59.4  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 Part 2 of Schedule 22 (Compensation on Termination for Authority Default, Voluntary Termination or Termination on an Authority Break Point Date and Relevant Discharge Terms), Part 4 of Schedule 22 (Compensation following a Prohibited Act and Refinancing Breaches) and Part 5 of Schedule 22 (Compensation on Termination for Force Majeure), save to the extent that after such an amount has been set off, the termination payment made would be in 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.