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original or certified copy of each receipt evidencing such payment. The Depositor and/or the Customer shall fully indemnify the Bank from any liability with respect to the delay or failure by the Depositor and/or the Customer to pay such taxes or charges.

(b)In the event that the goods and services value added or other similar taxes (hereinafter collectively referred to as “the said tax”) are imposed or charged by any government, statutory or tax authority on any sum or payment whether principal interest fees costs charges commission expenses or otherwise received or receivable by the Bank under this Letter of Set-Off and Guarantee the Depositor and/or the Customer shall pay the said tax in the manner and within the period prescribed in accordance with the applicable laws and regulations or at such times as the Bank may decide at any time and from time to time.


A person who is not a party to this Letter of Set-Off and Guarantee shall have no rights under the Contracts (Rights of Third Parties) Act (Cap. 53B) to enforce any of its terms.


In this Letter of Set-Off and Guarantee:-


the term “liabilities” shall include all liabilities whatsoever, whether such liabilities be actual or contingent, primary or collateral, several or joint, present or future, and whether incurred in Singapore or elsewhere in any currency and whether they relate to any account, agreement or otherwise (including without limitation any present or contingent liabilities incurred prior to the date of this Letter of Set-Off and Guarantee);


references to a “person” shall include an individual, firm, company, corporation and unincorporated body or persons;


references to “Clauses” are references to clauses of this Letter of Set-Off and Guarantee as amended from time to time;


words importing the singular number include the plural number and vice versa; and


words importing the masculine gender include the feminine and neuter gender.

Dated this     ___________________________________

OCBC Legal / Sep 2009

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