RIGHTS OF SET OFF definition

RIGHTS OF SET OFF means from time to time, in relation to a Creditor, every right (whether conferred by law or otherwise) which that Creditor or any one or more of its subsidiaries has to combine or net credit balances and debit balances, directly or indirectly, being balances which belong to the Borrower, or are owing by the Borrower to, or are deposits by the Borrower with, that Creditor or any one or more of its subsidiaries.
Sample 1
RIGHTS OF SET OFF the Authority may set off any sum of money which is payable by the Service Provider to the Authority, recoverable from the Service Provider by the Authority or otherwise against any sum then due, or which at any later time may become due, to the Service Provider under or in relation to this Agreement or any other agreement with the Authority or any other department, office or agency of the Crown. Recovery of Overpayments: any overpayment by the Authority to the Service Provider under this Agreement (which has been notified to the Service Provider) (including in relation to any VAT but excluding any overpayment for which the Authority has received the appropriate credit in accordance with this Agreement) shall be a sum of money recoverable from the Service Provider.
Sample 1

Examples of RIGHTS OF SET OFF in a sentence

  • Contracts Affecting Rights of Set-off Currently, parties may agree, even in situations where set-off would not ordinarily be available, that certain cross-demands may be set-off.

  • Each Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 3.15 may, to the fullest extent permitted by law, exercise all its rights of payment (including pursuant to Section 11.15 (Rights of Setoff)) with respect to such participation as fully as if such Lender were the direct creditor of the Borrowers in the amount of such participation.

  • No Rights of Set-off The Subordinated Notes will not in any way give rise to any rights of set-off, recoupments or counterclaims against any claims and obligations of the Issuer or any of its subsidiaries in the Regulatory Group or to any person in whose names the Subordinated Notes are registered or any creditor of the Issuer or any of its subsidiaries in the Regulatory Group.

  • Note 2: For charges to Greater Baton Rouge Port Commission Westside Facility, See Union Pacific Railroad Circular 8005-Series.

  • In its view, the decision of the State to apply that law to NCHZ was, accordingly, clearly unjustified on the basis of the market economy creditor test (recital 82 of the contested decision).

  • On July 9, 2018, Netflix filed Netflix, Inc.’s Motion for Relief from the Automatic Stay to Exercise Certain Rights of Setoff [Chapter 11 Docket No. 317] (the “Stay Relief Motion”), which inter alia requested relief from the automatic stay to allow Netflix to exercise its setoff rights with respect to the withheld license fees in accordance with Bankruptcy Code section 553.

  • Rights of Set-off: Approaches and Implications When rights of set-off are available or imposed in an insolvency proceeding, the net recoveries of creditors who also are debtors of the failed institution may be improved significantly.

  • Holders of Interests shall receive no distribution under the Plan and are conclusively deemed to reject the Plan pursuant to section 1126(g) of the Bankruptcy Code.2.3 Special Provisions Relating to the Rights of Setoff of Creditors Nothing in this Plan shall expand or enhance a creditor’s right of setoff, which shall be determined as of the Petition Date.

  • Wynit is Entitled to Relief From the Automatic Stay to Exercise Its Rights of Setoff.

  • Rights of Set-off on Early Termination The Department is generally entitled to exercise a right of set-off in respect of any outstanding liabilities of the Developer against the amounts it pays in compensation on an Early Termination of the Concession Agreement.

Related to RIGHTS OF SET OFF

  • Set-off means set-off, offset, combination of accounts, right of retention or withholding or similar right or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or imposed on, such payer.

  • Default Rights has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

  • Intercompany Claims means, collectively, any Claim held by a Debtor against another Debtor or an Affiliate of a Debtor or any Claim held by an Affiliate of a Debtor against a Debtor.

  • Other Secured Claims means any Secured Claim against the Debtors that is not an Administrative

  • Related Claims means all Claims for Wrongful Acts based upon, arising out of, resulting from, or in any way involving the same or related facts, circumstances, situations, transactions or events or the same or related series of facts, circumstances situations, transactions or events, whether related logically, causally or in any other way.

