CONTRACTUAL SET. OFF Each of the Obligors authorises each Bank to apply and each Bank shall be entitled to set-off any credit balance to which such Obligor is entitled on any account of such Obligor with that Bank in satisfaction of any sum due and payable from such Obligor to such Bank hereunder but unpaid; for this purpose, each Bank is authorised to purchase with the moneys standing to the credit of any such account such other currencies as may be necessary to effect such application.
CONTRACTUAL SET off At any time after an Event of Default has occurred and is continuing unremedied or unwaived, each Bank shall be entitled to apply any credit balance to which such Obligor is entitled on any account of such Obligor with such Bank in satisfaction of any sum due and payable from such Obligor to such Bank under the Finance Documents but unpaid. For this purpose, each Bank shall be entitled to purchase with the moneys standing to the credit of any such account such other currencies as may be necessary to effect such application.
CONTRACTUAL SET. OFF You authorise the Bank to set off any sums due to it under this agreement against any credit balances held on other accounts in your name which do not form part of this agreement. You also authorise the Bank to withhold the credit balance on the account and, more generally, all sums and securities that belong to you until all the Bank's risks with regard to you have been extinguished. ARTICLE 16 -
CONTRACTUAL SET. OFF Each Obligor authorises each Bank and the L/C Issuing Bank, after the occurrence of an Event of Default which is continuing, to apply any credit balance to which such Obligor is entitled on any account of such Obligor with such Bank or the L/C Issuing Bank in satisfaction of any sum due and payable from such Obligor to such Bank or the L/C Issuing Bank hereunder but unpaid. For this purpose, each Bank and the L/C Issuing Bank is authorised to purchase with the moneys standing to the credit of any such account such other currencies as may be necessary to effect such application.
CONTRACTUAL SET off At any time after the occurrence of an Event of Default and without prejudice to the other rights or the Banks under applicable law or the terms and conditions governing any account which would permit the exercise of any such rights at any other time, each Borrower authorises each Bank to apply any credit balance to which such Borrower is entitled on any account of such Borrower with that Bank in satisfaction of any sum due and payable from any Borrower to such Bank under this Agreement but unpaid; for this purpose, each Bank is authorised to purchase with the moneys standing to the credit of any such account such other currencies as may be necessary to effect such application.
CONTRACTUAL SET. OFF Whilst an Event of Default subsists, each Obligor authorises each Finance Party to apply any credit balance to which that Obligor is entitled on any account of that Obligor with that Finance Party in satisfaction of any sum due and payable from that Obligor to that Finance party under the Finance Documents but unpaid; for this purpose, each Finance Party is authorised to purchase with the moneys standing to the credit of any such account such other currencies as may be necessary to effect such application.
CONTRACTUAL SET. OFF The Borrower authorises each Bank to apply and each Bank shall be entitled to set off any credit balance to which the Borrower is entitled on any account of the Borrower with that Bank in satisfaction of any sum due and payable from the Borrower to such Bank hereunder but unpaid; for this purpose, each Bank is authorised to purchase with the moneys standing to the credit of any such account such other currencies as may be necessary to effect such application. No Bank shall be obliged to exercise any right given to it by this Clause 18.
CONTRACTUAL SET off The Borrower authorises each Bank at any time following the occurrence of an Event of Default (and so long as the same is continuing) to apply any credit balance to which the Borrower is entitled on any account of the Borrower with that Bank in satisfaction of any sum due and payable from the Borrower to such Bank under any of the Finance Documents but unpaid; for this purpose, each Bank is authorised to purchase with the moneys standing to the credit of any such account such other currencies as may be necessary to effect such application.
CONTRACTUAL SET off If an Event of Default has occurred and is continuing, each Obligor authorises each Bank to apply any credit balance to which such Obligor is entitled on any account of such Obligor with such Bank in satisfaction of any sum due and payable from such Obligor to such Bank under the Finance Documents but unpaid. For this purpose, each Bank is authorised to purchase with the moneys standing to the credit of any such account such other currencies as may be necessary to effect such application. Each Bank shall notify the Obligor's Agent (giving full details) forthwith upon the exercise or purported exercise of any right of set off.
CONTRACTUAL SET off If an Event of Default has occurred and is continuing, each Obligor authorises each Participant to apply any credit balance to which such Obligor is entitled on any account of such Obligor with such Participant in satisfaction of any sum due and payable from such Obligor to such Participant under the Finance Documents but unpaid. For this purpose, each Participant is authorised to purchase with the moneys standing to the credit of any such account such other currencies as may be necessary to effect such application. Each Participant shall notify the Obligor's Agent (giving full details) forthwith upon the exercise or purported exercise of any right of set off.
