Closeout Setoff Sample Clauses
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Closeout Setoff. Option D will apply. Section 9.5, Grant of Security Interest/Remedies is deleted in its entirety. Section 11.1, Governing Law, is deleted and replaced with the following: “This Agreement shall be governed by and construed in accordance with the laws of the State of California without reference to its choice of law doctrine. The Parties hereby submit to the exclusive jurisdiction of any federal court of competent jurisdiction, or, if any federal court declines to exercise or does not have jurisdiction, in any California state court situated in San Francisco, California, and to service of process by certified mail delivered to the Party at its last designated address. Each Party waives, to the fullest extent permitted by Applicable Law, any right it may have to a trial by jury in respect of any proceedings relating to this Agreement.” Section 12, Taxes is deleted in its entirety and replaced by the following language:
12.1 The Parties agree that a LCFS Credit is not tangible personal property. The LCFS Credit represents only the intangible rights and benefits accruing to a Regulated Party based upon the carbon intensity of transportation fuel sold, supplied or offered for sale in California by the Regulated Party as conferred by CARB. The Parties further agree that these intangible rights and benefits are fully transferable (subject to regulatory reporting and other requirements) and are severed from the
Closeout Setoff. For purposes of Section 9.3, the Parties agree that (select one): [ ] Option A (Bilateral Setoff) is applicable. (Applicable if no other election is made.) [ ] Option B (Triangular Setoff) is applicable. [ ] Option C (Rectangular Setoff) is applicable. [X] Option D (No Setoff) is applicable.
Closeout Setoff. Option A (Bilateral Setoff) Option B (Triangular Setoff) Option C (Rectangular Setoff) Option D (No Setoff)
Closeout Setoff. After calculation of a Termination Payment in accordance with Section 13.3, if the Defaulting Party would be owed the Termination Payment, the Non-Defaulting Party shall be entitled, at its option and in its discretion, to (i) set off against such Termination Payment any amounts due and owing by the Defaulting Party or any of its Affiliates to the Non-Defaulting Party or any of its Affiliates under any other agreements, instruments or undertakings between the Defaulting Party or any of its Affiliates and the Non-Defaulting Party or any of its Affiliates and/or (ii) to the extent the Agreement is not yet liquidated in accordance with Section 1213.2, withhold payment of the Termination Payment to the Defaulting Party. The remedy provided for in this Section shall be without prejudice and in addition to any right of setoff, combination of accounts, lien or other right to which any Party is at any time otherwise entitled (whether by operation of law, contract or otherwise).
Closeout Setoff. If the Performing Party elects to designate an Early Termination Date under Section 8.1, and the Termination Payment is payable to the Defaulting Party, the Performing Party shall be entitled, at its option and in its discretion (and without prior notice to the Defaulting Party), to setoff against such Termination Payment any amounts (“Other Amounts”) payable by the Defaulting Party to the Performing Party under any other agreements, instruments or undertakings between the Defaulting Party and the Performing Party (whether or not arising under this Agreement, matured or contingent and irrespective of the currency, place of payment or place of booking of the obligation). To the extent that any Other Amounts are so setoff, those Other Amounts will be discharged promptly and in all respects. The Performing Party will give notice to the other Party of any setoff effected under this Section 8.3. For this purpose, either the Termination Payment or the Other Amounts (or the relevant portion of such amounts) may be converted by the Performing Party into the currency in which the other is denominated at the rate of exchange at which the Performing Party would be able, in good faith and using commercially reasonable procedures, to purchase the relevant amount of such currency.
Closeout Setoff. ☑ Option A (Applicable if no other selection is made.) Option B Option C (No Setoff)
Closeout Setoff. After calculation of a Termination Payment in accordance with Section 5.4 (unless such Termination Payment was calculated as a result of a Product Termination Event), if the Defaulting Party would be owed the Termination Payment, the Non-Defaulting Party shall be entitled, at its option, to set off against such Termination Payment any amounts due and owing by the Defaulting Party to the Non-Defaulting Party or any of its Affiliates under any other agreements, instruments or undertakings between the Defaulting Party and the Non-Defaulting Party or any of its Affiliates. The remedy provided for in this Section shall be without prejudice and in addition to any right of setoff, combination of accounts, lien or other right to which any Party is at any time otherwise entitled (whether by operation of law, contract or otherwise). Notwithstanding the foregoing, the Non-Defaulting Party shall not be required to pay to the Defaulting Party any amount owing by the Non-Defaulting Party under this Agreement until the Non-Defaulting Party receives confirmation satisfactory to it in its reasonable discretion that all obligations of the Defaulting Party to make any payments of any kind whatsoever to the Non-Defaulting Party or any of its Affiliates or otherwise which are due and payable as of the Early Termination Date have been fully and finally paid in cash.