Common use of Offset of Payment Obligations Clause in Contracts

Offset of Payment Obligations. The Parties shall discharge their obligations to pay through netting, consolidating obligations incurred under this Agreement and the November 1996 Agreement, in which case the Party, if any, owing the greater aggregate amount shall pay to the other Party the difference between the amounts owed, as set forth in Section 8.3. Each Party reserves to itself all rights, setoffs, counterclaims and other remedies and defenses, consistent with Article 10, which such Party has or may be entitled to arising from or out of this Agreement. All outstanding obligations to make payments under this Agreement may be offset against each other, set-off or recouped therefrom.