Common use of No right of set-off or counterclaim Clause in Contracts

No right of set-off or counterclaim. This Condition 2.2 applies only where No Right of Set-Off or Counterclaim is specified as being applicable in the applicable Final Terms. No Noteholder who becomes indebted to the Issuer shall, in the event of a liquidation, dissolution or winding- up of the Issuer by way of public administration, be entitled to exercise any right of set-off or counterclaim against moneys owed by the Issuer in respect of the Notes held by such Noteholder.