Setting off Clause Samples

Setting off. The Supplier is authorised to set off unilaterally their receivables from the Customer after and before maturity exclusively with the Customer’s prior written consent.

Setting off. Unless otherwise provided for in this Agreement, the Contracting Authority may set off any amounts owing to the Contractor under this Agreement against amounts that are payable by the Contractor to the Contracting Authority pursuant to the Agreement.

Setting off. If the Cardholder keeps one or more accounts with the Bank, the latter is entitled to offset any legal claims of the Cardholder from such accounts with the amount (or part of the amount) of any due and payable dues from the use of the Card. The Cardholder hereby authorizes the Bank to this end, it being agreed that the authorization shall be irrevocable as it serves the best interest of the Bank as well. ANNEX MASTERCARD IDENTITY CHECK TERMS OF USE 1. Service Description NBG’s Mastercard Identity Check service, which provides Cardholders with strong ID authentication, as per the framework agreement, gives the Cardholder an extra layer of protection when making online transactions, thus minimizing the risk of unauthorized use of the Cardholder’s card. The use of NBG’s Mastercard Identity Check service is available only for Card transactions at merchants certified by Mastercard Identity Check (hereon the “certified merchant(s)”).

Setting off. The Company will be entitled to deduct from and set off against amounts due to Consultant pursuant to this Agreement and/or pursuant to any other agreement, law, or otherwise, any amounts, which Consultant is required to pay the Company pursuant to this Agreement, any other agreement, any law, or otherwise.

Setting off. The bank may not set off amounts deposited on an account or funds that the bank has at its disposal in order to execute payment orders, except in the case of overdue claims originating from matters pertaining to the account. The bank may also set off against the balance of account in respect of claims arising as the result of a criminal offence that the account holder perpetrated or aided and abetted in, unless the claim was acquired from a third party. The bank may exercise a right of retention (block the account) on the same conditions that apply to setting off. The provision above shall not prevent the rectification of incorrect crediting or in other circumstances the establishment of voluntary or forced security interest in respect of the deposit in accordance with the applicable rules of law.

Setting off. The bank may set off any claim it has on the account holder against amounts deposited in the account, save as otherwise expressly agreed. The bank may in all, and any event set off claims arising as a consequence of criminal offences against amounts deposited in the account. The right of set off applies irrespective of currency. The bank may exercise a right of retention (block the account) on the same conditions that apply to setting off.

Setting off. Without limitation of the unlimited liability of the Sellers hereunder, the Parties expressly agree that the Remaining Amount of the Initial Consideration, as well as the Amount Payable under any of the Tranches of the Total Purchase Price shall secure any liabilities of any or all of the Sellers arising hereunder due to Damages and any other amounts due hereunder, including, without limitation, the payment of the amount resulting from that provided for under section 2.3.1.(c) above in the terms established below, as well as the payment of the penalties established under Clause 6.4 and 7.4 above. For that purpose, if at the time any the Remaining Amount of the Initial Consideration or any of the Tranches Total Purchase Price becomes due, liquid and payable ("vencida, liquida y exigible") hereunder, there shall be due, liquid and payable debts under the present Agreement owed by the Sellers to the Purchaser (and, in particular, under Clauses 2.3, 4, 6 and 7.4) the amounts due, liquid and payable owed by the Sellers shall be automatically offset against the amounts due, liquid and payable of the corresponding Tranches owed by the Purchaser to the Sellers by virtue of Articles 1.195 et seq. of the Spanish Civil Code. Additionally, if at the time the Fourth and/or the Fifth Tranches become due hereunder, a Notice (as defined under Clause 5.1 above) has been delivered to the Sellers' Representative, the Purchaser's obligation to pay it shall be suspended in an amount equivalent to the Claimed Amount (as defined under Clause 5.1 above) until final resolution regarding the Claimed Amount. Notwithstanding the above, the Purchaser shall pay to the Sellers (by means of payment to the Sellers' Representative) interests at a nominal annual interest rate of 6 months EURIBOR plus 1.5% over the amount suspended of payment exceeding the amount of which the Sellers were declared to be liable by the final resolution regarding the Claimed Amount or by agreement between the Parties. Such interests shall accrue from the date on which the payment of said exceeding amount although being due, was suspended in accordance to the present Clause and until the date on which the same is effectively paid to the Sellers' Representative. The Parties agree that, if the Sellers present a first demand bank guarantee as the one attached hereto as ANNEX (9.1), for the Claimed Amount in favour of the Purchaser, the latter shall be obliged to immediately pay to the Sellers the part of the Remain...