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and credit facilities aforesaid are valid and enforceable and in the event of any breach of this warranty and representation, the rights of the Bank hereunder shall remain unaffected and be of full force and effect;

(e)

that the execution, delivery and performance of this Letter of Set-Off and Guarantee is or will be within the Depositor’s powers, have been duly authorised by all necessary corporate and governmental approvals and do not or will not contravene any law or any contractual restriction binding on the Depositor or any provision of the Depositor’s Memorandum and Articles of Association;

(f)

that this Letter of Set-Off and Guarantee when executed will be valid, legal and binding obligations, enforceable against the Depositor in accordance with its terms;

(g)

the Depositor is not involved in any activities that will attract investigation and/or prosecution under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap.65A)(“the Act”);

(h)

the Deposits are not a benefit derived from any drug trafficking activities or criminal conduct both as defined under the Act; and

(i)

there are no court orders, actual or pending under the Act which would affect this Letter of Set-Off and Guarantee or any of the Bank’s interest therein, whether directly or indirectly, wholly or partially.

12.The Depositor hereby authorises the Bank at any time at its discretion and without notice to the Depositor which is hereby expressly waived, to apply the Deposits whether matured or not or any part thereof as the Bank may think fit, on or towards satisfaction of the whole or any part of the Obligations which is due and payable, and to terminate any Deposit which is a structured deposit or a structured product, and apply the redemption amounts or any part thereof, irrespective of the terms on which such Deposit is held, on or towards satisfaction of the whole or any part of the Obligations which is due and payable. The Bank shall not be liable to the Depositor for any loss, cost or expenses sustained by the Depositor as a result thereof. The Depositor shall indemnify the Bank on a full indemnity basis from any cost, loss or liability suffered or incurred by the Bank as a result of the termination of any Deposit. The Depositor specifically authorises the Bank to accelerate or otherwise modify the maturities of the Deposits at any time for purposes of such set-off. Furthermore in the event of:-

(a)the Depositor’s or the Customer’s death;

(b)the Depositor’s or the Customer’s incapacity;

(c)the bankruptcy/winding-up or the appointment of a receiver or judicial manager in respect of the Depositor’s or the Customer’s property and assets;

(d)breach of any of the terms herein; or

(e)the Bank’s receipt of the following in respect of the Depositor:-

(i)

a garnishee order; or

(ii)

any notice from governmental authorities relating to the Deposits;

the Deposits whether matured or not are deemed to be forthwith set-off against the Obligations which are deemed to be immediately due and payable and any Deposit which is a structured deposit or a structured product is deemed terminated, and the

OCBC Legal / Sep 2009

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