Common use of Offset of Payments Clause in Contracts

Offset of Payments. To the extent allowed by the applicable law or the appropriate regulatory official having jurisdiction and control over the affairs of the parties, and in addition to any other remedies provided under this Agreement, and subject to this Article 6, each party shall have, and may exercise at any time and from time to time, the right to offset any balance or balances, due from one party to the other party under this Agreement. However, such right of offset shall be limited solely to amounts that may become due and payable pursuant to this Agreement.