Common use of Set Off and Pro Rata Sharing Clause in Contracts

Set Off and Pro Rata Sharing. 19.1 SET-OFF Following an Event of Default, any Lender (including, for the avoidance of doubt, a Lender under a Designated Facility) may at the same time as providing notice to the Borrower or the Guarantor combine, consolidate or merge all or any of a Borrower's or the Guarantor's accounts with, and liabilities to, that Lender and may set off or transfer any sum standing to the credit of any such accounts in or towards satisfaction of any of the Borrower's or the Guarantor's, as the case may be, liabilities to that Lender under the Financing Documents, and may do so notwithstanding that the balances on such accounts and the liabilities may not be expressed in the same currency and each Lender is hereby authorised to effect any necessary conversions at the Lender's own rate of exchange then prevailing.

Set Off and Pro Rata Sharing. 19.1 SETSet-OFF off Following an Event of DefaultDefault which is continuing and has not been waived, any Lender (including, for the avoidance of doubt, a Lender under a Designated Facility) may at the same time as providing notice to the Borrower or the Guarantor relevant Obligor combine, consolidate or merge all or any of a Borrower's or the a Guarantor's accounts with, and liabilities to, that Lender and may set off or transfer any sum standing to the credit of any such accounts in or towards satisfaction of any of the Borrower's or any of the Guarantor's, as the case may be, liabilities to that Lender under the Financing Documents, and may do so notwithstanding that the balances on such accounts and the liabilities may not be expressed in the same currency and each Lender is hereby authorised to effect any necessary conversions at the Lender's own rate of exchange then prevailing.