Common use of Setoff of Payment Obligations of the Non Clause in Contracts

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.

Appears in 1 contract

Sources: Supply Agreement

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 ▇▇▇▇ SSO 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 ▇▇▇▇ SSO 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 ▇▇▇▇ SSO 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- Non-Defaulting Party pursuant to this Agreement or any Other ▇▇▇▇ SSO Supply Agreement.

Appears in 1 contract

Sources: Master Standard Service Offer Supply Agreement