate to sales drafts initiated or created before or after the filing of the bankruptcy petition.
Recoupment and Set Off. To the extent not already permitted by law, You authorize Processor and Bank to have the right of recoupment and set-off. This means that Processor and Bank may recoup and set off from any amounts that are due and owing from You
Recoupment and Set Off. Each Provider has the right of recoupment and offset. Specifically, each Provider may offset or recoup any outstanding/uncollected amounts owed by Merchant under or in connection with this Agreement from: (a) any amounts Provider would otherwise be obligated to deposit into the Account;
Recoupment and Set Off. To the extent not already permitted by law, You authorize Processor and Bank to have the right of recoupment and set-off. This means that Processor and Bank may recoup and set off any amounts that are due and owing from You to Processor or Bank from: (i) any amounts Processor or Bank would otherwise be obligated to deposit into the Merchant Account, and (ii) any other amounts Processor or Bank may owe You under this Agreement or any other agreement. You acknowledge that in the event of a bankruptcy proceeding, in order for You to provide adequate protection under Bankruptcy Code § 362 to Processor, You must create and maintain the Reserve Account as required by Processor, and Processor and Bank have the right to offset against the Reserve Account for any and all obligations which You may owe to Processor and Bank, without regard to whether the obligations relate to Sales Drafts initiated or created before or after the filing of the bankruptcy petition.
Recoupment and Set Off. Service Provider has the right of recoupment and set-off. Specifically, Service Provider may offset or recoup any outstanding/uncollected amounts owed by Merchant from: (i) any amounts Service Provider would otherwise be obligated to deposit into the Designated Account; (ii) any other amounts Service Provider may owe Merchant under this Agreement or any other agreement; and (iii) any funds in the Designated Account or Reserve Account. Merchant acknowledges that in the event of a bankruptcy proceeding, in order for Merchant to provide adequate protection under the Bankruptcy Code to Service Provider, the Reserve Account will be created and maintained as required
Recoupment and Set Off. Except for the recoupment rights specified under Sections 4.4(a) - (d) and 4.5(a) hereof or in this Section 4.7, neither party may recoup, set off or otherwise apply any amount payable by that party hereunder against any other amount that may be payable to or claimed by that party, whether pursuant to this Agreement or otherwise. To the extent that the provisions of Sections 4.4(a) - (d) and 4.5(a) are not treated as a credit discount or rebate, it is expressly acknowledged and agreed that the parties intend for the provisions of Sections 4.4(a) - (d) and 4.5
(a) to confer rights of recoupment to the applicable parties as specified therein; provided, that in the event that such rights of recoupment are not upheld by applicable law or a court of competent jurisdiction, then the parties intend for the provisions of Sections 4.4(a) - (d) and 4.5(c) to confer rights of setoff to the applicable parties in lieu of such recoupment rights in the same manner and to the same extent as specified therein and, to that end, all references to “recoupment,” “recouped” and “Recoupment Amount” in such sections and in Section 4.4(d) shall be read as “setoff,” “set off” and “Setoff Amount” as the case may be.
