in or towards satisfaction of all or any liabilities of the Customer or any of them to the Bank arising out of any Instruction or Transaction, whether in the Customer's own name or that of the Customer and other person(s), including but not limited to such of the liability (whether actual or contingent) under any outstanding contract in respect of Securities or foreign exchange, and for such purpose, the Bank may convert all or any part of such credit balance or liability to such other currencies at the applicable rate of exchange quoted and determined by the Bank as may be necessary to effect such application or set-off.