Offset Deposit definition

Offset Deposit. With respect to any Contract (i) for which a User is exercising any right of abatement reduction, recoupment, setoff, defense or counterclaim or (ii) for which any Person (other than the Servicer) asserts any fee for managing or administering the Equipment related to such Contract, an amount equal to the lesser of (x) the aggregate amount of all such abatements, reductions, recoupments, setoffs, defenses, counterclaims and fees or (y) the Adjusted Equipment Value associated with such contract.
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Examples of Offset Deposit in a sentence

  • If at any time there is no current Basis Swap in place, the Servicer and the Approved Seller must ensure that the interest rates applicable to the Loan Offset Deposit Accounts are such that, if the Approved Seller does not meet any of its obligations under clause 5.25, the Servicer will not be required, as a direct result of that non-payment, to increase the Threshold Rate under clause 9.

  • If at any time there is no current Basis Swap in place, the Servicer and the Approved Seller must ensure that the interest rates applicable to the Loan Offset Deposit Accounts are such that, if the Approved Seller does not meet any of its obligations under clause 5.22, the Servicer will not be required, as a direct result of that non-payment, to increase the Threshold Rate under clause 9.

Related to Offset Deposit

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $2,802,496.17.

  • Direct Deposit means an order for electronic transfer of a refund into a taxpayer’s financial institution account.

  • Cash Deposit means a cash security deposit in U.S. dollars held by AT&T-21STATE.

  • Initial Deposit shall have the meaning set forth in Section 2.5(a).

  • Reserve Fund Initial Deposit means the initial deposit of cash in the amount of $3,846,153.85 made by or on behalf of the Seller into the Reserve Fund on the Closing Date.