No Set-off by WPX. Executive’s right to receive when due the payments and other benefits provided for under this Agreement is absolute, unconditional and subject to no setoff, counterclaim, recoupment, or other claim, right or action that WPX may have against Executive or others, except as expressly provided in this Section. Notwithstanding the prior sentence, WPX shall have the right to deduct any amounts outstanding on any loans or other extensions of credit to Executive from Executive’s payments and other benefits (if any) provided for under this Agreement. Time is of the essence in the performance by WPX of its obligations under this Agreement.
Appears in 2 contracts
Sources: Change in Control Severance Agreement (WPX Energy, Inc.), Change in Control Severance Agreement (WPX Energy, Inc.)