SETTLEMENT OF SET OFF RESERVES Sample Clauses

SETTLEMENT OF SET OFF RESERVES. If at any time it is determined (whether by agreement between the parties or pursuant to the dispute resolution procedures set forth in clause 11.4 or as a result of a judicial determination of the Final Loss Amount as defined below) that any Set Off Reserve exceeds the aggregate amount of the Losses ultimately incurred by or imposed upon the Purchaser as a result of or based upon the events or conditions to which the Set Off Reserve relates (or that the claim to which the Set Off Reserve relates is not a valid claim) (the "FINAL LOSS AMOUNT"), the amount of such Set Off Reserve in excess of such Final Loss Amount or, as appropriate the entire Set Off Reserve, shall cease to be suspended and shall be paid within 2 Business Days under and in accordance with the terms of the Set Off Loan Note together with interest at the rate of 1% above the base rate of National Westminster Bank PLC from 30 March 2001 until the date of payment. If and to the extent that at any time an Unliquidated Loss (in respect of which a Set Off Reserve has been established) becomes a Liquidated Loss which has not otherwise been satisfied (the "FINAL LOSS AMOUNT"), the nominal value of the Set Off Loan Note equivalent to the Final Loss Amount shall be paid by the Purchaser immediately upon such Unliquidated Loss becoming a Liquidated Loss but the Purchaser shall be deemed to be irrevocably and conditionally instructed by AMEC or the relevant noteholder (if appropriate) to apply the proceeds of such repayment in payment of the Liquidated Loss in full and final settlement of the Liquidated Loss and so that AMEC shall have no further liability to the Purchaser in respect of the amount of Set Off Reserve relating to such Liquidated Loss but, without prejudice to the Purchaser's right to recover the balance of such Liquidated Loss from AMEC and the Purchaser shall have no further liability to any noteholder in relation to the Set Off Loan Note subject to such repayment. If and to the extent any Set Off Reserve has been established and a provision is subsequently made in the accounts prepared pursuant to clause 5 of the Shareholders' Agreement, then the amount of such Set Off Reserve shall be reduced to the extent that the preferential dividend paid to the holders of the "B" Shares in the Company on or around 30 June 2001 is reduced by the inclusion of such provision and the relevant amount shall cease to be suspended and shall be paid within 2 Business Days of the date on which the Preferen...
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SETTLEMENT OF SET OFF RESERVES. If at any time it is determined that any Set Off Reserve exceeds the aggregate amount of the Losses ultimately incurred by or imposed upon the Indemnified Parties as a result of or based upon the events or conditions to which the Set Off Reserve relates (the "FINAL LOSS AMOUNT"), Purchaser will promptly pay to the Sellers the amount of such Set Off Reserve in excess of such Final Loss Amount.
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Related to SETTLEMENT OF SET OFF RESERVES

  • Net Out of Settlement Amounts The Non-Defaulting Party will aggregate all Settlement Amounts into a single amount by netting out (a) all amounts that are due to the Defaulting Party for Product that has been Delivered and not yet paid for, plus, at the option of the Non-Defaulting Party, any cash, security or other Performance Assurance then available to the Non-Defaulting Party, plus any or all other amounts due to the Defaulting Party under this Agreement against (b) all Settlement Amounts that are due to the Non-Defaulting Party, plus any or all other amounts due to the Non-Defaulting Party under this Agreement, so that all such amounts will be netted out to a single liquidated amount (the “Termination Payment”) payable by the Defaulting Party. The Termination Payment, if any, is due from the Defaulting Party to the Non-Defaulting Party within two Business Days following notice.

  • Right of Set-Off; Adjustments Upon the occurrence and during the continuance of any Event of Default, each Lender (and each of its Affiliates) is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender (or any of its Affiliates) to or for the credit or the account of any Credit Party against any and all of the obligations of such Person now or hereafter existing under this Credit Agreement, under the Notes, under any other Credit Document or otherwise, irrespective of whether such Lender shall have made any demand under hereunder or thereunder and although such obligations may be unmatured. Each Lender agrees promptly to notify any affected Credit Party after any such set-off and application made by such Lender; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender under this Section 11.2 are in addition to other rights and remedies (including, without limitation, other rights of set-off) that such Lender may have.

  • Payment of Settlement Amount (1) Within thirty (30) days of the Date of Execution, the Settling Defendants shall pay the Settlement Amount to Siskinds LLP, for deposit into the Trust Account.

  • Adjustment of Settlement Rate (a) Adjustments for Dividends, Distributions, Stock Splits, Etc.

  • Settlement of Accounts (a) On or before each Determination Date, the Servicer shall deliver, (i) to the Owner Trustee, the Settlor, the Lender, the Administrative Agent and the Collateral Agent, a monthly report with respect to the Lending Facility Pool (the “Monthly Lending Facility Pool Report”) and (ii) except as otherwise provided in the related Servicing Supplement, to the each related Secured Party, a monthly report with respect to each Designated Pool (each, a “Monthly Exchange Note Report”), in each case, documenting, as applicable, (A) all advances to be made to, and distributions (including Servicer reimbursements) to be made from, the related Collection Account or (B) the manner in which the Servicer will apply all collections on the related Pool received by the Servicer on or prior to the next Payment Date.

  • Rollovers of Settlement Payments From Bankrupt Airlines If you are a qualified airline employee who has received a qualified airline settlement payment from a commercial airline carrier under the approval of an order of a federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, you are allowed to roll over any portion of the proceeds into your Xxxx XXX within 180 days after receipt of such amount, or by a later date if extended by federal law. For further detailed information and effective dates you may obtain IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), from the IRS or refer to the IRS website at xxx.xxx.xxx.

  • Settlement Account 4.1 The Scheduling Coordinator shall maintain at all times an account with a bank capable of Fed-Wire transfer to which credits or debits shall be made in accordance with the billing and Settlement provisions of Section 11 of the CAISO Tariff. Such account shall be the account as notified by the Scheduling Coordinator to the CAISO from time to time by giving at least 20 days written notice before the new account becomes operational, together with all information necessary for the CAISO's processing of a change in that account.

  • Enforcement of Settlement Agreement 11.1 Any party may file suit before the Superior Court of the County of Los Angeles, consistent with the terms and conditions set forth in paragraphs 11.2 and

  • Payments from the Gross Settlement Amount The Administrator will make and deduct the following payments from the Gross Settlement Amount, in the amounts specified by the Court in the Final Approval:

  • Sharing of Set-Offs Each Bank agrees that if it shall, by exercising any right of set-off or counterclaim or otherwise, receive payment of a proportion of the aggregate amount of principal and interest due with respect to any Note held by it which is greater than the proportion received by any other Bank in respect of the aggregate amount of principal and interest due with respect to any Note held by such other Bank, the Bank receiving such proportionately greater payment shall purchase such participations in the Notes held by the other Banks, and such other adjustments shall be made, as may be required so that all such payments of principal and interest with respect to the Notes held by the Banks shall be shared by the Banks pro rata; provided that nothing in this Section shall impair the right of any Bank to exercise any right of set-off or counterclaim it may have and to apply the amount subject to such exercise to the payment of indebtedness of the Borrower other than its indebtedness hereunder. The Borrower agrees, to the fullest extent it may effectively do so under applicable law, that any holder of a participation in a Note, whether or not acquired pursuant to the foregoing arrangements, may exercise rights of set-off or counterclaim and other rights with respect to such participation as fully as if such holder of a participation were a direct creditor of the Borrower in the amount of such participation.

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