Common use of Set-off by SEOCH Clause in Contracts

Set-off by SEOCH. SEOCH may at any time, without notice to the SEOCH Participant and without prejudice to any of SEOCH's other Rights, set off any Secured Sums which are due and unpaid against any obligation (whether or not matured) owed by SEOCH to the SEOCH Participant, and, if applicable, for that purpose SEOCH may convert one currency into another at the rate of exchange determined by SEOCH in its absolute discretion to be prevailing at the date of set-off.