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Rights of Set-Off

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Rights of set-off
An agreement defining each party's rights should one party default on its obligation. A setoff is common in parallel loan arrangements.

Rights of Set-Off
A portion of a loan agreement stating the rights of each party should one party or the other default on his/her obligations. Rights of set-off are most often stated explicitly when two parties are lending money to each other. See also: Parallel loan.


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Lexington irrevocably agrees not to assert and waives any and all defences and rights of set-off and/or counterclaim (including without limitation any such rights acquired by assignment or otherwise), which it may have against the (trustee) or which might be available so as to deny payment of any amount due hereunder in accordance with the express terms hereof.
 
 
 
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