Common use of Right of Set-Off, Debit and Enforcement Clause in Contracts

Right of Set-Off, Debit and Enforcement. 23.1 In addition to any agreed lien, the Bank is entitled without any notice to the Accountholder to settle the Accountholder’s indebtedness to the Bank whether such liabilities be actual or contingent, primary or collateral and several or joint (including without limitation, the Accountholder’s liability arising from any indemnity given herein) on any account by combining or consolidating the outstanding balance on the Account with any other account which the Accountholder maintains with the Bank in Singapore or elsewhere and set-off or transfer any monies standing to the credit of such other accounts in or towards satisfaction of any of the Accountholder’s liabilities to the Bank in Singapore or elsewhere. This is notwithstanding that the balance in such other account is in a currency different from the sum demanded or held at a branch in a different jurisdiction or is held by the Accountholder jointly with another person(s) or held on time deposit. For such purpose, the Bank shall be entitled to convert the balance in such other account into the required currency in accordance with its normal practice at the then prevailing exchange rates and/or terminate such time deposit. The Bank’s rights hereunder shall not be affected by the Accountholder’s death, insanity, bankruptcy, or any form of legal incapacity.

Right of Set-Off, Debit and Enforcement. 23.1 In addition to any agreed lien, the Bank is entitled without any notice to the Accountholder to settle the Accountholder’s indebtedness to the Bank whether such liabilities be actual or contingent, primary or collateral and several or joint (including without limitation, the Accountholder’s liability arising from any indemnity given herein) on any account by combining or consolidating the outstanding balance on the Account with any other account which the Accountholder maintains with the Bank in Singapore or elsewhere and set-off otf or transfer any monies standing to the credit of such other accounts in or towards satisfaction of any of the Accountholder’s liabilities to the Bank in Singapore or elsewhere. This is notwithstanding that the balance in such other account is in a currency different ditferent from the sum demanded or held at a branch in a different ditferent jurisdiction or is held by the Accountholder jointly with another person(s) or held on time deposit. For such purpose, the Bank shall be entitled to convert the balance in such other account into the required currency in accordance with its normal practice at the then prevailing exchange rates and/or terminate such time deposit. The Bank’s rights hereunder shall not be affected atfected by the Accountholder’s death, insanity, bankruptcy, or any form of legal incapacity.