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“This Note is subject to a right of offset in accordance with Section 9.2 of
the Asset Purchase Agreement. Debtor shall have the right to offset against and
deduct from all amounts otherwise payable to RSI under the terms of the this
Note any sums owing by RSI to Debtor pursuant to the Asset Purchase Agreement.”
Merriam Webster’s Dictionary of Law, 1996:
“Set-off: the reduction or discharge of a debt by settling against it a claim in favor of the debtor; specif: the reduction or discharge of a party’s debt or claim by an assertion of another claim arising out of another transaction… “
Hamblock Wessels lists “Ausgleich” as one of the definitions of “set-off”
and Romain lists “to set off” (=offset) as one of the definitions of “ausgleichen”
Hope this helps!
law degree, websites given above, Hamblock/ Wessels, Romain Dictionary of Legal and Commercial Terms, Merriam Webster's DIctionary of Law
Leslie Nelman Local time: 06:18 Native speaker of: English PRO pts in pair: 73