Common use of Recoupment and Set Off Clause in Contracts

Recoupment and Set Off. To the extent not already permitted by law, You authorize Processor and Bank to have the right of recoupment and set-off. This means that Processor and Bank may recoup and set off from any amounts that are due and owing from You to Processor or Bank from: (i) any amounts Processor or Bank would otherwise be obligated to deposit into the Merchant Account, and (ii) any other amounts Processor or Bank may owe you under this Agreement or any other agreement. You acknowledge that in the event of a bankruptcy proceeding, in order for You to provide adequate protection under Bankruptcy Code §362 to Processor, You must create and maintain the Reserve Account as required by Processor, and Processor and Bank have the right to offset against the Reserve Account for any and all obligations which You may owe to Processor and Bank, without regard to whether the obligations relate to Sales Drafts initiated or created before or after the filing of the bankruptcy petition.

Recoupment and Set Off. To the extent not already permitted by law, You authorize Processor and Bank to have the right of recoupment and set-off. This means that Processor and Bank may recoup and set off from any amounts that are due and owing from You to Processor or Bank from: (i) any amounts Processor or Bank would otherwise be obligated to deposit into the Merchant Account, and (ii) any other amounts Processor or Bank may owe you You under this Agreement or any other agreement. You acknowledge that in the event of a bankruptcy proceeding, in order for You to provide adequate protection under Bankruptcy Code §§ 362 to Processor, You must create and maintain the Reserve Account as required by Processor, and Processor and Bank have the right to offset against the Reserve Account for any and all obligations which You may owe to Processor and Bank, without regard to whether the obligations relate to Sales Drafts initiated or created before or after the filing of the bankruptcy petition.

Recoupment and Set Off. To the extent not already permitted by law, You authorize Processor and Bank to have the right of recoupment and set-off. This means that Processor and Bank may recoup and set off from any amounts that are due and owing from You to Processor or Bank from: (i) any amounts Processor or Bank would otherwise be obligated to deposit into the Merchant Account, and (ii) any other amounts Processor or Bank may owe you You under this Agreement or any other agreement. You acknowledge that in the event of a bankruptcy proceeding, in order for You to provide adequate protection under Bankruptcy Code §§ 362 to Processor, You must create and maintain the Reserve Account as required by Processor, and Processor and Bank have the right to offset against the Reserve Account for any and all obligations which You may owe to Processor and Bank, without regard to whether the obligations relate to Sales Drafts initiated or created before or after the filing of the bankruptcy petition.