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discretion) in or towards the discharge of any of the Obligations;


for the purpose of discharging the Obligations, the Bank may convert any moneys from their existing currency into such other currency/currencies as the Bank may think fit at such rate as the Bank determines in its sole and absolute discretion. If any sum due from the Depositor under this Letter of Set-Off and Guarantee or otherwise, has to be converted from one currency into another for any reason whatsoever, the Depositor shall indemnify the Bank on a full indemnity basis from any cost, loss or liability incurred by it as a result of such conversion. The Bank may purchase with the whole or any part of the Deposits such sum in such currencies as may be required to enable the Bank to effect any such application;


where the banking accommodation, facilities and/or services provided constitute or include any guarantee given or other contingent liability undertaken or arranged by the Bank for the Customer, the Bank shall be entitled to make payment to the beneficiary of such guarantee or other contingent liability on demand and to have immediate recourse to the Deposits for all amounts so paid without being responsible in any way to ascertain or confirm that the amount demanded is in fact a debt or obligation of the Customer legally due and payable to such beneficiary, and notwithstanding any notification from the Customer or otherwise that liability for such debt or obligation is disputed or that legal or other proceedings may have been commenced in relation thereto;


the Bank’s rights hereunder are cumulative and may be exercised as often as the Bank deems appropriate and are in addition to the Bank’s rights under the general law or under any other agreement or document;


all moneys received from or on account of the Customer or from any other person or from the realisation of any security or otherwise for the purpose of being applied in reduction of the Obligations shall be treated for all purposes as payments in gross and not as appropriated or attributable to any specific part or item of the Obligations even if appropriated thereto by the person otherwise entitled so to appropriate. All guarantees, indemnities or other securities now or at any time held by the Bank for or in respect of the Customer’s account(s) shall be treated as securities for the said general balance thereof. The Depositor will make no claim to the benefit of such securities or any part thereof or any interest therein unless and until the Obligations have been paid and discharged in full;


the Bank shall not be bound to exhaust its recourse to, or its remedies under, any collateral security or other guarantee the Bank may hold prior to enforcing the security created by this Letter of Set-Off and Guarantee; and


in the event that any of the Depositor’s creditors should seek to attach any one or more of the Deposits by any proceedings or otherwise or in the event that a receiver, manager, judicial manager or other similar officer should be appointed by the Depositor or over any of the Depositor’s assets or properties the Bank’s right of set-off shall be deemed to have arisen immediately before the commencement of such proceedings or before such appointment (as the case may be).


If this Letter of Set-Off and Guarantee shall for any cause whatsoever cease to be binding as a continuing security on the Depositor or the Bank shall at any time receive notice of any mortgage, assignment, charge or other interest affecting the whole or any part of the Deposits, the Bank may without prejudice to its rights under this Letter of Set-Off and Guarantee open a fresh account or accounts and continue any existing account(s) in the name of the Depositor or the Customer (as appropriate) and may

OCBC Legal / Sep 2009

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