55.2  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 clause 52 (Compensation on Termination for Force Majeure), clause 49 (Compensation on Termination for Authority Default) and clause 50 (Compensation on Termination for Corrupt Gifts Fraud and Refinancing Breaches) 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 the Base Senior Debt Termination Amount or the Revised Senior Debt Termination Amount, as the case may be, at that time.