Set-off; Netting Sample Clauses

The Set-off; Netting clause allows parties to offset mutual debts or obligations against each other, so that only the net balance is payable. In practice, if both parties owe each other money under the contract or related agreements, they can subtract the smaller amount from the larger, and only the difference is paid by the party with the greater obligation. This mechanism streamlines payments, reduces administrative burden, and minimizes credit risk by ensuring that only the net amount is exchanged between the parties.
Set-off; Netting. In addition to any rights and remedies of Buyer hereunder and by law, upon ▇▇▇▇▇’s exercise against Seller of its contractual right as set forth in section 555 and 559 of the Bankruptcy Code to liquidate, terminate, or accelerate such contractual right, Buyer and any of its Affiliates shall have the right, without prior notice to Seller, any such notice being expressly waived by Seller to the extent permitted by applicable law, to aggregate, offset or net out any termination value, payment amount, or other transfer obligation arising under or in connection with set-off, foreclose, net and appropriate and apply against any Obligation hereunder or other contractual obligation, transaction, confirmation, or agreement set forth in section 555 and 559 of the Bankruptcy Code under any other financing facility between the Seller and the Buyer, whenever arising, from Seller to Buyer or any of its Affiliates including (i) any and all deposit, securities or other trust or custodial accounts maintained for the Seller by the Buyer or its Affiliates and any related deposits (general or special, time or demand, provisional or final), in any currency, or other property (including security entitlements) now or hereafter credited to or held in any such account or otherwise held, or carried by or through, or subject to the control of the Buyer or its applicable Affiliates or agent thereof in connection with any Obligation hereunder or other obligation, transaction, confirmation, or agreement under any other financing facility, whenever arising, whether fully paid or otherwise, (ii) all accounts, chattel paper, commodity accounts, commodity contracts, documents, general intangibles, instruments, investment property, letter-of-credit rights, and securities held under or constituting collateral or security under or pursuant to this Agreement or any other financing facility or any related document, (iii) any other obligation (including to return funds to Seller), credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by or due from Buyer or any Affiliate thereof to or for the credit or the account of Seller, and (iv) all proceeds of or distributions on any of the foregoing, in each case solely to the extent held under or constituting collateral or security under or pursuant to this Agreement or any other financing facility or any related document. The rights of the Buyer ...
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Set-off; Netting. In addition to any rights and remedies of the Administrative Agent and Buyers hereunder and by law, the Administrative Agent and Buyers shall have such setoff and netting rights as set forth in more detail in the Netting Agreement.
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Set-off; Netting. Section 23 of the Existing Repurchase Agreement is hereby amended by deleting such section in its entirety and replacing it with the following: In addition to any rights and remedies of the Administrative Agent and Buyers hereunder and by law, the Administrative Agent and Buyers shall have such setoff and netting rights as set forth in more detail in the Netting Agreement.
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Related to Set-off; Netting

  • Set-Off, etc 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.

  • Set-Offs After the occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably authorizes and directs Lender from time to time to charge Borrower’s accounts and deposits with Lender (or its Affiliates), and to pay over to Lender an amount equal to any amounts from time to time due and payable to Lender hereunder, under the Note or under any other Loan Document. Borrower hereby grants to Lender a security interest in and to all such accounts and deposits maintained by the Borrower with Lender (or its Affiliates).

  • Netting If on any date amounts would otherwise be payable:— (i) in the same currency; and (ii) in respect of the same Transaction, by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. The parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of such Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above will not apply to the Transactions identified as being subject to the election, together with the starting date (in which case subparagraph (ii) above will not, or will cease to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries.

  • Set-Off The State may set off any sums which the Party owes the State against any sums due the Party under this Agreement; provided, however, that any set off of amounts due the State of Vermont as taxes shall be in accordance with the procedures more specifically provided hereinafter.

  • Set Off; Mitigation The Company’s obligation to pay Employee the amounts provided and to make the arrangements provided hereunder shall be subject to set-off, counterclaim, or recoupment of amounts owed by Employee to the Company or its affiliates; provided, however, that to the extent any amount so subject to set-off, counterclaim, or recoupment is payable in installments hereunder, such set-off, counterclaim, or recoupment shall not modify the applicable payment date of any installment, and to the extent an obligation cannot be satisfied by reduction of a single installment payment, any portion not satisfied shall remain an outstanding obligation of Employee and shall be applied to the next installment only at such time the installment is otherwise payable pursuant to the specified payment schedule. Employee shall not be required to mitigate the amount of any payment provided pursuant to this Agreement by seeking other employment or otherwise, and except as provided in Section 8(d)(iv) hereof, the amount of any payment provided for pursuant to this Agreement shall not be reduced by any compensation earned as a result of Employee’s other employment or otherwise.