Common use of No Setoff, etc Clause in Contracts

No Setoff, etc. Financial Institution shall not exercise on its own behalf any claim, right of set-off, banker’s lien, clearing lien, counterclaim or similar right against any of the Collateral; provided that Financial Institution may deduct, from any credit balances, any usual and ordinary transaction and administration fees payable in connection with the administration and operation of the Collateral Accounts. Except for claims for deductions permitted in the preceding sentence, Financial Institution agrees that any security interest it may have in the Collateral Accounts or any security entitlement carried therein shall be subordinate and junior to the interest of Intercreditor Agent.

No Setoff, etc. Financial Institution shall not exercise on its own behalf any claim, right of set-off, banker’s 's lien, clearing lien, counterclaim or similar right against any of the Collateral; provided that Financial Institution may deduct, from any credit balances, any usual and ordinary transaction and administration fees payable in connection with the administration and operation of the Collateral AccountsHolding Account. Except for claims for deductions permitted in the preceding sentence, Financial Institution agrees that any security interest it may have in the Collateral Accounts Holding Account or any security entitlement carried therein shall be subordinate and junior to the interest of Intercreditor Agent.