Common use of Set-Off on Termination Clause in Contracts

Set-Off on Termination. Except where expressly stated otherwise in this Project Agreement, the Authority is not entitled to set off any amount against any Compensation Payment (other than Compensation on Termination for PPP Co. Default) save to the extent that after such an amount has been set off, the termination payment made would be in an amount greater than or equal to the [Base Senior Debt Termination Amount or the Revised Senior Debt Termination Amount, as the case may be at that time].

Set-Off on Termination. Except where expressly stated otherwise in this Project Agreement, the Authority is not entitled to set off any amount against any Compensation Payment (other than Compensation on Termination for PPP Co. Default) save to the extent that after such an amount has been set off, the termination payment made would be in an amount greater than or equal to the [Base Senior Debt Termination Amount or the Revised Senior Debt Termination Amount, as the case may be at that time].