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(d)

any of the Bank’s potential assignee or transferee;

(e)

any person who has given any security to the Bank for any facilities granted to the Customer;

(f)

any person who is jointly or jointly and severally liable to the Bank with the Depositor and/or the Customer;

(g)

the police or any public officer conducting an investigation in connection with any offence including suspected drug trafficking offences;

(h)

the Bank’s stationery printers the vendors of the computer systems used by the Bank and to such person(s) installing and maintaining the same and other suppliers of goods or service providers engaged by the Bank;

(i)

any receiver appointed by the Bank;

(j)

any person to whom disclosure is permitted or required by any statutory provision by law;

(k)

any credit bureau of which the Bank is a member, any other member(s) and/or compliance committee of such credit bureau; and/or

(l)

any governmental agencies and authorities in Singapore and elsewhere.

20.

This Letter of Set-Off and Guarantee shall be governed by and construed in accordance with the laws of the Republic of Singapore but in enforcing this Letter of Set-Off and Guarantee the Bank is at liberty to initiate and take actions or proceedings or otherwise against the Depositor in the Republic of Singapore or elsewhere as the Bank may deem fit, and the Depositor hereby agrees that where any actions or proceedings are initiated and taken in the Republic of Singapore the Depositor shall submit to the jurisdiction of the courts of the Republic of Singapore in all matters connected with the Depositor’s obligations and liabilities under or arising out of this Letter of Set-Off and Guarantee.

21.

(Where the Depositor is a foreigner or a corporation incorporated outside Singapore) the Depositor shall at all times maintain an agent for service of process in Singapore and any writ, judgment or other notice of legal process shall be sufficiently served on him/it delivered to such respective agent at its address for the time being notified to the Bank. The Depositor undertakes not to revoke the authority of such agent and if, for any reason, any agent no longer serves as his/its agent to receive service of process, another agent will be immediately appointed and the Bank advised accordingly.

22.

Where the Depositor is a corporation, nothing in this Letter of Set-Off and Guarantee shall be effective to create a charge or other security interest.

23.(a)All payments by the Depositor and/or the Customer to the Bank shall be made in full without set-off, deductions or counterclaim and free of and without deduction for or on account of tax unless the Depositor and/or the Customer is required by law in any jurisdiction to make any such payments subject to such withholding or deduction, in which case the Depositor and/or the Customer shall pay such additional amount to the Bank as may be necessary in order that the actual amount received after such withholding or deduction shall be equal to the amount that would have been received if such withholding or such deduction were not required. The Depositor and/or the Customer shall pay in full to the appropriate taxing authority all taxes or charges imposed by law in any jurisdiction on the Depositor, the Customer and/or the Bank with regard to its payment obligations to the Bank and promptly deliver to the Bank the

OCBC Legal / Sep 2009

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