Right of Set-Off definition

Right of Set-Off means any right of set off arising from a deposit of money made by the Borrower with the Seller or from any transaction between the Borrower and the Seller other than one relating to the Mortgage Loan.

Right of Set-Off. If you ever owe us money and it is due, we may, to the extent we have a right under the law or under an agreement with you, use the money from any of your accounts with us, including joint accounts, to pay the debt, even if withdrawing the money results in an interest penalty to you. If any joint account holder owes us money and it is due, we may use the money from the joint account to pay the debt. The use of your funds to pay a debt you or a joint account owner owes to us is referred to as our “right to offset” or “right of set-off.” Any garnishment or levy against your account is subject to our right to offset within applicable laws.

Right of Set-Off means from time to time, in relation to the Parent every right (whether conferred by law or otherwise) which the Parent has to combine credit balances and debit balances, directly or indirectly, being balances which belong to the Franchisee, or are owing by the Franchisee, or are deposits by the Franchisee with the Parent;

Examples of Right of Set-Off in a sentence

• ADCB believes that you intend to leave the UAE without paying amounts owed to ADCB, you hereby irrevocably agree and authorise ADCB to immediately, and without prior notice, exercise its Right of Set-Off.

• In addition to any Security that ADCB may have over your Account(s) or any of your assets in ADCB’s custody now or hereafter, ADCB has the right, at any time, in the exercise of its Right of Set-Off to combine or consolidate all or any of your Accounts with any amounts owed by you to ADCB.

• To the extent that ADCB exercises its Right of Set-Off against any Fixed Term Deposit that you may hold, you authorise ADCB to, in its sole discretion, withdraw such amounts before the end of the agreed term of such Fixed Term Deposit.

• If required, you authorise ADCB to convert sums in your Account at the then applicable Exchange Rate for the purposes of, or in connection with, the exercise of its Right of Set-Off.

• Right of Set-Off Under the terms of your Customer Agreement, funds in your Program Bank deposit accounts may be charged or set-off against indebtedness or obligations you have.

More Definitions of Right of Set-Off

Right of Set-Off shall have the meaning set forth in Section 5.3(f).

Right of Set-Off means, subject to the terms and conditions set forth in this Agreement, the right of any Set Off Right Holder (as defined in Section 2.3) to set off against any unpaid amount due from the Sellers pursuant to ARTICLE XI, certain amounts due or which may become due to the Sellers under Section 2.1.3, Section 2.1.4, and/or Section 2.2.

Right of Set-Off. When a banker combines two accounts in the name of the same customer and adjusts the debit balance in one account with the credit balance in other account, it is called right of set-off. For example, debit balance of Rs.50,000/- in overdraft account can be set off against credit balance of Rs.75,000/- in the Savings Bank Account of the same customer, leaving a balance of Rs.25,000/- credit in the savings account.

Right of Set-Off as defined in Section 9.10.

Right of Set-Off means, subject to the terms and conditions set forth in this Agreement, the right of Buyer to set off against the principal amount of a Buyer Note any payments due to it from a Seller pursuant to this Agreement.

Right of Set-Off has the meaning set forth in Section 7.3(e) hereof.

Right of Set-Off shall have the meaning set forth in Section 11.6(b).