Set off and combination. You authorize the Credit Union at any time and without notice, to combine the balance of one of your Accounts with the balance of any other of your Accounts, so as to treat all of your Accounts with the Credit Union as a single balance; there will be no implied agreement to the contrary. If you owe any money to the Credit Union which is due but unpaid, whether it is owed alone or with others, you authorize the Credit Union, without prior notice, to apply any credit balance in any Account, or any other amount the Credit Union owes to you howsoever that debt is noted, towards the unpaid amount. For this purpose, you authorize the Credit Union to transfer funds from one Account to another (including any joint Account that you can operate individually), to use funds in one currency to buy another currency and to break any term deposit. The Credit Union may do this without prior notice and in the order, and as often, as the Credit Union determines in its sole discretion.
Set off and combination. If the Debtor has any money in any account with the Secured Parties, then the Secured Parties may use it to pay the amounts the Debtor Owes and which are payable to the Secured Parties under any Bank Document, but need not do so. If there is an Event of Default, the Secured Parties may use money held on deposit which has not yet matured, and may convert money in the Debtor’s accounts in foreign currencies. Where an Event of Default has occurred and remains unremedied, the Debtor will have no right to withdraw (and the Secured Parties will have no obligation to repay) any of the Debtor’s money held in any account with the Secured Parties. If an amount payable by the Debtor to the Secured Parties under any Bank Document is unable to be quantified or is contingent and not yet due, the Secured Parties may retain any of the Debtor’s money in an account with the Secured Parties until the amount is quantifiable or falls due. Subject to any applicable Bank Document, where the Debtor has two or more accounts with the Secured Parties: – the Secured Parties may at any time combine any two or more of those accounts. They may do so without notice and whether or not they have allowed a set-off for a calculation of interest between any of those accounts; – the Secured Parties may at any time combine any two or more of those accounts even where one or more of the combined accounts are in different currencies and may effect currency exchanges appropriate to implement that combination; and – if the Secured Parties combine two or more accounts, they may decline to pay cheques and they may otherwise act as if the combined accounts had always been one account. To the maximum extent allowed by law, the Debtor gives up any right to set-off any amounts the Secured Parties Owe the Debtor against the Secured Money including amounts the Debtor Owes under this deed. The Secured Parties’ Powers under this clause are in addition to any Powers which the Secured Parties may have by operation of law.
Set off and combination. 4.1 If the Borrower has any money in any account with the Bank, then the Bank may use it to pay amounts the Borrower owes under this agreement (but need not do so). If the Borrower is in default, the Bank may use money which has not yet matured due and convert money in the account of the Borrower in foreign currencies. To the maximum extent allowed by law, the Borrower gives up any right to set off any amounts the Bank owes it against amounts owing under the Bank Documents.
