Common use of Offsetting Clause in Contracts

Offsetting. YOU authorize HSBC to automatically set-off any amounts due and payable under the CARD that are not paid in accordance with these Terms and Conditions, or that are demandable in the event of default, against YOUR deposits or investments with HSBC or with other members of the HSBC Group, whether singly or jointly held, pursuant to Articles 1278 to 1290 of the New Civil Code of the Philippines, as amended. In addition to any general right of set-off or other rights conferred on the BANK by law or under any other agreement, HSBC is entitled, without prior notice to YOU, to combine or consolidate the outstanding balance on YOUR Card Account (includes the outstanding balance on the Card Account of any Supplementary Cardholder) with any other account which YOU maintain with HSBC, and set off or transfer any money standing to the credit of such other account in or towards settlement of YOUR liability to the BANK under this Agreement.