Setoff of Payment Obligations of the Non Clause Samples
The 'Setoff of Payment Obligations of the Non' clause allows one party to offset amounts it owes against amounts owed to it by the other party under the agreement. In practice, if Party A owes money to Party B, but Party B also owes money to Party A, this clause permits Party A to deduct what it is owed from what it must pay, settling only the net balance. This mechanism helps streamline payments between parties and reduces the risk of non-payment by ensuring that mutual debts are automatically reconciled.
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Setoff of Payment Obligations of the Non. Defaulting Party Any payment obligations of the Non-Defaulting Party to the Defaulting Party pursuant to this Agreement or any other agreement(s) between the Company and the BGS- RSCP Supplier for the provision of BGS Supply shall be set off: (i) first, to satisfy any payment obligations of the Defaulting Party to the Non-Defaulting Party pursuant to this Agreement or any other agreement(s) between the Company and the BGS-RSCP Supplier for the provision of BGS Supply that are unsecured and not subject to any Guaranty; (ii) second, to satisfy any payment obligations of the Defaulting Party to the Non-Defaulting Party pursuant to this Agreement or any other agreement(s) between the Company and the BGS-RSCP Supplier for the provision of BGS Supply that are unsecured, but which are subject to a Guaranty; and (iii) third, to satisfy any remaining payment obligations of the Defaulting Party to the Non-Defaulting Party pursuant to this Agreement or any other agreement(s) between the Company and the BGS-RSCP Supplier for the provision of BGS Supply.
Setoff of Payment Obligations of the Non. Defaulting Party
Setoff of Payment Obligations of the Non. Defaulting Party Any payment obligations of the Non-Defaulting Party to the Defaulting Party pursuant to this Agreement or any Other ▇▇▇▇ Supply Agreement will be set off: (i) first, to satisfy any payment obligations of the Defaulting Party to the Non-Defaulting Party pursuant to this Agreement or any Other ▇▇▇▇ Supply Agreement that are unsecured and not subject to any Guaranty; (ii) second, to satisfy any payment obligations of the Defaulting Party to the Non-Defaulting Party pursuant to this Agreement or any Other ▇▇▇▇ Supply Agreement that are unsecured, but which are guaranteed by a Guaranty; and (iii) third, to satisfy any remaining payment obligations of the Defaulting Party to the Non- Defaulting Party pursuant to this Agreement or any Other ▇▇▇▇ Supply Agreement.