RIGHTS OF SETOFF definition

RIGHTS OF SETOFF. In the event that either Party shall default in any payment or other performance under this or any other Contract existing by and between the parties hereto, or if any suit, claim, demand, action or cause of action shall be instituted involving any sums due under this or any other such Contract, then and in any of these events, the other Party, at its option, shall have the right to withhold any payments or any deliveries of liquid hydrocarbons due under this or any other such Contract, or offset and deduct from any payments of deliveries due under this or any other such Contract.
RIGHTS OF SETOFF. The Borrower and Guarantor, by signing below, agree that if all or any part of the Loan (or any extension or renewal thereof) is not paid when due, Norwest may, without notice to the Borrower or Guarantor or without further action, offset any and all unrestricted deposits (including unmatured time deposits) of the Borrower or Guarantor maintained at Norwest against the unpaid principal balance and accrued and unpaid interest due and owing on the Loan (or any extension or renewal thereof).

Related to RIGHTS OF SETOFF

  • Other Collateral means any additional collateral that Lender customarily would require as security for loan facilities on its own account and risk where the permitted borrowing level is based principally on a borrowing base derived from a borrower’s inventory and accounts receivable, but where such additional collateral does not enter into the borrowing base calculation.

  • Set-off means set-off, offset, combination of accounts, right of retention or withholding or similar right or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or imposed on, such payer.

  • right of use means any right we have to use, in our own name and on our own account or the account of another counterparty, financial instruments received by us by way of collateral under a security collateral arrangement between you and us;

  • Rights means, with respect to any Person, warrants, options, rights, convertible securities and other arrangements or commitments which obligate the Person to issue or dispose of any of its capital stock or other ownership interests.

  • Default Rights has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

  • Legitimate law enforcement purpose means a goal within the lawful authority of an officer that is to be achieved through methods or conduct condoned by the officer’s appointing authority.

  • Offsets means those conditions imposed or considered by an entity prior to, or in the course of its procurement process, that encourage local development or improve its Party's balance of payments accounts by means of requirements of local content, licensing of technology, investment, counter-trade or similar requirements;

  • Counterclaim means a claim asserted in a pleading filed with the Board in an arbitration proceeding pursuant to this clause which arises from the same occurrence or transaction that is the subject matter of the opposing party’s claim. Counterclaims do not need to be submitted to the Subcontract Administrator for decision.

  • Third Party Rights means the Intellectual Property of any third party;

  • Intercompany Claims means, collectively, any Claim held by a Debtor against another Debtor.

  • Right of Others means, as to any Property in which a Person has an interest, any legal or equitable right, title or other interest (other than a Lien) held by any other Person in that Property, and any option or right held by any other Person to acquire any such right, title or other interest in that Property, including any option or right to acquire a Lien; provided, however, that (a) no covenant restricting the use or disposition of Property of such Person contained in any Contractual Obligation of such Person and (b) no provision contained in a contract creating a right of payment or performance in favor of a Person that conditions, limits, restricts, diminishes, transfers or terminates such right shall be deemed to constitute a Right of Others.

  • offset [2707,2711]},{"key":"replacement-guarantor","type":"clause","offset":[2731,2752]},{"key":"of-seller","type":"clause","offset":[2833,2842]},{"key":"date-of","type":"clause","offset":[2853,2860]},{"key":"based-on-the","type":"clause","offset":[2906,2918]},{"key":"most-recent","type":"definition","offset":

  • Intercompany Claim means any Claim held by a Debtor against another Debtor.

  • Subrogation means the right of the insurer to assume the rights of the insured person to recover expenses paid out under the policy that may be recovered from any other source.

  • Viruses is broadly defined as known malware, which includes viruses, worms, and Trojan horses.

  • Exclusive Right to Sell listing means that if you, the owner of the property, find a buyer for your house, or if another broker finds a buyer, you must pay the agreed commission to the present broker.

  • Related Claims means all Claims for Wrongful Acts based upon, arising out of, resulting from, or in any way involving the same or related facts, circumstances, situations, transactions or events or the same or related series of facts, circumstances situations, transactions or events, whether related logically, causally or in any other way.

  • Base Recourse means a portion of the Indebtedness equal to zero percent (0%) of the original principal balance of this Note.

  • Other health impairment means having limited strength, vitality, or alertness, including a heightened alertness to environmental stimuli, that results in limited alertness with respect to the educational environment, that:

  • Contract Rights means all rights of any Assignor under each Contract, including, without limitation, (i) any and all rights to receive and demand payments under any or all Contracts, (ii) any and all rights to receive and compel performance under any or all Contracts and (iii) any and all other rights, interests and claims now existing or in the future arising in connection with any or all Contracts.

  • Remedies means actions designed to restore or preserve the complainant’s equal access to education after a respondent is found responsible. Remedies may include the same individualized services that constitute supportive measures, but need not be non-punitive or non-disciplinary, nor must they avoid burdening the respondent.

  • Interests of the beneficiaries means the beneficial interests provided in the terms of the trust.

  • Third Party Claims has the meaning set forth in Section 11.1.

  • Breach of the security of the system means unauthorized acquisition or acquisition without valid authorization of physical or computerized data which compromises the security, confidentiality, or integrity of personal information maintained by the district. Good faith acquisition of personal information by an officer or employee or agent of the district for the purposes of the district is not a breach of the security of the system, provided that the private information is not used or subject to unauthorized disclosure.

  • right of access means the right to be admitted to invest in the territory of the other Contracting Party, subject to the limits resulting from international agreements binding on both Contracting Parties.

  • Creditors’ Rights has the meaning set forth in Section 3.2(b).