Common use of No Setoff, etc Clause in Contracts

No Setoff, etc. Securities Intermediary shall not exercise on its own behalf any claim, right of set-off, banker’s lien, clearing lien, counterclaim or similar right against any of the Collateral; provided that Securities Intermediary may deduct, from any credit balances, any usual and ordinary transaction and administration fees payable in connection with the administration and operation of the Reserve Account. Except for claims for deductions permitted in the preceding sentence, Securities Intermediary agrees that any security interest it may have in the Reserve Account or any security entitlement carried therein shall be subordinate and junior to the interest of Secured Party.

No Setoff, etc. Securities Intermediary shall not exercise on its own behalf any claim, right of set-off, banker’s 's lien, clearing lien, counterclaim or similar right against any of the Collateral; provided that Securities Intermediary may deduct, from any credit balances, any usual and ordinary transaction and administration fees payable in connection with the administration and operation of the Reserve AccountCollateral Accounts. Except for claims for deductions permitted in the preceding sentence, Securities Intermediary agrees that any security interest it may have in the Reserve Account Collateral Accounts or any security entitlement carried therein shall be subordinate and junior to the interest of Secured Party.

No Setoff, etc. Securities Intermediary shall not exercise on its own behalf any claim, right of set-off, banker’s 's lien, clearing lien, counterclaim or similar right against any of the Collateral; provided that Securities Intermediary may deduct, from any credit balances, any usual and ordinary transaction and administration fees payable in connection with the administration and operation of the Reserve Collateral Account. Except for claims for deductions permitted in the preceding sentence, Securities Intermediary agrees that any security interest it may have in the Reserve Collateral Account or any security entitlement carried therein shall be subordinate and junior to the interest of Secured Party.

No Setoff, etc. Securities Intermediary shall not exercise on its own behalf any claim, right of set-off, banker’s 's lien, clearing lien, counterclaim or similar right against any of the Collateral[; provided that Securities Intermediary may deduct, from any credit balances, any usual and ordinary transaction and administration fees payable in connection with the administration and operation of the Reserve AccountCollateral Accounts. Except for claims for deductions permitted in the preceding sentence, Securities Intermediary agrees that any security interest it may have in the Reserve Account Collateral Accounts or any security entitlement carried therein shall be subordinate and junior to the interest of Secured Party.