Common use of Set Off and Consolidation Clause in Contracts

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. 16.1. 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. 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.