Common use of Set-off and Currency Conversion Clause in Contracts

Set-off and Currency Conversion. 7.11.1 In addition to its other rights under this paragraph 7 (or elsewhere in the Mandate) and to all customary or other rights of set-off and any similar express or implied rights, the Bank may at any time as a continuing right without notice or demand: 7.11.1.1 set-off against the Customer’s Indebtedness any liabilities of the Bank to the Customer (whether present, future or contingent and including, without limitation, money in any Account); and 7.11.1.2 combine and consolidate all or any Accounts. 7.11.2 Without affecting and in addition to the grants of security interest and other rights under this paragraph 7 and the Mandate, the Customer hereby agrees that the Bank shall have a lien over each Charged Account and each Charged Balance. 7.11.3 The Bank may at any time, as a continuing right without notice or demand, convert (spot or forward) from one currency to another any money in or any Indebtedness on an Account or any of the actual or prospective proceeds of a sale or application made or to be made, pursuant to this paragraph 7, at the Bank’s prevailing exchange rate for the sale of such other currency against the existing currency. Any risk or loss arising from conversion of any amount from one currency to another or from any fluctuation in any exchange rates and all expenses in connection therewith shall be borne by the Customer.