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. For this purpose, the Cardholder hereby authorizes and irrevocably constitutes PNB as his/her Attorney-in-Fact with full power and authority to inquire about and assert the bank's lien or legal claim on the Cardholder's deposits, money market/trust placements, stocks, bonds and other assets in the possession, custody or control of PNB and their foreign branches, subsidiaries and affiliates and to apply all or part of the deposits, money market/trust placements, stocks, bonds and other assets to offset the obligations of the Cardholder. Pursuant to the authority granted to PNB herein, the Cardholder expressly authorizes the disclosure by PNB's other foreign branches, subsidiaries and affiliates of any information related to the funds or properties of the Cardholder in their custody in favor of PNB. In the event that any funds of the Cardholder are held by PNB, PNB reserves the right to retain such funds for a period of at least forty-five (45) days from the date of cancellation or termination of the Credit Card and its return to PNB and the closure of the Card account. If there are unpaid obligations under the Credit Card, PNB is authorized by the Cardholder to automatically apply said funds to the settlement of the unpaid obligations. PNB is not precluded from availing of other remedies in case the funds are insufficient to settle the said obligation.

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. For this purpose, the Cardholder hereby authorizes and irrevocably constitutes PNB as his/her Attorney-in-Fact with full power and authority to inquire about and assert the bank's lien or legal claim on the Cardholder's deposits, money market/trust placements, stocks, bonds and other assets in the possession, custody or control of PNB and their foreign branches, subsidiaries and affiliates and to apply all or part of the deposits, money market/trust placements, stocks, bonds and other assets to offset the obligations of the Cardholder. Pursuant to the authority granted to PNB herein, the Cardholder expressly authorizes the disclosure by PNB's other foreign branches, subsidiaries and affiliates of any information related to the funds or properties of the Cardholder in their custody in favor of PNB. In the event that any funds of the Cardholder are held by PNB, PNB reserves the right to retain such funds for a period of at least forty-five (45) days from the date of cancellation or termination of the Credit Card and its return to PNB PNB, and the closure of the Card account. If there are unpaid obligations under the Credit Card, PNB is authorized by the Cardholder to automatically apply said funds to the settlement of the unpaid obligations. PNB is not precluded from availing of other remedies in case the funds are insufficient to settle the said obligation.

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. For this purpose, the Cardholder hereby authorizes and irrevocably constitutes PNB as his/her Attorney-in-Fact with full power and authority to inquire about and assert the bank's lien or legal claim on the Cardholder's deposits, money market/trust placements, stocks, bonds and other assets in the possession, custody or control of PNB and their foreign branches, subsidiaries and affiliates and to apply all or part of the deposits, money market/trust placements, stocks, bonds and other assets to offset the obligations of the Cardholder. Pursuant to the authority granted to PNB herein, the Cardholder expressly authorizes the disclosure by PNB's other foreign branches, subsidiaries and affiliates of any information related to the funds or properties of the Cardholder in their custody in favor of PNB. In the event that any funds of the Cardholder are held by PNB, PNB reserves the right to retain such funds for a period of at least forty-five (45) days from the date of cancellation or termination of the Credit Card and its return to PNB PNB, and the closure of the Card account. If there are unpaid obligations under the Credit Card, PNB is authorized by the Cardholder to automatically apply said funds to the settlement of the unpaid obligations. PNB is not precluded from availing of other remedies in case the funds are insufficient to settle the said obligation.