{"component": "clause", "props": {"groups": [{"samples": [{"hash": "k1Y2RzXGxZ4", "uri": "/contracts/k1Y2RzXGxZ4#set-off-etc", "label": "Credit Agreement (Coconut Palm Acquisition Corp.)", "score": 21.0, "published": true}, {"hash": "c7EHRv627N4", "uri": "/contracts/c7EHRv627N4#set-off-etc", "label": "Credit Agreement (Coconut Palm Acquisition Corp.)", "score": 21.0, "published": true}], "snippet": "Each Borrower hereby grants to Lenders, a lien, security interest and right of set-off as security for all Obligations to Lenders, whether now existing or hereafter arising, upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Lenders or any Affiliate of any Lender and their successors and assigns, or in transit to any of them. At any time, without demand or notice, Lenders may set-off the same or any part thereof and apply the same to any matured liability or obligation of a Borrower regardless of the adequacy of any other collateral securing the Notes. ANY AND ALL RIGHTS TO REQUIRE LENDERS TO EXERCISE THEIR RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE LOANS, PRIOR TO EXERCISING THEIR RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER OR EACH BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. Each Borrower agrees that any Person which purchases a participation (or direct interest) in the Notes (each being hereinafter referred to as a \u201cParticipant\u201d) may, after the identity of such Participant has been disclosed to Borrowers in writing, exercise all rights of set-off, bankers\u2019 lien, counterclaim or similar rights with respect to such participation as fully as if such Participant were a direct holder of Notes in the amount of such participation, provided that Borrowers were notified of such purchase. Nothing contained herein shall be deemed to require any Participant to exercise any such right or shall affect the right of any Participant to exercise, and retain the benefits of exercising, any such right with respect to any indebtedness or obligation of Borrowers, other than Borrowers\u2019 Indebtedness and Obligations under this Agreement.", "snippet_links": [{"key": "borrower-hereby", "type": "clause", "offset": [5, 20]}, {"key": "security-interest", "type": "definition", "offset": [48, 65]}, {"key": "obligations-to-lenders", "type": "clause", "offset": [107, 129]}, {"key": "control-of", "type": "definition", "offset": [299, 309]}, {"key": "affiliate-of", "type": "definition", "offset": [325, 337]}, {"key": "successors-and-assigns", "type": "definition", "offset": [359, 381]}, {"key": "at-any-time", "type": "clause", "offset": [413, 424]}, {"key": "other-collateral", "type": "definition", "offset": [607, 623]}, {"key": "the-notes", "type": "clause", "offset": [633, 642]}, {"key": "to-exercise", "type": "clause", "offset": [682, 693]}, {"key": "rights-or-remedies", "type": "clause", "offset": [700, 718]}, {"key": "with-respect-to", "type": "clause", "offset": [719, 734]}, {"key": "the-loans", "type": "clause", "offset": [770, 779]}, {"key": "prior-to", "type": "definition", "offset": [781, 789]}, {"key": "right-of-setoff", "type": "definition", "offset": [807, 822]}, {"key": "other-property", "type": "definition", "offset": [865, 879]}, {"key": "any-person", "type": "definition", "offset": [994, 1004]}, {"key": "direct-interest", "type": "definition", "offset": [1041, 1056]}, {"key": "in-writing", "type": "definition", "offset": [1203, 1213]}, {"key": "rights-of", "type": "definition", "offset": [1228, 1237]}, {"key": "holder-of-notes", "type": "definition", "offset": [1374, 1389]}, {"key": "provided-that", "type": "definition", "offset": [1427, 1440]}, {"key": "nothing-contained", "type": "clause", "offset": [1483, 1500]}, {"key": "such-right", "type": "definition", "offset": [1567, 1577]}, {"key": "the-right", "type": "clause", "offset": [1594, 1603]}, {"key": "benefits-of", "type": "clause", "offset": [1651, 1662]}, {"key": "obligations-under-this-agreement", "type": "clause", "offset": [1790, 1822]}], "size": 15, "hash": "f6ff07ca281e82af5054fcf5ce2bdbcb", "id": 6}, {"samples": [{"hash": "3cJqRZcqPks", "uri": "/contracts/3cJqRZcqPks#set-off-etc", "label": "Loan and Servicing Agreement (Blue Owl Capital Corp)", "score": 36.6276512146, "published": true}, {"hash": "2Rva3PYzT9M", "uri": "/contracts/2Rva3PYzT9M#set-off-etc", "label": "Loan and Servicing Agreement (Blue Owl Capital Corp)", "score": 36.4469528198, "published": true}, {"hash": "dMSUZTs233A", "uri": "/contracts/dMSUZTs233A#set-off-etc", "label": "Loan