Common use of Set-off Clause in Contracts

Set-off. 16.1 Set Off - CCB (Asia) may, at any time without prior notice, combine or consolidate any accounts (of whatever nature, wherever situate, whether in the sole name of the Cardmember and/or the Company solely or jointly with other(s) and whether subject to notice or not), and set-off, debit, withhold, apply and/or transfer any sum standing to the credit of one or more of the accounts in or towards satisfaction of obligations and/or liabilities of the Cardmember and/ or the Company to CCB (Asia) on any other account or in any other respect whatsoever, whether such obligations and/or liabilities be present or future, actual or contingent, primary or collateral, several or joint, secured or unsecured and whether they are owed by the Cardmember and/or the Company to CCB (Asia) in whatever capacity, and where such combination, consolidation, set-off, debit, withholding, application or transfer requires the conversion of one currency into another, such conversion shall be calculated at the spot rate of exchange (as conclusively determined by CCB (Asia)) 16.2 Lien - The Cardmember and/or the Company hereby authorize CCB (Asia) to exercise a lien over all of property of the Cardmember and/ or the Company coming into the possession or control of CCB (Asia) for any reason whatsoever, whether or not in the ordinary course of banking or credit card business, with power for CCB (Asia) to sell or otherwise realize such property, if necessary, and apply the net proceeds to satisfy any of the obligations and/or liabilities of the Cardmember and/or the Company to CCB (Asia). 16.3 Other Rights - The rights of CCB (Asia) under this Clause 16 shall be in addition and without prejudice to any lien or other right whatsoever to which CCB (Asia) may be entitled by law and shall apply to all the liabilities of the Cardmember and/or the Company to CCB (Asia), whether such liabilities or any of them arise on any account or in any other respect or manner whatsoever.

Set-off. 16.1 17.1 Set Off - CCB (Asia) may, at any time without prior notice, combine or consolidate any accounts (of whatever nature, wherever situate, whether in the sole my name of the Cardmember and/or the Company solely or jointly with other(s) and whether subject to notice or not), and set-off, debit, withhold, apply and/or transfer any sum standing to the credit of one or more of the accounts in or towards satisfaction of my obligations and/or liabilities of the Cardmember and/ or the Company to CCB (Asia) on any other account or in any other respect whatsoever, whether such obligations and/or liabilities be present or future, actual or contingent, primary or collateral, several or joint, secured or unsecured and whether they are owed by the Cardmember and/or the Company me to CCB (Asia) in whatever capacity, and where such combination, consolidation, set-set- off, debit, withholding, application or transfer requires the conversion of one currency into another, such conversion shall be calculated at the spot rate of exchange (as conclusively determined by CCB (Asia)) prevailing in the relevant foreign exchange market at the relevant time. In the case of a joint account, I agree that CCB (Asia) may exercise its rights herein and apply any credit balance in such joint account in or towards satisfaction of any obligations and/or liabilities owed to CCB (Asia) by myself or by the other joint account holder(s). I understand that CCB (Asia) shall, as soon as practicable, give notice to me of any exercise of its right under this clause. 16.2 (i) any sum standing to the credit of any one or more of my accounts in or towards satisfaction of the debts and liabilities of the Supplementary Cardmember under the Card Account; and (ii) any sum standing to the credit of any one or more of the Supplementary Cardmember’s accounts in or towards satisfaction of the debts and liabilities of that Supplementary Cardmember under the Card Account. 17.2 Lien - The Cardmember and/or the Company I hereby authorize CCB (Asia) to exercise a lien over all of my property of the Cardmember and/ or the Company coming into the possession or control of CCB (Asia) for any reason whatsoever, whether or not in the ordinary course of banking or credit card business, with power for CCB (Asia) to sell or otherwise realize such property, if necessary, and apply the net proceeds to satisfy any of the my obligations and/or liabilities of the Cardmember and/or the Company to CCB (Asia). 16.3 17.3 Other Rights - The rights of CCB (Asia) under this Clause 16 17 shall be in addition and without prejudice to any lien or other right whatsoever to which CCB (Asia) may be entitled by law and shall apply to all the of my liabilities of the Cardmember and/or the Company to CCB (Asia), whether such liabilities or any of them arise on any account or in any other respect or manner whatsoever.

