Common use of No Right of Offset Clause in Contracts

No Right of Offset. The Clearing Bank waives any right to offset any claim against the Authority which it might have against any account maintained hereunder; provided, however, that the Clearing Bank retains the right to (a) charge the Operating Account for any of the Clearing Bank's fees provided for herein for which the Authority is responsible as provided above and (b) charge the Operating Account for all items deposited in and credited to the Operating Account and subsequently returned unpaid or with respect to which the Clearing Bank fails to receive final settlement.

No Right of Offset. The Clearing Bank waives any right to offset any claim against the Authority which it might have against any account maintained hereunder; provided, however, that the Clearing Bank retains the right to (a) charge the Operating Account Construction Accounts for any of the Clearing Bank's fees provided for herein for which the Authority is responsible as provided above and (b) charge the Operating Account Construction Accounts for all items deposited in and credited to the Operating Account Construction Accounts and subsequently returned unpaid or with respect to which the Clearing Bank fails to receive final settlement.