Set Off and Consolidation Sample Clauses
The Set Off and Consolidation clause allows a party to offset amounts owed to the other party under the contract against amounts the other party owes to them, effectively netting out mutual debts. In practice, if both parties have financial obligations to each other, this clause permits one party to deduct what is owed to them from what they owe, rather than making separate payments. This mechanism streamlines financial settlements and reduces the risk of non-payment by ensuring that only the net balance is paid, thereby simplifying accounting and minimizing exposure to credit risk.
POPULAR SAMPLE Copied 2 times
Set Off and Consolidation. 17.1 DBS may at any time and without prior notice or demand combine or consolidate any and all account(s) maintained by the Cardmember with DBS and or set off or transfer any sum standing to the credit in any or all such account(s) in or towards the discharge or payment of any and all sums due to DBS from the Cardmember on any Card Account or under this Agreement and the right herein conferred shall be exercisable notwithstanding that:
17.1.1 the use of the Card or the Card Account has not been terminated;
17.1.2 the Outstanding Balance then on the Card Account does not exceed the Credit Limit of the Card Account; and or
17.1.3 the total of the Outstanding Balances then on all Card Accounts does not exceed the Corporate Limit.
Set Off and Consolidation. 16.1 The Bank may at any time and without prior notice or demand combine or consolidate the outstanding balance on the Card Account with any one or all accounts of the Cardmember with the Bank and/or set off or apply any money standing to the credit of any one or all of such accounts in or towards the satisfaction of any and all sums payable by the Cardmember to the bank on any account, including the outstanding balance on the Card Account or under this Agreement.
16.2 The Bank’s rights conferred under Clause 16.1 shall be exercisable regardless of whether:
(a) the use of your Card or the Card Account has been terminated; and/or
(b) the balance in the Bank’s favour or owed to the Bank has become due or payable.
Set Off and Consolidation. The Bank may with 7 days prior notice, combine and consolidate all or any of the accounts of the Cardmember maintained with the Bank and set-off or transfer credit balance in any such accounts including joint accounts in or towards discharge of all sums due to the Bank from the Cardmember. Where the sums are in different currencies, the Bank may make the necessary conversion at the Bank's prevailing exchange rates. The Bank may with 7 days prior notice transfer the credit balance in any account towards discharge of all or any sums due under any account of the Cardmember with any member of OCBC Group.
Set Off and Consolidation. 18.1 DBS may at any time and without prior notice or demand combine or consolidate any and all account(s) maintained by the Cardmember or any Cardholder with DBS and/or set off or transfer any sum standing to the credit in any or all such account(s) in or towards the discharge or payment of any and all sums due to DBS from the Cardmember or that Cardholder on any Card Account or under this Agreement and the right herein conferred shall be exercisable notwithstanding that:
18.1.1 the use of the Card or the Card Account has not been terminated; and/or
18.1.2 the Outstanding Balance then on the Card Account does not exceed the Credit Limit imposed on the Card Account.
Set Off and Consolidation. 16.1 DBS may at any time and without prior notice or demand combine or consolidate any and all account(s) maintained by the Cardmember with DBS and/or set off or transfer any sum standing to the credit in any or all such account(s) in or towards the discharge or payment of any and all sums due to DBS from the Cardmember on the Card Account or under this Agreement and the right herein conferred shall be exercisable regardless of whether:
16.1.1 the use of the Card or the Card Account has been terminated; and/or
16.1.2 the balance in favour of or owed to DBS has become due or payable.
Set Off and Consolidation. The Bank may at any time and without prior notice or demand combine or consolidate any and all account(s) maintained by:
(i) the Business Cardmember with the Bank (in Singapore or elsewhere) and/or set off or transfer any sum in any of such account(s) in or towards the discharge or payment of any monies due to the Bank from the Business Cardmember;
(ii) the Cardholder with the Bank (in Singapore or elsewhere) and/or set off or transfer any sum in any of such account(s) in or towards the discharge or payment of any monies due to the Bank from the Cardholder.
