Common use of Offsetting Clause in Contracts

Offsetting. The Cardholder agrees that upon his/her default or delinquency, PNB may, as his/her Attorney-in- Fact, in its absolute discretion and without notice, offset the obligations against any of the Cardholder's deposits, money market/trust placements, stocks, bonds and other assets coming to the custody, possession or control of PNB and their foreign branches, subsidiaries and affiliates.

Offsetting. The Cardholder agrees that upon his/her default or delinquency, PNB may, as his/her Attorney-in- Fact, in its absolute discretion and without notice, offset the obligations against any of the Cardholder's deposits, money market/trust placements, stocks, bonds and other assets coming to the custody, possession or control of PNB and their foreign branches, subsidiaries and affiliates, or endorse his/her account to an accredited third party agency, and subsequently cancel his/her card.