Common use of Set Clause in Contracts

Set. off The Borrower and each Owner irrevocably authorises the Agents and the Banks at any time after all or any part of the Indebtedness shall have become due and payable to set off without notice any liability of the Borrower to any of the Banks or to the Agents (whether present or future, actual or contingent, and irrespective of the branch or office, currency or place of payment) against any credit balance from time to time standing on any account of the Borrower or an Owner (whether current or otherwise and whether or not subject to notice) with any branch of the Agents or of any Bank in or towards satisfaction of the Indebtedness and, in the name of the Agents or that Bank or the Borrower or an Owner, to do all acts (including, without limitation, converting or exchanging any currency) and execute all documents which may be required to effect such application.