SET-OFF AND COMBINATION OF ACCOUNTS. 17.1. GTJAS may, at any time, combine or consolidate all or any of such accounts as are for the time being opened and maintained by the Client with GTJAS or other GTJA Group companies, including the Account, and the Client hereby irrevocably authorizes GTJAS (without prejudice to the other authorities granted to GTJAS hereunder):-
(a) to instruct other member of GTJA Group to transfer on the Client’s behalf any funds standing from time to time in any account maintained at any time by the Client with other member of GTJA Group to any of the Client’s account maintained at any time with GTJAS;
(b) to transfer any funds standing from time to time in any account maintained by the Client with GTJAS to any account maintained at any time by the Client with other member of GTJA Group;
(c) to set-off or transfer any sum standing to the credit of any one or more such accounts by the Client in or towards satisfaction of the Client’s indebtedness, obligation or liability to GTJAS, other member of GTJA Group or GTJAS’s affiliates on any of the accounts or in any other respect whatsoever, whether such indebtedness, obligations or liabilities be present or future, actual or contingent, primary or collateral, several or joint, secured or unsecured; and
(d) to give other member of GTJA Group notice of such authority, and when such combination, consolidation, set-off or transfer requires the conversion of the currency into another, such conversion shall be calculated at such rate of exchange as conclusively determined by GTJAS’s prevailing in such foreign exchange market as GTJAS may at its absolute discretion (but shall notify the Client of GTJAS’s decision) select on or about the date of the combination, consolidation, set-off or transfer.
I n respect of any payments by GTJAS to offset and discharge any of the Client’s obligations to other member of GTJA Group or GTJAS’s affiliates, GTJAS shall not be concerned whether or not such obligation exist, provided demand has been made on GTJAS by other member of GTJA Group or GTJAS’s affiliates.
SET-OFF AND COMBINATION OF ACCOUNTS. 15.1 Notwithstanding anything contained in this Agreement or in any other agreement between any member of the SYS Group and Client or any Client Group Company, subject to any applicable law, rules and regulations, and in particular, Rule 623 of the HKFE Rules, Client (for himself and as agent on behalf of any Client Group Company) hereby irrevocably directs and authorizes SYS (for itself and as agent on behalf of any member of the SYS Group) to set-off, withhold, apply and/or transfer (as the case may be) any Commodities, Futures Contracts, Option Contracts, receivables or monies held in or for the Account or any other account with SYS or any other member of the SYS in whole or partial payment of any sum or liability (of whatever nature whether primary, collateral, several or joint (including any liability or sum required to meet demands for Margin or margin requirements) or in other currencies and whether or not in connection with the Account) owed by Client or any Client Group Company to SYS or any other member of the SYS.
15.2 Without prejudice to the generality of paragraph 15.1, but subject to any applicable law, rules and regulations, and in particular Rule 623 of the HKFE Rules, if Client or any Client Group Company has more than one account with SYS, Client (for himself and as agent on behalf of any Client Group Company) hereby irrevocably agrees that SYS may at any time and without notice to Client or any Client Group Company, combine, consolidate or merge all or any of such accounts and set-off or transfer any sum or sums standing to the credit of any one or more of such accounts in or towards satisfaction of any obligations or liabilities of whatsoever nature to SYS in respect of any other accounts.
15.3 Where any set-off or combination of Account referred to in this paragraph 15 requires the conversion of one currency into another, such conversion shall be calculated at the rate of exchange (as determined by SYS and binding in all respects upon Client) utilized by SYS in the SYS's normal course of business for such currencies at the time of the combination or set-off.
15.4 The rights of set-off hereby conferred are in addition and without prejudice to any general right of set-off arising by law or any other rights granted to SYS under this Agreement or any lien or other security now or hereafter held by SYS.
15.5 In the event of
(i) the dissolution or liquidation of Client (in case of corporation) or death of Client,
(ii) the filing of a petiti...