SET-OFF
Following an Event of Default, the Lender may at any time without notice to the Borrower combine, consolidate or merge all or any of the Borrower’s accounts with, and liabilities to, the Lender and may set off or transfer any sum standing to the credit of any such accounts in or towards satisfaction of any of the Borrower’s liabilities to the Lender under this Agreement, and may do so notwithstanding that the balances on such accounts and the liabilities may not be expressed in the same currency and the Lender is hereby authorized to effect any necessary conversions at the Lender’s own rate of exchange then prevailing.