General Offset Clause Samples
General Offset. In addition to any other rights or remedies available to the Lender (including other rights of set-off), the Lender reserves the right, during the continuance of an Event of Default, to apply any amounts otherwise owing to the Borrower (whether such amounts constitute indebtedness owed by the Lender, distributions on equity interests of the Lender or otherwise) as an offset of amounts owed to the Lender under this Note, including as an offset against any outstanding principal or interest on this Note. The Lender agrees to promptly notify the Borrower after any such offset and/or application made by the Lender; provided, however, that the failure to give such notice shall not affect the validity of such offset and/or application.
General Offset. ETRN hereby confirms that, in addition to any other rights or remedies available to the Assignee (including other rights of set-off), during the continuance of an Event of Default (as defined in the Note), the Assignee shall have the right to apply any amounts otherwise owing to ETRN (whether such amounts constitute indebtedness owed by the Assignee, distributions on equity interests of the Assignee or otherwise) as an offset of amounts owed to the Assignee under the Note, including as an offset against any outstanding principal or interest on the Note. The Assignee agrees to promptly notify ETRN after any such application made by the Assignee; provided, however, that the failure to give such notice shall not affect the validity of such application.
General Offset. In the event either Guarantor or Borrower fails to pay any amount owed to Lender pursuant to this Agreement, Borrower and Guarantor agree that Lender, in Lender’s sole discretion, may offset such amount from funds held by Lender pursuant to this Agreement. Such offset shall not relieve Borrower and/or Guarantor of the obligations to pay such amount and upon any such repayment by Borrower or Guarantor, the amount refunded by Borrower or Guarantor to Lender shall be deemed to be held by Lender pursuant to the terms and conditions of this Agreement.