48.2  Set Off on Termination

Except where expressly stated otherwise, the Authority is not entitled to set off any amount against any payment of termination compensation (whether payable as a lump sum or in instalments) under clauses 42 (Compensation on Termination for Force Majeure), 45 (Compensation on Corrupt Gifts), Fraud and Refinancing Breaches) and 44 (Compensation on Termination for Authority Default/Voluntary Termination/Termination on an Authority Break Point Date) save to the extent that after such an amount has been set off, the termination payment made would be an amount greater than or equal to Base Senior Debt Termination Amount or the Revised Senior Debt Termination Amount as the case may be at that time.