  • Punitive Damages are those damages awarded as a penalty, the amount of which is neither governed nor fixed by statute.

  • Rights means, with respect to any Person, warrants, options, rights, convertible securities and other arrangements or commitments which obligate the Person to issue or dispose of any of its capital stock or other ownership interests.

  • Limitation of Liability Insert the following Section 15, after Section 14:

  • Rejection Damages Claim means any Claim on account of the rejection of an Executory Contract or Unexpired Lease pursuant to section 365 of the Bankruptcy Code.

  • Intercompany Claim means any Claim held by a Debtor against another Debtor.

  • Indemnity Obligations means all obligations of the Company to Indemnitee under this Agreement, including the Company’s obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.

  • Causes of Action means any claims, interests, damages, remedies, causes of action, demands, rights, actions, suits, obligations, liabilities, accounts, defenses, offsets, powers, privileges, licenses, liens, indemnities, guaranties, and franchises of any kind or character whatsoever, whether known or unknown, foreseen or unforeseen, existing or hereinafter arising, contingent or non-contingent, liquidated or unliquidated, secured or unsecured, assertable, directly or derivatively, matured or unmatured, suspected or unsuspected, in contract, tort, law, equity, or otherwise. Causes of Action also include: (a) all rights of setoff, counterclaim, or recoupment and claims under contracts or for breaches of duties imposed by law; (b) the right to object to or otherwise contest Claims or Interests; (c) claims pursuant to sections 362, 510, 542, 543, 544 through 550, or 553 of the Bankruptcy Code; and (d) such claims and defenses as fraud, mistake, duress, and usury, and any other defenses set forth in section 558 of the Bankruptcy Code.

  • Indemnification Obligations means each of the Debtors’ indemnification obligations in place as of the Effective Date, whether in the bylaws, certificates of incorporation or formation, limited liability company agreements, other organizational or formation documents, board resolutions, management or indemnification agreements, or employment or other contracts, for their current and former directors, officers, managers, employees, attorneys, accountants, investment bankers, and other professionals and agents of the Debtors, as applicable.

  • Equitable Defenses means any bankruptcy, insolvency, reorganization or other Laws affecting creditors’ rights generally and, with regard to equitable remedies, the discretion of the court before which proceedings may be pending to obtain same.

  • law enforcement means the prevention, detection or investigation of terrorist offences or other serious criminal offences;

  • right of access means the right to be admitted to invest in the territory of the other Contracting Party, subject to the limits resulting from international agreements binding on both Contracting Parties.

  • Dissent Rights means the rights of dissent in respect of the Arrangement described in the Plan of Arrangement;

  • Contract Rights means all rights of any Assignor under each Contract, including, without limitation, (i) any and all rights to receive and demand payments under any or all Contracts, (ii) any and all rights to receive and compel performance under any or all Contracts and (iii) any and all other rights, interests and claims now existing or in the future arising in connection with any or all Contracts.

  • Law enforcement unit means an individual office, department, division, or other component of an education agency or institution that is officially authorized or designated by that agency or institution to (1) enforce laws or refer matters of law enforcement to appropriate authorities, or (2) maintain the physical security and safety of the agency or institution.

  • Third Party Claims has the meaning set forth in Section 11.1.

  • right of use means any right we have to use, in our own name and on our own account or the account of another counterparty, financial instruments received by us by way of collateral under a security collateral arrangement between you and us;

  • Rights-of-Way means easements, licenses, rights-of-way, permits, servitudes, leasehold estates, instruments creating an interest in real property, and other similar real estate interests.

  • Legitimate law enforcement purpose means a goal within the lawful authority of an officer that is to be achieved through methods or conduct condoned by the officer’s appointing authority.

  • Third Party Rights means the Intellectual Property of any third party;

  • Foreground Intellectual Property means all Intellectual Property developed by either Party pursuant to this Agreement;

  • Duty of support means an obligation imposed or imposable by law to provide support for a child, spouse, or former spouse, including an unsatisfied obligation to provide support.