and Servicing Agreement (Blue Owl Capital Corp III)", "score": 35.937713623, "published": true}], "snippet": "No Collateral Obligation has been compromised, adjusted, extended, satisfied, subordinated, rescinded, set-off or modified by the Borrower or the Obligor thereof, and no Collateral is subject to compromise, adjustment, extension, satisfaction, subordination, rescission, set-off, counterclaim, defense, abatement, suspension, deferment, deduction, reduction, termination or modification, whether arising out of transactions concerning the Collateral or otherwise, by the Borrower or the Obligor with respect thereto, except, in each case, pursuant to the Transaction Documents and for amendments, extensions and modifications, if any, to such Collateral otherwise permitted hereby.", "snippet_links": [{"key": "collateral-obligation", "type": "clause", "offset": [3, 24]}, {"key": "by-the-borrower", "type": "clause", "offset": [123, 138]}, {"key": "subject-to", "type": "clause", "offset": [184, 194]}, {"key": "termination-or-modification", "type": "clause", "offset": [359, 386]}, {"key": "arising-out-of", "type": "definition", "offset": [396, 410]}, {"key": "concerning-the-collateral", "type": "clause", "offset": [424, 449]}, {"key": "each-case", "type": "definition", "offset": [528, 537]}, {"key": "the-transaction-documents", "type": "clause", "offset": [551, 576]}, {"key": "for-amendments", "type": "clause", "offset": [581, 595]}, {"key": "extensions-and-modifications", "type": "clause", "offset": [597, 625]}], "size": 59, "hash": "f0760f3d06f6f36e79061ed6baa09378", "id": 1}, {"samples": [{"hash": "gx221E5wZdo", "uri": "/contracts/gx221E5wZdo#set-off-etc", "label": "Sale and Contribution Agreement (HPS Corporate Lending Fund)", "score": 37.2299804688, "published": true}, {"hash": "iuaYcU8TR5f", "uri": "/contracts/iuaYcU8TR5f#set-off-etc", "label": "Sale and Contribution Agreement (HPS Corporate Lending Fund)", "score": 36.811088562, "published": true}, {"hash": "jqy3kSEKc85", "uri": "/contracts/jqy3kSEKc85#set-off-etc", "label": "Sale and Contribution Agreement (HPS Corporate Lending Fund)", "score": 36.6112251282, "published": true}], "snippet": "At the time of Conveyance of a Transferred Asset and to the knowledge of the Seller after reasonable inquiry as of the applicable Purchase Date, such Transferred Asset has not been compromised, adjusted, extended, satisfied, subordinated, rescinded, set\u2013off or modified by the Seller or by the Obligor thereof, and at such time such Transferred Asset is not subject to compromise, adjustment, extension, satisfaction, subordination, rescission, set\u2013off, counterclaim, defense, abatement, suspension, deferment, deduction, reduction, termination or modification, whether arising out of transactions concerning such Transferred Asset or otherwise, by the Seller or by the Obligor with respect thereto, except, in each case, for amendments, extensions and modifications, if any, to such Transferred Asset otherwise permitted under the Transaction Documents.", "snippet_links": [{"key": "time-of-conveyance", "type": "clause", "offset": [7, 25]}, {"key": "transferred-asset", "type": "definition", "offset": [31, 48]}, {"key": "knowledge-of-the-seller", "type": "clause", "offset": [60, 83]}, {"key": "reasonable-inquiry", "type": "definition", "offset": [90, 108]}, {"key": "the-applicable", "type": "clause", "offset": [115, 129]}, {"key": "purchase-date", "type": "clause", "offset": [130, 143]}, {"key": "by-the-seller", "type": "clause", "offset": [270, 283]}, {"key": "subject-to", "type": "clause", "offset": [358, 368]}, {"key": "termination-or-modification", "type": "clause", "offset": [533, 560]}, {"key": "arising-out-of", "type": "definition", "offset": [570, 584]}, {"key": "each-case", "type": "definition", "offset": [711, 720]}, {"key": "for-amendments", "type": "clause", "offset": [722, 736]}, {"key": "extensions-and-modifications", "type": "clause", "offset": [738, 766]}, {"key": "the-transaction-documents", "type": "clause", "offset": [828, 853]}], "size": 42, "hash": "217f135be522a4c2d97babc8c655d488", "id": 2}, {"samples": [{"hash": "xU1PqsVgzk", "uri": "/contracts/xU1PqsVgzk#set-off-etc", "label": "Loan and Servicing Agreement (HPS Corporate Lending Fund)", "score": 36.9753608704, "published": true}, {"hash": "dH3OeRGW5MC", "uri": "/contracts/dH3OeRGW5MC#set-off-etc", "label": "Loan and Servicing