That in addition to any general lien or similar right to which the Bank may be entitled by law, the Bank may at any time at its discretion and without notice to the Depositor combine and consolidate all or any moneys (hereinafter called “the Deposits”) in any currency now or at any time hereafter standing to the credit of all deposit account(s) or of such other account(s) of the Depositor including structured deposits and structured products, held in the name of the Depositor, with any of the branches of the Bank anywhere in the world, which shall include any renewals thereof whether by way of extension, replacement or substitution together with interest accrued or to be accrued thereon and all additions thereto, and/or set-off or transfer any such moneys against or in or towards satisfaction of all or any of the Obligations whatsoever and/or all or any of the Depositor’s liabilities hereunder.
The Depositor shall not withdraw the Deposits and hereby expressly waives all rights to demand remittance of the Deposits and authorises the Bank to block the Deposits until all the Obligations, actual or contingent, are fully satisfied and discharged.
The Depositor hereby irrevocably authorises the Bank at its sole discretion to renew the Deposits on the Depositor’s behalf from time to time and at such tenor as the Bank may deem fit and without reference to the Depositor until such time as all the Obligations, actual or contingent, are fully satisfied and discharged.
The Depositor hereby authorises the Bank to place the Deposits with any of its branches and the Depositor confirms that no change in the venue of the Deposits shall in any way reduce the Bank’s rights or the Obligations with respect to the Deposits hereunder.
The Depositor shall not assign or create any mortgage, pledge, lien, charge or otherwise encumber the Deposits so long as any of the Obligations, whether contingent or actual, remain outstanding.
As between the Depositor and the Bank, the Depositor shall be deemed to be the principal debtor for all the liabilities secured hereby and accordingly shall not be discharged nor shall the Depositor’s liability be affected by any act or omission or means whatsoever whereby the Depositor’s liability would have been discharged if the Depositor had been the principal debtor and without prejudice to the generality of the foregoing, the Depositor declares that this Letter of Set-Off and Guarantee shall not be prejudiced, diminished or affected in any way nor shall the Depositor be released or exonerated by any of the matters following:-
any increase, decrease, extension, renewal or restructure of all or any of the loans and advances or credit or banking facilities or any of the other accommodation granted or given to the Customer from time to time whether solely or jointly with any other person or persons (in partnership or otherwise) or any variation of any terms and conditions thereof with or without notice to the Depositor;
any variation, modification of, exchange, renewal, release or realising upon or dealing with any guarantee, indemnity or security or the refusal or neglect by the Bank to complete, enforce or assign any judgement, speciality or other security or instrument negotiable or otherwise and whether satisfied by payment or not, all of which the Bank is at liberty to do whether with or without the Depositor’s consent or notice to the Depositor;
any time, forbearance, concession or other indulgence given or extended to the Customer and/or to any party to any guarantee, indemnity, security or other instrument in respect of any moneys hereby guaranteed all of which the Bank is at liberty to give whether with or without the Depositor’s consent or notice to the Depositor;
OCBC Legal / Sep 2009