Common use of CONTRACTUAL SET Clause in Contracts

CONTRACTUAL SET. off If an Event of Default has occurred and is continuing, each Obligor authorises each Bank to apply any credit balance to which such Obligor is entitled on any account of such Obligor with such Bank in satisfaction of any sum due and payable from such Obligor to such Bank under the Finance Documents but unpaid. For this purpose, each Bank is authorised to purchase with the moneys standing to the credit of any such account such other currencies as may be necessary to effect such application. Each Bank shall notify the Obligor's Agent (giving full details) forthwith upon the exercise or purported exercise of any right of set off.

CONTRACTUAL SET. off If an Event of Default has occurred and is continuing, each Obligor authorises each Bank Participant to apply any credit balance to which such Obligor is entitled on any account of such Obligor with such Bank Participant in satisfaction of any sum due and payable from such Obligor to such Bank Participant under the Finance Documents but unpaid. For this purpose, each Bank Participant is authorised to purchase with the moneys standing to the credit of any such account such other currencies as may be necessary to effect such application. Each Bank Participant shall notify the Obligor's Agent (giving full details) forthwith upon the exercise or purported exercise of any right of set off.