Offset and discharge Sample Clauses

The "Offset and discharge" clause allows parties to reduce or eliminate payment obligations by accounting for amounts owed to each other. In practice, if one party owes money to the other under the contract, but is also owed money in return, the amounts can be netted against each other so that only the balance is paid. This mechanism streamlines financial transactions, prevents double payments, and ensures that parties only pay what is actually due after considering mutual debts.
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Offset and discharge. In the event that the agreement is terminated by the Bank according to Article 18, the Bank may take whatever deposits and debt entitlements the cardholder has over the Bank to settle any debts that cardholder owes to the Bank. (For check deposit accounts, the terms and conditions of the General Agreement for Account Opening allow the Bank to exercise its right of set off only after the check deposit account agreement is terminated) This offset shall be effected from the time the accounting entries are made. Once the Bank has exercised its right of offset, the cardholder's passbook, certificate of deposit and other debt entitlement certificates shall no longer serve as valid proof of possession where offset applies. If the amount of property does not cover all debts the cardholder has owed to the Bank, then the offset shall proceed according to the priorities outlined in Articles 321 to 323 of the Civil Code. However, the Bank may specify a priority of offset that supersedes Article 323 of the Civil Code if it works in the cardholder's favor.
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Offset and discharge. 持卡人經貴行依第十八條終止契約時，貴行得將持卡人寄存於貴行之各種存款、款項及對貴行之一切債權主張期前清償，並得將期前清償之款項抵銷持卡人對貴行所負之債務。(支票存款須另依開戶總約定書內支票存款約定事項之約定，終止支票存款契約後，貴行始得行使抵銷權)貴行預定抵銷之意思表示，自登帳扣抵時即生抵銷之效力。同時貴行發給持卡人之存摺、存單及其他債權憑證，在抵銷範圍內失其效力。如抵銷之金額不足抵償持卡人對貴行所負之全部債務者，依民法第三百二十一條至第三百二十三條規定抵充之。但貴行指定之順序及方法較民法第三百二十三條之規定更有利於持卡人者，從其指定。 In the event that the agreement is terminated by the Bank according to Article 18, the Bank may take whatever deposits and debt entitlements the cardholder has over the Bank to settle any debts that cardholder owes to the Bank. (For check deposit accounts, the terms and conditions of the General Agreement for Account Opening allow the Bank to exercise its right of set off only after the check deposit account agreement is terminated) This offset shall be effected from the time the accounting entries are made. Once the Bank has exercised its right of offset, the cardholder's passbook, certificate of deposit and other debt entitlement certificates shall no longer serve as valid proof of possession where offset applies. If the amount of property does not cover all debts the cardholder has owed to the Bank, then the offset shall proceed according to the priorities outlined in Articles 321 to 323 of the Civil Code. However, the Bank may specify a priority of offset that supersedes Article 323 of the Civil Code if it works in the cardholder's favor. 第 16 條 契約之變更
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Offset and discharge. In the event that the agreement is terminated by the Bank according to Article 18, the Bank may take whatever deposits and debt entitlements the cardholder has over the Bank to settle any debts that cardholder owes to the Bank. (For check deposit accounts, the terms and ▇▇▇▇▇▇ ions of the General Agreement for Account Opening allow the Bank to exercise its right of set off only after the check deposit account agreement is terminated) This offset shall be e fected from the time the accounting entries are made. Once the Bank has exercised its right of offset, the cardholder's passbook, certificate of deposit and other debt entitlement certificates shall no longer serve as valid proof of possession where offset applies. If the amount of property does not cover all debts the cardholder has owed to the Bank, then the offset shall proceed according to the priorities outlined in Articles 321 to 323 of the Civ il Code. However, the Bank may specify a priority of offset that supersedes Article 323 of the Civil Code if it works in the cardholder's favor.
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Offset and discharge. A. In the event Bank SinoPac claims all balance due against the Cardholder pursuant to Article 19 ("Loss of Benefits and Termination of Contract") herein, it shall have the right to redeem prematurely, within a necessary scope, all types of deposits (except for checking deposits) held by the Cardholder at Bank SinoPac, as well as any other receivables owed to Bank SinoPac. The prematurely redeemed funds may then be set off against the obligations owed by the Cardholder under this Agreement. B. Bank SinoPac shall notify the Cardholder in writing of its intent to execute a set-off, specifying the reasons, types, and amounts of set-offs, which shall be conducted in the following order: a. Obligations already due shall be offset first, followed by those not yet due. b. For set-offs involving deposits, those deposits with lower prevailing interest rates shall be offset first.
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Related to Offset and discharge

  • Suspension and Discharge An employee who has not completed the probationary period may be released without appeal through the grievance procedure. Employees having successfully completed their probationary period shall only be disciplined or discharged for just cause. Prior to suspending or discharging an employee, provided they have completed their probationary period, such employee and the Union ▇▇▇▇▇▇▇ shall be given the reasons in writing, by the Employer, for the suspension or discharge.

  • Release and Discharge 11.1 The acceptance by the Designer of the last payment under the provisions of Article 6.5 or Article 12 in the event of termination of the Contract, shall in each instance, operate as and be a release to the Owner and the Authority and their employees and officers, from all claims of the Designer and its Subconsultants for payment for services performed and/or furnished, except for those written claims submitted by the Designer to the Owner with, or prior to, the last invoice.

  • Satisfaction and Discharge SECTION 401.

  • DISCIPLINE AND DISCHARGE A. Disciplinary actions or measures shall include but not be limited to the following: Oral Reprimand Written Reprimand Suspension - Maximum of 30 days (notice given in writing) Discharge - (notice given in writing) A demotion in classification may be substituted by the Employer in place of a suspension or a discharge; a disciplinary transfer may be made in lieu of an oral or written reprimand. Discipline shall be uniformly applied using a progressive disciplinary procedure, where appropriate. B. Disciplinary action may be imposed upon an employee only for failure to fulfill his/her responsibilities as an employee. Suspensions of less than ten (10) days and lesser disciplining actions may be administered by the Superintendent or his/her designee. C. No discipline of record shall be given to any employee until the employee has read the written statement and had an opportunity to attach a statement of explanation or rebuttal; or if the employee so desires, be given a hearing. At such hearing, the employee may have Union representation. The employee will be asked to sign the disciplinary report to signify knowledge of the statement only. The signature will not be interpreted to signify acceptance or denial of guilt of the charges or statement. D. Upon request by the employee, records of oral and written reprimands shall be removed from an employee's record twelve (12) months from the date of the offense and records of suspensions shall be removed from an employee's records two (2) years from the date of the offense. E. The Employer shall not discipline or discharge any employee without just cause. Any disciplinary action may be appealed through the grievance procedure. Steps of the grievance procedure may mutually be waived in order that the grievance may be filed with the person issuing such disciplinary actions.

  • Good Discharge (a) Any payment to be made in respect of the Secured Liabilities by the Security Agent may be made to the Facility Agent on behalf of the Secured Parties and any payment made in that way shall be a good discharge, to the extent of that payment, by the Security Agent. (b) The Security Agent is under no obligation to make the payments to the Facility Agent under paragraph (a) above in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party are denominated.