Common use of Set Off and Consolidation Clause in Contracts

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.