Set-off and Consolidation. 11.1 Account set-off: We may, at any time and without notice, combine or consolidate all your accounts with us, our subsidiary, associated or holding company and apply any credit balance to which you are entitled, either alone or jointly, in or towards satisfaction of any obligation (whether or not matured, actual, future, contingent, unliquidated or unascertained) owed by you to us, regardless of the currency, the place of payment or the office through which we are acting.
11.2 Right of set-off: We may, at any time without notice or demand, set-off any obligation owed by you to us against any obligation (whether or not matured) owed by us to you, regardless of the place of payment, the branch through which we are acting or currency of either obligation.
11.3 Foreign currency: We are authorized to purchase, at the Exchange Rate, such other currencies as may be necessary to effect such application with the monies standing to the credit of such account in Condition 11.1 (Account set-off) above. If the obligations referred to in Condition 11.2 (Right of set-off) above are in different currencies, we are also authorized to convert either obligation at the Exchange Rate for the purposes of exercising its set-off right.
11.4 Unliquidated amount: If any of the obligations referred to in Conditions 11.1 (Account set-off) above and 11.2 (Right of set-off) above is unliquidated or unascertained, we may set off an amount estimated by it in good faith to be the amount of that obligation.
