Offset Obligation definition

Offset Obligation has the meaning set forth in Section 6.6.

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Offset Obligation has the meaning given in the Works Coordination Agreement.

Offset Obligation means any obligation or requirement under Queensland or Commonwealth environmental offset laws and policies in connection with the clearing of protected plants, native vegetation, other vegetation or non-vegetation matters (including matters relating to or connected with fish habitat and wetlands).

Examples of Offset Obligation in a sentence

• The failure of Purchaser to pay any amount due under the Note on account of an Offset Obligation, including without limitation, the Holdback Amount on the due date under the Note, will not constitute an event of default under the Note, subject to timely payment of interest to Sellers in the event it is finally determined that Purchaser is not entitled to the Holdback Amount.

• Notwithstanding the foregoing, if the Indemnifying Party is Seller, any obligation of or claim against Seller in indemnification hereunder shall be offset and satisfied first by offsetting the amounts owed by Purchaser to Seller under the Note (the “Offset Obligation”) and the parties agree that the Offset Obligation shall be Purchaser’s primary, but not exclusive, recourse against Seller.

• The failure of Purchaser to pay any amount due under the Note on account of an Offset Obligation, including without limitation, the Holdback Amount on the due date under the Note, will not constitute an event of default under the Note, nor shall the assertion by Purchaser of such offset rights give rise to a presumption of the validity of Purchaser’s claim for indemnification.

• The failure of Purchaser to pay any amount due under the Note on account of an Offset Obligation, including without limitation, the Holdback Amount on the due date under the Note, will not constitute an event of default under the Note.

• Notwithstanding the foregoing, if the Indemnifying Party is Seller, any obligation of or claim against Seller in indemnification hereunder shall be offset and satisfied first by offsetting the amounts owed by Purchaser to Sellers under the Note (the “Offset Obligation”) and the parties agree that the Offset Obligation shall be Purchaser’s primary, but not exclusive, recourse against Sellers.

More Definitions of Offset Obligation

Offset Obligation means the obligation that arise from the ‘offset agreement’.

Offset Obligation means the obligation generated when a main export sales contract is signed with a public purchaser in a foreign country, under the terms of which the foreign salers accepted a bounding obligations from the sales to satisfy offset requirements imposed by the foreign purchaser