Common use of Clearing Clause in Contracts

Clearing. The Customer agrees that the Bank, at any time and without any prior notice to the Customer, shall have the right to freeze, set-off or transfer any amounts in the Accounts held by the Bank from one account to another irrespective of its type or names whether they are several and /or joint, whether in Local or Foreign Currency - at the rate of exchange on that day- whereby each such account shall be considered as a security for the other Accounts jointly or severally for the settlement of any of the indebtedness payable by the Customer or his /her/its guarantors to the Bank.

Clearing. The Customer agrees that the Bank, at any time and without any prior notice to the Customer, shall have the right to freeze, set-off or transfer any amounts in the Accounts Customer accounts held by the Bank from one account to another irrespective of its type or names whether they are several and /or joint, whether in Local or Foreign Currency - at the rate of exchange on that day- whereby each such account shall be considered as a security for the other Accounts accounts jointly or severally for the settlement of any of the indebtedness payable by the Customer or his /her/its guarantors guarantor to the Bank.