Set-off. 16.1 18.1 Set Off - CCB (Asia) may, at any time without prior notice, combine or consolidate any accounts (of whatever nature, wherever situate, whether in the sole my name of the Cardmember and/or the Company solely or jointly with other(s) and whether subject to notice or not), and set-off, debit, withhold, apply and/or transfer any sum standing to the credit of one or more of the accounts in or towards satisfaction of my obligations and/or liabilities of the Cardmember and/ or the Company to CCB (Asia) on any other account or in any other respect whatsoever, whether such obligations and/or liabilities be present or future, actual or contingent, primary or collateral, several or joint, secured or unsecured and whether they are owed by the Cardmember and/or the Company me to CCB (Asia) in whatever capacity, and where such combination, consolidation, set-off, debit, withholding, application or transfer requires the conversion of one currency into another, such conversion shall be calculated at the spot rate of exchange (as conclusively determined by CCB (Asia)) prevailing in the relevant foreign exchange market at the relevant time. In the case of a joint account, I agree that CCB (Asia) may exercise its rights herein and apply any credit balance in such joint account in or towards satisfaction of any obligations and/or liabilities owed to CCB (Asia) by myself or by the other joint account holder(s). I understand that CCB (Asia) shall, as soon as practicable, give notice to me of any exercise of its right under this clause. 16.2 (i) any sum standing to the credit of any one or more of my accounts in or towards satisfaction of the debts and liabilities of the Supplementary Cardmember under the Card Account; and (ii) any sum standing to the credit of any one or more of the Supplementary Cardmember’s accounts in or towards satisfaction of the debts and liabilities of that Supplementary Cardmember under the Card Account. 18.2 Lien - The Cardmember and/or the Company I hereby authorize CCB (Asia) to exercise a lien over all of my property of the Cardmember and/ or the Company coming into the possession or control of CCB (Asia) for any reason whatsoever, whether or not in the ordinary course of banking or credit card business, with power for CCB (Asia) to sell or otherwise realize such property, if necessary, and apply the net proceeds to satisfy any of the my obligations and/or liabilities of the Cardmember and/or the Company to CCB (Asia). 16.3 18.3 Other Rights - The rights of CCB (Asia) under this Clause 16 18 shall be in addition and without prejudice to any lien or other right whatsoever to which CCB (Asia) may be entitled by law and shall apply to all the of my liabilities of the Cardmember and/or the Company to CCB (Asia), whether such liabilities or any of them arise on any account or in any other respect or manner whatsoever.

Set-off. 16.1 17.1 Set Off - CCB (Asia) may, at any time without prior notice, combine or consolidate any accounts (of whatever nature, wherever situate, whether in the sole my name of the Cardmember and/or the Company solely or jointly with other(s) and whether subject to notice or not), and set-off, debit, withhold, apply and/or and/ or transfer any sum standing to the credit of one or more of the accounts in or towards satisfaction of my obligations and/or liabilities of the Cardmember and/ or the Company liabilities to CCB (Asia) on any other account or in any other respect whatsoever, whether such obligations and/or liabilities be present or future, actual or contingent, primary or collateral, several or joint, secured or unsecured and whether they are owed by the Cardmember and/or the Company me to CCB (Asia) in whatever capacity, and where such combination, consolidation, set-off, debit, withholding, application or transfer requires the conversion of one currency into another, such conversion shall be calculated at the spot rate of exchange (as conclusively determined by CCB (Asia)) prevailing in the relevant foreign exchange market at the relevant time. In the case of a joint account, I agree that CCB (Asia) may exercise its rights herein and apply any credit balance in such joint account in or towards satisfaction of any obligations and/or liabilities owed to CCB (Asia) by myself or by the other joint account holder(s). I understand that CCB (Asia) shall, as soon as practicable, give notice to me of any exercise of its right under this clause. 16.2 (i) any sum standing to the credit of any one or more of my accounts in or towards satisfaction of the debts and liabilities of the Supplementary Cardmember under the Card Account; and (ii) any sum standing to the credit of any one or more of the Supplementary Cardmember’s accounts in or towards satisfaction of the debts and liabilities of that Supplementary Cardmember under the Card Account. 17.2 Lien - The Cardmember and/or the Company I hereby authorize CCB (Asia) to exercise a lien over all of my property of the Cardmember and/ or the Company coming into the possession or control of CCB (Asia) for any reason whatsoever, whether or not in the ordinary course of banking or credit card business, with power for CCB (Asia) to sell or otherwise realize such property, if necessary, and apply the net proceeds to satisfy any of the my obligations and/or liabilities of the Cardmember and/or the Company to CCB (Asia). 16.3 17.3 Other Rights - The rights of CCB (Asia) under this Clause 16 17 shall be in addition and without prejudice to any lien or other right whatsoever to which CCB (Asia) may be entitled by law and shall apply to all the of my liabilities of the Cardmember and/or the Company to CCB (Asia), whether such liabilities or any of them arise on any account or in any other respect or manner whatsoever.