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.
Appears in 2 contracts
Sources: Master Loan and Security Agreement (Ion Geophysical Corp), Master Loan and Security Agreement (Ion Geophysical Corp)