Common use of CONTRACTUAL SET Clause in Contracts

CONTRACTUAL SET. off At any time after an Event of Default has occurred and is continuing unremedied or unwaived, each Bank shall be entitled 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 shall be entitled to purchase with the moneys standing to the credit of any such account such other currencies as may be necessary to effect such application.

CONTRACTUAL SET. off At any time On or after the occurrence of an Event of Default has occurred and (if the same is continuing unremedied or unwaivedstill continuing), each of the Obligors authorises each Bank shall be entitled to apply any credit balance to which such Obligor is entitled on any account of such Obligor with such that Bank in satisfaction of any sum due and payable from such Obligor to such Bank under any of the Finance Documents but unpaid. For ; for this purpose, each Bank shall be entitled 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.