Agreement (Antares Private Credit Fund)", "score": 35.9568786621, "published": true}, {"hash": "jf3tYfhRLH5", "uri": "/contracts/jf3tYfhRLH5#set-off-etc", "label": "Loan and Servicing Agreement (Franklin BSP Capital Corp)", "score": 33.2053375244, "published": true}], "snippet": "No Loan Asset in the Collateral has been compromised, adjusted, extended, satisfied, subordinated, rescinded, set-off or modified by the Borrower, the Transferor or the Obligor thereof, and no Loan Asset in the Collateral is subject to compromise, adjustment, extension, satisfaction, subordination, rescission, set-off, counterclaim, defense, abatement, suspension, deferment, deduction, reduction, termination or modification, whether arising out of transactions concerning the Collateral or otherwise, by the Borrower, the Transferor or the Obligor with respect thereto, except, in each case, for amendments, extensions and modifications, if any, to such Collateral otherwise permitted pursuant to Section 6.04(a) of this Agreement and in accordance with the Servicing Standard.", "snippet_links": [{"key": "loan-asset", "type": "definition", "offset": [3, 13]}, {"key": "by-the-borrower", "type": "clause", "offset": [130, 145]}, {"key": "the-transferor", "type": "clause", "offset": [147, 161]}, {"key": "subject-to", "type": "clause", "offset": [225, 235]}, {"key": "termination-or-modification", "type": "clause", "offset": [400, 427]}, {"key": "arising-out-of", "type": "definition", "offset": [437, 451]}, {"key": "concerning-the-collateral", "type": "clause", "offset": [465, 490]}, {"key": "each-case", "type": "definition", "offset": [585, 594]}, {"key": "for-amendments", "type": "clause", "offset": [596, 610]}, {"key": "extensions-and-modifications", "type": "clause", "offset": [612, 640]}, {"key": "pursuant-to-section", "type": "clause", "offset": [689, 708]}, {"key": "this-agreement", "type": "clause", "offset": [720, 734]}, {"key": "in-accordance-with", "type": "clause", "offset": [739, 757]}, {"key": "servicing-standard", "type": "definition", "offset": [762, 780]}], "size": 34, "hash": "561e1052961631b87fb2d6766e0fa8b0", "id": 3}, {"samples": [{"hash": "cYsjUHvViJe", "uri": "/contracts/cYsjUHvViJe#set-off-etc", "label": "Fourth Amendment and Joinder to Loan and Servicing Agreement (Carlyle Secured Lending, Inc.)", "score": 36.2361412048, "published": true}, {"hash": "eDwejtdOpiW", "uri": "/contracts/eDwejtdOpiW#set-off-etc", "label": "Loan and Servicing Agreement (Carlyle Secured Lending III)", "score": 34.3661880493, "published": true}, {"hash": "iExFrsu3kHm", "uri": "/contracts/iExFrsu3kHm#set-off-etc", "label": "Loan and Servicing Agreement (Carlyle Secured Lending III)", "score": 33.7611236572, "published": true}], "snippet": "No Portfolio Asset has been compromised, adjusted, extended, satisfied, subordinated, rescinded, set-off or modified by the Borrower, or the Obligor thereof, and no item in the Collateral is subject to compromise, adjustment, extension, satisfaction, subordination, rescission, set-off, counterclaim, defense, abatement, suspension, deferment, deduction, reduction, termination or modification, whether arising out of transactions concerning the Collateral or otherwise, by the Borrower or the Obligor with respect thereto, except, in each case, for amendments, extensions and modifications, if any, permitted pursuant to Section 11.01.", "snippet_links": [{"key": "portfolio-asset", "type": "definition", "offset": [3, 18]}, {"key": "by-the-borrower", "type": "clause", "offset": [117, 132]}, {"key": "subject-to", "type": "clause", "offset": [191, 201]}, {"key": "termination-or-modification", "type": "clause", "offset": [366, 393]}, {"key": "arising-out-of", "type": "definition", "offset": [403, 417]}, {"key": "concerning-the-collateral", "type": "clause", "offset": [431, 456]}, {"key": "each-case", "type": "definition", "offset": [535, 544]}, {"key": "for-amendments", "type": "clause", "offset": [546, 560]}, {"key": "extensions-and-modifications", "type": "clause", "offset": [562, 590]}, {"key": "pursuant-to-section", "type": "clause", "offset": [610, 629]}], "size": 22, "hash": "2f3b7927ab8d967c4f49f44cf0cd6e3f", "id": 4}, {"samples": [{"hash": "kqQBmjErJEB", "uri": "/contracts/kqQBmjErJEB#set-off-etc", "label": "Credit Agreement (Pegasus Communications Corp /)", "score": 18.0, "published": true}, {"hash": "grzp3TcDn69", "uri": "/contracts/grzp3TcDn69#set-off-etc", "label": "Credit Agreement (Pegasus Communications Corp)", "score": 18.0, "published": true}, {"hash": "8IJiUVICdow", "uri": "/contracts/8IJiUVICdow#set-off-etc", "label": "Credit Agreement (Pegasus Communications Corp /)", "score": 18.0, "published": true}], "snippet": "The Borrower agrees that, in addition to (and without limitation of) any right of set-off, bankers' lien or counterclaim a Lender may otherwise have and in addition to the debit right afforded in Section 1.15, each Lender (and each subsequent holder of any Note) shall be entitled, at its option, to offset balances held by it, or by any of its respective branches or agencies, for the account of the Borrower at any of its or their offices, in Dollars or in any other currency, against any principal of or interest on the Notes held by such Lender (or subsequent noteholder) or other fees or charges owed to such Lender (or subsequent noteholder) hereunder which are not paid when due (regardless of whether such balances are then due to the Borrower and regardless of whether the Lenders are otherwise fully secured), in which case it shall promptly notify the Borrower and the Agent thereof, provided that such Lender's (or subsequent noteholder's) failure to give such notice shall not affect the validity thereof and (as security for any Indebtedness hereunder) the Borrower hereby grants to the Agent and the Lenders a continuing security interest in any and all balances, credit, deposits, accounts or moneys of the Borrower maintained with the Agent and any Lender now or hereafter. If a Lender (or subsequent noteholder) shall obtain payment of any principal, interest or other amounts payable under this Agreement through the exercise of any right of set-off, banker's lien or counterclaim or otherwise or pursuant to the debit right provided in Section 1.15, it shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Note(s) held by the other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata based upon the unpaid principal amounts of and interest on the Note(s) held by each of them. To such end, the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender or any other Person which purchases a participation (or direct interest) in the Note(s) held by any or all of the Lenders (each being hereinafter referred to as a \"Participant\") may exercise all rights of set-off, bankers' lien, counterclaim or similar rights with respect to such participation as fully as if such Participant were a direct holder of Notes in the amount of such participation, provided that the Borrower was notified of such purchase. Nothing contained herein shall be deemed to require any Participant to exercise any such right or shall affect the right of any Participant to exercise, and retain the benefits of exercising, any such right with respect to any indebtedness or obligation of the Borrower, other than the Borrower's indebtedness and obligations under this Agreement.", "snippet_links": [{"key": "the-borrower-agrees", "type": "clause", "offset": [0, 19]}, {"key": "without-limitation-of", "type": "clause", "offset": [46, 67]}, {"key": "right-of-set", "type": "clause", "offset": [73, 85]}, {"key": "lender-may", "type": "definition", "offset": [123, 133]}, {"key": "in-addition-to-the", "type": "clause", "offset": [153, 171]}, {"key": "each-lender", "type": "clause", "offset": [210, 221]}, {"key": "subsequent-holder", "type": "definition", "offset": [232, 249]}, {"key": "the-account", "type": "clause", "offset": [382, 393]}, {"key": "other-currency", "type": "clause", "offset": [463, 477]}, {"key": "principal-of", "type": "definition", "offset": [491, 503]}, {"key": "interest-on-the-notes", "type": "clause", "offset": [507, 528]}, {"key": "other-fees-or-charges", "type": "clause", "offset": [579, 600]}, {"key": "to-the-borrower", "type": "definition", "offset": [736, 751]}, {"key": "fully-secured", "type": "definition", "offset": [804, 817]}, {"key": "the-borrower-and-the", "type": "clause", "offset": [859, 879]}, {"key": "provided-that", "type": "definition", "offset": [895, 908]}, {"key": "failure-to", "type": "clause", "offset": [952, 962]}, {"key": "the-borrower-hereby", "type": "clause", "offset": [1067, 1086]}, {"key": "the-agent-and-the-lenders", "type": "clause", "offset": [1097, 1122]}, {"key": "continuing-security-interest", "type": "clause", "offset": [1125, 1153]}, {"key": "payment-of", "type": "definition", "offset": [1343, 1353]}, {"key": "amounts-payable-under-this-agreement", "type": "clause", "offset": [1387, 