"We note that JBL has asserted within their application that...

"We note that JBL has asserted within their application that they have terminated the MSA and are entitled to payment.

BHD disputes this entitlement and does not consider that JBL’s claims are material given their lack of foundation."

In relation to this claim by JBL to offset their loan against a payment for termination of the MSA, it's worth noting that the termination of the MSA was by JBL, NOT BHD. Without knowing all the terms of the agreement, I'd find it amazing if they were somehow able to claim money from BHD when they terminated the MSA.