Common use of Setoffs and Recoupment Clause in Contracts

Setoffs and Recoupment. Except as otherwise provided herein, each Reorganized Debtor or the Plan Administrator, as applicable, pursuant to the Bankruptcy Code (including section 553 of the Bankruptcy Code), applicable bankruptcy or non‑bankruptcy law, or as may be agreed to by the Holder of an Allowed Claim, may set off or recoup against any Allowed Claim and the distributions to be made pursuant to the Plan on account of such Allowed Claim, any claims, rights, and Causes of Action of any nature that the applicable Debtor or Reorganized Debtor may hold against the Holder of such Allowed Claim, to the extent such claims, rights, or Causes of Action have not been otherwise compromised or settled on or prior to the Effective Date (whether pursuant to the Plan, a Final Order or otherwise); provided that neither the failure to effect such a setoff or recoupment nor the allowance of any Claim pursuant to the Plan shall constitute a waiver or release by such Reorganized Debtor or the Plan Administrator, as applicable, of any such claims, rights, and Causes of Action.

Setoffs and Recoupment. Except as Unless otherwise provided hereinin the Plan or the Confirmation Order, each Debtor and each Reorganized Debtor or the Plan Administrator, as applicableDebtor, pursuant to the Bankruptcy Code (including section 553 of the Bankruptcy Code), applicable non-bankruptcy or non‑bankruptcy law, or as may be agreed to by the Holder of an Allowed a Claim, may set off against or recoup against any Allowed Claim and the distributions to be made pursuant to the Plan on account of such Allowed Claim (before any distribution is made on account of such Allowed Claim), any claims, rights, and Causes of Action of any nature that the applicable such Debtor or Reorganized Debtor Debtor, as applicable, may hold against the Holder of such Allowed Claim, to the extent such claims, rights, or Causes of Action against such Holder have not been otherwise compromised or settled on or prior to as of the Effective Date (whether pursuant to the Plan, a Final Order Plan or otherwise); provided that neither the failure to effect such a setoff or recoupment nor the allowance of any Claim pursuant to the Plan shall constitute a waiver or release by such Debtor or Reorganized Debtor or the Plan Administrator, as applicable, of any such claims, rights, and Causes of ActionAction that such Reorganized Debtor may possess against such Holder.

Setoffs and Recoupment. Except as otherwise provided herein, each Reorganized Debtor or the Plan Administrator, as applicable, pursuant to the Bankruptcy Code (including section 553 of the Bankruptcy Code), applicable bankruptcy or non‑bankruptcy non-bankruptcy law, or as may be agreed to by the Holder of an Allowed Claim, may set off or recoup against any Allowed Claim and the distributions to be made pursuant to the this Plan on account of such Allowed Claim, any claimsClaims, rights, and Causes of Action of any nature that the applicable Debtor or Reorganized Debtor may hold against the Holder of such Allowed Claim, to the extent such claimsClaims, rights, or Causes of Action have not been otherwise compromised compromised, settled, or settled assigned on or prior to before the Effective Date (whether pursuant to the this Plan, a Final Order or otherwise); provided provided, that neither the failure to effect such a setoff or recoupment nor the allowance of any Claim pursuant to the this Plan shall constitute a waiver or release by such Reorganized Debtor or the Plan Administrator, as applicable, of any such claimsClaims, rights, and Causes of Action.