Common use of Set-Off and Netting Clause in Contracts

Set-Off and Netting. Dealer agrees not to set-off or net amounts due from Counterparty with respect to this Transaction against amounts due from Dealer to Counterparty under obligations other than Equity Contracts (as defined in the Agreement). Section 2(c) of the Agreement as it applies to payments due with respect to this Transaction shall remain in effect and is not subject to the first sentence of this provision. The parties agree that Section 6(f) of the Agreement is amended to read as follows: “Upon the occurrence of an Event of Default or Termination Event with respect to either party as the Defaulting Party or the Affected Party (“X”), the Non-defaulting Party or Non-affected Party, as applicable (“Y”), will have the right (but not be obliged) without prior notice to X or any other person to set-off or apply any obligation of X under an Equity Contract owed to Y (or any Affiliate of Y) (whether or not matured or contingent and whether or not arising under the Agreement, and regardless of the currency, place of payment or booking office of the obligation) against any obligation of Y (or any Affiliate of Y) under an Equity Contract owed to X (whether or not matured or contingent and whether or not arising under the Agreement, and regardless of the currency, place of payment or booking office of the obligation). Y will give notice to the other party of any set-off or application effected under this provision.

Appears in 2 contracts

Samples: Confirmation for Registered Share Forward Transactions (MGM Growth Properties Operating Partnership LP), Confirmation for Registered Share Forward Transactions (MGM Growth Properties Operating Partnership LP)

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Set-Off and Netting. Dealer Credit Suisse agrees not to set-off or net amounts due from Counterparty with respect to this the Transaction against amounts due from Dealer Credit Suisse to Counterparty under obligations other than Equity Contracts (as defined Contracts. Notwithstanding the foregoing, Credit Suisse and Counterparty shall be entitled to set off and net any obligation of Credit Suisse to tender Shares to Counterparty for repurchase for cancellation for USD0.01 under the Share Issuance Agreement, against any obligation of Counterparty to issue Shares to Credit Suisse hereunder in return for payment of at least the Agreement)par value thereof. Section 2(c) of the Agreement as it applies to payments due with respect to this the Transaction shall remain in effect and is not subject to the first sentence of this provision. The parties agree that Section 6(f) of the Agreement is amended to read as follows: “Upon In addition, upon the occurrence of an Event of Default or Termination Event of the type described in paragraph (vii) of Section 5(a) of the Agreement with respect to either party as the Defaulting Party or the Affected Party (“X”), the Non-defaulting Party or Non-affected Party, as applicable other party (“Y”), ) will have the right (but not be obliged) without prior notice to X or any other person to set-off or apply any obligation of X (if X is Counterparty, under an Equity Contract Contract) owed to Y (or any Affiliate of Y) (whether or not matured or contingent and whether or not arising under the Agreementthis Confirmation, and regardless of the currency, place of payment or booking office of the obligation) against any obligation of Y (or any Affiliate of Y) if X is Counterparty, under an Equity Contract Contract) owed to X (whether or not matured or contingent and whether or not arising under the Agreementthis Confirmation, and regardless of the currency, place of payment or booking office of the obligation). Y will give notice to the other party of any set-off or application effected under this provision.off

Appears in 1 contract

Samples: Confirmation (Montpelier Re Holdings LTD)

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Set-Off and Netting. Dealer agrees not to set-off or net amounts due from Counterparty with respect to this Transaction against amounts due from Dealer to Counterparty under obligations other than Equity Contracts (as defined in the Agreement). Section 2(c) of the Agreement as it applies to payments due with respect to this Transaction shall remain in effect and is not subject to the first sentence of this provision. The parties agree that Section 6(f) of the Agreement is amended to read as follows: “Upon the occurrence of an Event of Default or Termination Event with respect to either party as the Defaulting Party or the Affected Party (“X”), the Non-defaulting Party or Non-affected Party, as applicable (“Y”), will have the right (but not be obliged) without prior notice to X or any other person to set-off or apply any obligation of X under an Equity Contract owed to Y (or any Affiliate of Y) (whether or not matured or contingent and whether or not arising under the Agreement, and regardless of the currency, place of payment or booking office of the obligation) against any obligation of Y (or any Affiliate of Y) under an Equity Contract owed to X (whether or not matured or contingent and whether or not arising under the Agreement, and regardless of the currency, place of payment or booking office of the obligation). Y will give notice to the other party of any set-off or application effected under this provision.under

Appears in 1 contract

Samples: Confirmation for Registered Share Forward Transactions (MGM Growth Properties Operating Partnership LP)

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