Common use of Rights of the Bank Clause in Contracts

Rights of the Bank. 11.1 Nothing in this Agreement shall affect the 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 the Bank and any Person. 11.2 Any credit to be given in respect of Charges will be applied by the 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. 11.3 The Bank 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 the Bank; (b) to set-off or transfer, at any time and without prior notice, any monies of whatever description standing in the books of the Bank to the credit of the 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. For the purpose of set-off of funds in any currency other than Hong Kong Dollars, the Bank may convert the currency into Hong Kong Dollars at the prevailing exchange rate determined by the Bank at the time of conversion. If the Bank exercises its rights under this Clause 11.3(b), it shall promptly notify the Company to which such exercise of rights relates. (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 11.4(a) will be made upon such conditions as the Bank may reasonably impose including the manner in which the refund will be made.