Common use of Rights of a Bank Clause in Contracts

Rights of a Bank. 12.1 Nothing in this Agreement shall affect a Bank's right of set-off, transfer and application of monies at law or pursuant to any other agreement from time to time subsisting between a Bank and any Person. 12.2 Any credit to be given in respect of Charges will be applied by a Bank to the applicable Card Account only after deduction of any costs (including but not limited to collection and remittance costs), if any, so incurred to such Bank for applying the credit. 12.3 ICBC (Asia) is entitled (but not legally obliged):- (a) to give effect to any instruction given by any Person to effect payment of sums due under this Agreement from another account with ICBC (Asia); (b) to set-off or transfer, at any time and without prior notice, any monies of whatever description standing in the books of ICBC (Asia) to the credit of the Account Holder, whether held singly or jointly with others and whether in Hong Kong Dollars or any other currency in or towards discharge of the total amount debited to the Hong Kong Dollar Card Account; and (c) to set-off or transfer, at any time and without prior notice, any monies of whatever description standing in the books of ICBC (Asia) to the credit of a Cardholder, whether held singly or jointly with others and whether in Hong Kong Dollars or any other currency in or towards discharge of the total amount of Charges in the Hong Kong Dollar Card Account attributable to his own use of a Card. For the purpose of set-off of funds in any currency other than Hong Kong Dollars, ICBC (Asia) may convert the currency into Hong Kong Dollars at the prevailing exchange rate determined by ICBC (Asia) at the time of conversion. If ICBC (Asia) exercises its rights under this Clause 12.3(b) and 12.3(c), it shall promptly notify the Account Holder or, as the case may be, the Cardholder to which such exercise of rights relates. 12.4 Any branch of ICBC in Mainland China is entitled (but not legally obliged): (a) to set-off or transfer, at any time and without prior notice, any monies of whatever description standing in the books of ICBC to the credit of the Account Holder, whether held singly or jointly with others and whether in Renminbi or not, in or towards discharge of the total amount debited to the Renminbi Card Account; and (b) to set-off or transfer, at any time and without prior notice, any monies of whatever description standing in the books of ICBC to the credit of a Cardholder, whether held singly or jointly with others and whether in Renminbi or not, in or towards discharge of the total amount of Charges in the Renminbi Card Account attributable to his own use of a Card. If any branch in ICBC in Mainland China exercises its rights of set-off or transfer under this clause 12.4, ICBC shall promptly notify ICBC (Asia), which shall thereafter promptly notify the Account Holder or, as the case may be, Cardholder (to which such exercise of rights relates) of the same. (a) Where the Card Account is in credit, the Bank may (but is not obliged to), refund to the Cardholder a part or the whole of the credit balance in the Card Account upon request by the Cardholder or at any time that the Bank (in its sole and absolute discretion) chooses. (b) A refund under Clause 12.5(a) will be made upon such conditions as the Bank may reasonably impose including the manner in which the refund will be made.

Rights of a Bank. 12.1 11.1 Nothing in this Agreement shall affect a Bank's right of set-off, transfer and application of monies at law or pursuant to any other agreement from time to time subsisting between a Bank and any Person. 12.2 11.2 Any credit to be given in respect of Charges will be applied by a Bank to the applicable Master Account or Card Account only after deduction of any costs (including but not limited to collection and remittance costs), if any, so incurred to such Bank for applying the credit. 12.3 11.3 ICBC (Asia) is entitled (but not legally obliged):- (a) to give effect to any instruction given by any Person to effect payment of sums due under this Agreement from another account with ICBC (Asia); (b) to set-off or transfer, at any time and without prior notice, any monies of whatever description standing in the books of ICBC (Asia) to the credit of the Account Holder, Company whether held singly or jointly with others and whether in Hong Kong Dollars or any other currency in or towards discharge of the total amount debited to the Master Account – Hong Kong Dollar Card Account; and (c) to set-off or transfer, at any time and without prior notice, any monies of whatever description standing in the books of ICBC (Asia) to the credit of a Cardholder, whether held singly or jointly with others and whether in Hong Kong Dollars or any other currency in or towards discharge of the total amount of Charges in the Hong Kong Dollar Card Account attributable to his own use of a Card. For the purpose of set-off of funds in any currency other than Hong Kong Dollars, ICBC (Asia) may convert the currency into Hong Kong Dollars at the prevailing exchange rate determined by ICBC (Asia) at the time of conversion. If ICBC (Asia) exercises its rights under this Clause 12.3(b) and 12.3(c11.3(b), it shall promptly notify the Account Holder or, as the case may be, the Cardholder Company to which such exercise of rights relates. 12.4 11.4 Any branch of ICBC in Mainland China is entitled (but not legally obliged): (a) to set-off or transfer, at any time and without prior notice, any monies of whatever description standing in the books of ICBC to the credit of the Account Holder, Company whether held singly or jointly with others and whether in Renminbi or not, in or towards discharge of the total amount debited to the Master Account - Renminbi Card Account; and (b) to set-off or transfer, at any time and without prior notice, any monies of whatever description standing in the books of ICBC to the credit of a Cardholder, whether held singly or jointly with others and whether in Renminbi or not, in or towards discharge of the total amount of Charges in the Renminbi Card Account attributable to his own use of a Card. If any branch in ICBC in Mainland China exercises exercise its rights of set-off or transfer under this clause 12.4Clause 11.4, ICBC shall promptly notify ICBC (Asia), which shall thereafter promptly notify the Account Holder Company or, as the case may be, Cardholder (to which such exercise of rights relates) of the same. (a) Where the Card Account is in credit, the Bank may (but is not obliged to), refund to the Cardholder or the Company a part or the whole of the credit balance in the Card Account upon request by the Cardholder or the Company or at any time that the Bank (in its sole and absolute discretion) chooses. (b) A refund under Clause 12.5(a11.5(a) will be made upon such conditions as the Bank may reasonably impose including the manner in which the refund will be made.