Common use of General Offset Clause in Contracts

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.