Common use of Offset arrangement Clause in Contracts

Offset arrangement. If the debt is due in advance as a result of the failure of Borrower or guarantor to perform debts due or their violation of this contract, then Lender has the right to directly withhold and transfer the sums in any account of Borrower to repay the debt. When Lender withholds and transfer sums in Borrower’s accounts, if the sums in such accounts and main debt are in different currencies, Lender is entitled to make conversion at the listed price as issued for Lender to buy foreign exchange on that date.