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28 FEB INTERCOMPANY SET OFF AGREEMENT

Publicado en 08:07h en Sin categoría por Teresa
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A set-off clause may also be part of a supplier agreement between the supplier,
e.B a manufacturer, and a buyer, e.B. a retailer. This type of clause can be
used in place of a bank`s letter of credit and gives the provider access to
deposit accounts or other assets held with the buyer`s financial institution if
the buyer does not pay. With a set-off clause, the seller can receive a payment
equal to the amount due to him under the supplier contract. Clearing clauses are
most often used in loan agreements between lenders such as banks and their
borrowers. They can also be used in other types of transactions where one party
risks default, . B as a contract between a manufacturer and a buyer of their
goods. The Truth in Credit Act prohibits the application of clearing clauses to
credit card transactions; This protects consumers who refuse to pay for
defective goods purchased with their cards using what is known as a chargeback.
A credit clearing clause is often included in a loan agreement between a
borrower and the bank in which they hold other assets, e.B money in a check,
savings or money market account or certificate of deposit.

The borrower undertakes to make these assets available to the lender in the
event of default. If assets are held with this lender, the lender can access
them more easily to cover a defaulted payment. However, a set-off clause may
also include rights to assets of other institutions. Although these assets are
not as easily accessible to the lender, the set-off clause gives the lender
contractual consent to seize them in the event of a borrower`s default. Set-off
clauses give the lender the right to set-off – the legal right to seize funds
from the debtor or a debt guarantor. They are part of many loan agreements and
can be structured in different ways. Lenders may choose to include a set-off
clause in the agreement to ensure that in the event of default, they receive a
higher percentage of the amount owed to them than they otherwise could. If a
debtor is unable to comply with an obligation to the bank, the bank may seize
the assets listed in the clause. However, under the Hong Kong Financial
Reporting Standards, the reserve referred to in subparagraph (a) is not required
for clearing.

If it is clear from the agreement between the two companies that only the net
amount is to be paid, the amounts may be offset from an accounting point of
view. This different treatment of compensation may lead to inaccuracies in the
FRR declarations of Group companies that require reporting a breach of the FRR.
Set-off clauses are used for the benefit of the party who is likely to default.
They grant the creditor lawful access to a debtor`s assets, either with the
lender`s financial institution or with another institution with which the debtor
has accounts. Before signing a contract with a set-off clause, borrowers should
be aware that this may result in the loss of assets that they could have
retained through other means of debt settlement, such as . B bankruptcy. A
set-off clause is a legal clause that gives a lender the power to seize a
debtor`s deposits if they default on a loan. A set-off clause may also refer to
the settlement of mutual debts between a creditor and a debtor by offsetting
transaction claims. This allows creditors to collect a higher amount than they
would normally be able to in bankruptcy proceedings.

Under Hong Kong`s Securities and Futures (Financial Resources) rules, the assets
and liabilities of licensed companies are treated separately on a gross basis
and cannot be set off against each other, subject to certain exceptions. Under
Article 11(3) of the FRR, set-off is allowed if (a) the amounts do not arise
from the exercise of a regulated activity and (b) the licensed company has the
legally enforceable right to set off those amounts against each other. This
first link becomes a problem when a Hong Kong licensed company wishes to offset
amounts due to a group company for operating and other expenses paid by the
group company on behalf of the Hong Kong company against fees due to the Hong
Kong company for investment advisory or asset management services. Borrowers
should be aware that accepting a set-off clause may mean losing more of their
assets than in insolvency proceedings. “I have found that the Lexology/Kiosk
articles are closely related to the topics that interest me. The selection
function during registration increases the relevance of email content. They are
easy to understand and I appreciate that they are only easy to understand as
long as it is necessary to cover the essentials. I would recommend it to other
lawyers.

If a licensed company has inadvertently committed a violation of the FRR, it
must immediately investigate and notify the CFS. Delays may result in
disciplinary action. .



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