1423]}, {"key": "exercise-of", "type": "clause", "offset": [1436, 1447]}, {"key": "pursuant-to-the", "type": "definition", "offset": [1516, 1531]}, {"key": "other-lenders", "type": "definition", "offset": [1606, 1619]}, {"key": "to-the-extent", "type": "clause", "offset": [1650, 1663]}, {"key": "direct-interests", "type": "definition", "offset": [1690, 1706]}, {"key": "other-adjustments", "type": "clause", "offset": [1780, 1797]}, {"key": "from-time-to-time", "type": "clause", "offset": [1798, 1815]}, {"key": "pro-rata", "type": "definition", "offset": [2010, 2018]}, {"key": "principal-amounts", "type": "definition", "offset": [2041, 2058]}, {"key": "and-interest", "type": "clause", "offset": [2062, 2074]}, {"key": "any-other-person", "type": "definition", "offset": [2340, 2356]}, {"key": "rights-of", "type": "definition", "offset": [2532, 2541]}, {"key": "with-respect-to", "type": "clause", "offset": [2597, 2612]}, {"key": "holder-of-notes", "type": "definition", "offset": [2678, 2693]}, {"key": "nothing-contained", "type": "clause", "offset": [2789, 2806]}, {"key": "to-exercise", "type": "clause", "offset": [2857, 2868]}, {"key": "such-right", "type": "definition", "offset": [2873, 2883]}, {"key": "the-right", "type": "clause", "offset": [2900, 2909]}, {"key": "benefits-of", "type": "clause", "offset": [2957, 2968]}, {"key": "obligation-of-the-borrower", "type": "clause", "offset": [3032, 3058]}, {"key": "obligations-under-this-agreement", "type": "clause", "offset": [3103, 3135]}], "size": 15, "hash": "602654085c877b15addd1233dd447278", "id": 5}, {"samples": [{"hash": "8LLnaxZVtg5", "uri": "/contracts/8LLnaxZVtg5#set-off-etc", "label": "Purchase and Sale Agreement (Golub Capital Investment Corp)", "score": 27.704996109, "published": true}, {"hash": "1rWB8LdbUTP", "uri": "/contracts/1rWB8LdbUTP#set-off-etc", "label": "Purchase and Sale Agreement (Business Development Corp of America)", "score": 23.5982208252, "published": true}, {"hash": "lSBBFa0wkKL", "uri": "/contracts/lSBBFa0wkKL#set-off-etc", "label": "Purchase and Sale Agreement (Golub Capital BDC, Inc.)", "score": 22.5496234894, "published": true}], "snippet": "No Sale Portfolio has been compromised, adjusted, extended, satisfied, subordinated, rescinded, set\u2013off or modified by the Seller or the Obligor thereof, and no Sale Portfolio is subject to compromise, adjustment, extension, satisfaction, subordination, rescission, set\u2013off, counterclaim, defense, abatement, suspension, deferment, deduction, reduction, termination or modification, whether arising out of transactions concerning the Sale Portfolio or otherwise, by the Seller or the Obligor with respect thereto, except for amendments, extensions or modifications to such Sale Portfolio otherwise permitted under Section 6.04(a) of the Loan and Servicing Agreement and in accordance with the Servicing Standard.", "snippet_links": [{"key": "sale-portfolio", "type": "definition", "offset": [3, 17]}, {"key": "by-the-seller", "type": "clause", "offset": [116, 129]}, {"key": "subject-to", "type": "clause", "offset": [179, 189]}, {"key": "termination-or-modification", "type": "clause", "offset": [354, 381]}, {"key": "arising-out-of", "type": "definition", "offset": [391, 405]}, {"key": "the-sale", "type": "clause", "offset": [430, 438]}, {"key": "for-amendments", "type": "clause", "offset": [521, 535]}, {"key": "modifications-to", "type": "clause", "offset": [551, 567]}, {"key": "loan-and-servicing-agreement", "type": "definition", "offset": [637, 665]}, {"key": "in-accordance-with", "type": "clause", "offset": [670, 688]}, {"key": "servicing-standard", "type": "definition", "offset": [693, 711]}], "size": 14, "hash": "23e67dd842b9c7d8ed32247ee368550e", "id": 7}, {"samples": [{"hash": "9l2NxNNAZan", "uri": "/contracts/9l2NxNNAZan#set-off-etc", "label": "Securities Lending Agreement", "score": 31.3408622742, "published": true}, {"hash": "ltNpEiWEvi", "uri": "/contracts/ltNpEiWEvi#set-off-etc", "label": "Securities Lending Agreement (JPMorgan Institutional Trust)", "score": 20.0, "published": true}, {"hash": "lot7yscSfDH", "uri": "/contracts/lot7yscSfDH#set-off-etc", "label": "Securities Lending Agreement (One Group Mutual Funds)", "score": 20.0, "published": true}], "snippet": "(A) On the date and time (the \u201cPerformance Date\u201d) that Equivalent Securities are required to be redelivered by the Borrower in accordance with the provisions of this