Set Off and Consolidation. The Bank may, without notice to the Borrower combine, consolidate or merge all or any of the Borrower’s accounts with, and liabilities to, the Bank (whether in Singapore or elsewhere and whether in the Borrower’s individual or joint names or jointly with others or in any other respect) and may set-off or transfer any sum standing to the credit of any such accounts in or towards the satisfaction of any of the Borrower’s obligations and liabilities to the Bank (whether under the Facility Letter or otherwise, whether actual or contingent and whether or not such obligations or liabilities are accrued or not) and may do so notwithstanding that the balances on such accounts and the liabilities may not be expressed in the same currency and the Bank is hereby authorised to effect any necessary conversions at the Bank’s rate of exchange then prevailing.
Set Off and Consolidation. 16.1 DBS may at any time and without prior notice or demand combine or consolidate any and all account(s) maintained by the Cardmember with DBS and/or set off or transfer any sum standing to the credit in any or all such account(s) in or towards the discharge or payment of any and all sums due to DBS from the Cardmember on the Card Account or under this Agreement and the right herein conferred shall be exercisable regardless of whether:
16.1.1 the use of the Card or the Card Account has been terminated; and/or
16.1.2 the balance in favour of or owed to DBS has become due or payable.
16.2 Where any set off or consolidation involves the conversion of one currency to another, DBS shall be entitled to make the necessary conversion at DBS’ prevailing currency exchange rate. Any loss that may arise from such conversion shall not be recoverable from DBS.
Set Off and Consolidation. 16.1. CIMB Bank shall be entitled at any time and without notice to you to combine or consolidate all or part of the monies in your Accounts (whether matured or not) and/or appropriate, set off or transfer any sums standing to the credit of Accounts (whether matured or not), and where required, earmark any amount credited or expected to be credited into your Accounts towards the repayment of sums owed by you to CIMB Bank regardless of whether Accounts and/or your access to and use of the Electronic Channels and/or the Banking Services or any part thereof has been terminated or whether the balance owed to CIMB Bank has become due or payable, and shall be entitled to refuse any withdrawals from your Accounts where such Accounts are earmarked for sums owing to us until such sums are paid in full.
16.2. Where any set off or consolidation undertaken by CIMB Bank involves the conversion of one currency to another, CIMB Bank shall make the necessary conversion at CIMB Bank’s prevailing currency exchange rates. Any losses that may arise from such conversion shall not be recoverable from CIMB Bank.
Set Off and Consolidation. 19.1 The Bank and each of the Bank’s related corporations may (without prejudice to any general or banker’s lien, right of set-off or any other right to which the Bank may be entitled) at any time and without prior notice or demand combine or consolidate the outstanding balance on the Card Account with any one or all accounts of the Firm with the Bank and/or any of the Bank’s related corporations and/or set off or apply any money standing to the credit of any one or all of such accounts in or towards the satisfaction of any and all sums payable by the Firm to the Bank and/or any of the Bank’s related corporations on any account, including the outstanding balance on the Card Account or under these Terms and Conditions. Where such set-off requires the conversion of one currency into another, the Bank and any of the Bank’s related corporations is authorised to purchase with the moneys standing to the credit of any one or all of such accounts such other currencies (at such exchange rate as the Bank and/or any of its related corporations may determine) as may be necessary for this purpose. All of the Bank’s rights under this Clause 19 shall apply to, and be conferred on, the Bank’s related corporations, all of which shall be entitled to enforce and enjoy the benefit of this Clause 19 to the fullest extent permitted by the law. Without any prejudice to the generality of the foregoing, any of the Bank’s related corporations may enjoy the benefit or enforce the terms of this Clause 19 in accordance with the provisions of the Contracts (Rights of Third Parties) Act 2001 of Singapore.
19.2 The Bank’s rights under Clause 19.1 shall be exercisable regardless of whether:
(a) the use of the Card or the Card Account has been terminated; and/or
(b) the balance in the Bank’s favour or owed to the Bank has become due or payable.