Agreement the Lender shall simultaneously redeliver the Equivalent Collateral and repay any Cash Collateral held (in respect of the Equivalent Securities to be redelivered) to the Borrower. Neither Party shall be obliged to make delivery (or make a payment as the case may be) to the other unless it is satisfied that the other Party will make such delivery (or make an appropriate payment as the case may be) to it simultaneously. If it is not so satisfied (whether because an Event of Default has occurred in respect of the other Party or otherwise) it shall notify the other party and unless that other Party has made arrangements which are sufficient to assure full delivery (or the appropriate payment as the case may be) to the notifying Party, the notifying Party shall (provided it is itself in a position, and willing, to perform its own obligations) be entitled to withhold delivery (or payment, as the case may be) to the other Party.\n(B) If an Event of Default occurs in relation to either Party, the Parties\u2019 delivery and payment obligations (and any other obligations they have under this Agreement) shall be accelerated so as to require performance thereof at the time such Event of Default occurs (the date of which shall be the \u201cPerformance Date\u201d for the purposes of this clause) and in such event:\n(i) the Relevant Value of the Securities to be delivered (or payment to be made, as the case may be) by each Party shall be established in accordance with Clause 8(C); and\n(ii) on the basis of the Relevant Values so established, an account shall be taken (as at the Performance Date) of what is due from each Party to the other and (on the basis that each Party\u2019s claim against the other in respect of delivery of Equivalent Securities or Equivalent Collateral or any cash payment equals the Relevant Value thereof) the sums due from one Party shall be set-off against the sums due from the other and only the balance of the account shall be payable (by the Party having the claim valued at the lower amount pursuant to the foregoing) and such balance shall be payable on the Performance Date.\n(C) For the purposes of Clause 8(B) the Relevant Value:-\n(i) of any cash payment obligation shall equal its par value (disregarding any amount taken into account under (ii) or (iii) below);\n(ii) of any securities to be delivered by the Defaulting Party shall, subject to Clause 8(E) below, equal the Offer Value thereof; and\n(iii) of any securities to be delivered to the Defaulting Party shall, subject to Clause 8(E) below, equal the Bid Value thereof.\n(D) For the purposes of Clause 8(C), but subject to Clause 8(E) below, the Bid Value and Offer Value of any securities shall be calculated as at the Close of Business in the most appropriate market for securities of the relevant description (as determined by the Non-Defaulting Party) on the first Business Day following the Performance Date, or if the relevant Event of Default occurs outside the normal business hours of such market, on the second Business Day following the Performance Date (the \u201cDefault Valuation Time\u201d);\n(i) Where the Non-Defaulting Party has following the occurrence of an Event of Default but prior to the Default Valuation Time purchased securities forming part of the same issue and being of an identical type and description to those to be delivered by the Defaulting Party and in substantially the same amount as those securities or sold securities forming part of the same issue and being of an identical type and description to those to be delivered by him to the Defaulting Party and in substantially the same amount as those securities, the cost of such purchase or the proceeds of such sale, as the case may be, (taking into account all reasonable costs, fees and expenses that would be incurred in connection therewith) shall be treated as the Offer Value or Bid Value, as the case may be, of the relevant securities for the purposes of this Clause 8.\n(ii) Where the amount of any securities sold or purchased as mentioned in (E)(i) above is not in substantially the same amount as those securities to be valued for the purposes Clause 8(C) the Offer Value or the Bid Value (as the case may be) of those securities shall be ascertained by dividing the net proceeds of sale or cost of purchase by the amount of the securities sold or purchased so as to obtain a net unit price and 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