ASSIGNMENT OF RENTAL PROCEEDS DIRECTPLURAL8Nov05.docx

ASSIGNMENT OF RENTAL PROCEEDS DIRECTPLURAL8Nov05.docx

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ASSIGNMENTOFRENTALPROCEEDSDIRECTPLURAL8Nov05

Datedthisdayof200

======================================

[__________________________]

asAssignor

and

HSBCPRIVATEBANK（SUISSE）SA

asAssignee

************************************************************

ASSIGNMENTOFRENTALPROCEEDS

RELATINGTO

[___________________________]

************************************************************

WONGPARTNERSHIPLLP

ADVOCATES&SOLICITORS

SINGAPORE

（DIRECT–PLURAL）

TABLEOFCONTENTS

ContentsPage

1.INTERPRETATION1

2.COVENANTTOPAY3

3.RENTALACCOUNT5

4.TENANCYOFPROPERTY5

5.ASSIGNMENTANDCHARGE6

6.CONTINUINGSECURITY6

7.APPLICATIONOFMONEYS8

8.REPRESENTATIONSANDWARRANTIES8

9.UNDERTAKINGS10

10.CONTINUINGOBLIGATIONS11

11.INDEMNITY12

12.DELEGATION12

13.ENFORCEMENT13

14.FURTHERASSURANCE13

15.DISTRIBUTIONOFPAYMENTS13

16.POWEROFATTORNEY14

17.AVOIDANCEOFPAYMENTS15

18.BENEFITOFASSIGNMENT15

19.REMEDIESANDWAIVERS15

20.PARTIALINVALIDITY15

21.COMMUNICATIONS16

22.TAXES16

23.CURRENCYOFINDEMNITY18

24.SEVERABILITYANDPREVAILINGPROVISIONS18

25.GOVERNINGLAW19

26.CONTRACTS（RIGHTSOFTHIRDPARTIES）ACT（CHAPTER53B）19

20

21

22

23

Schedule524

ThisAssignmentismadeon,2004between:

（1）（NRIC/Passport/CompanyRegistrationNo.）of（the“Assignor”）oftheonepart;and

（2）HSBCPRIVATEBANK（SUISSE）SA,CompanyRegistrationNo.F06018/W,acompanyincorporatedinSwitzerlandandhavingaplaceofbusinessat21CollyerQuay#14-01HSBCBuilding,Singapore049320（the“Assignee”）oftheotherpart.

Whereas:

TheAssignorhasappliedtotheAssigneefor,andtheAssigneehasagreedtograntorcontinuegrantingtotheAssignor,generalbankingfacilitiesincludingbutnotlimitedtoadvances,revolvingcreditfacilities,loans,guaranteefacilitiesandtermfacilitieswhetherinSingaporeDollarsand/orinforeigncurrenciesandsuchothergeneralbankingandcreditfacilitiesorotheraccommodation,uptosuchamountoramountsandtosuchextentastheAssigneemayfromtimetotimeagree,on,interalia,thesecurityashereinafterprovidedandontermsandconditionshereinafterappearing.

Itisagreedasfollows:

1.INTERPRETATION

1.1Definitions:

InthisAssignment,excepttotheextentthatthecontextrequiresotherwise:

1.1.1“Act”meanstheConveyancingandLawofPropertyAct（Chapter61）;

1.1.2“AssignedProperty”meansalltheassetsandpropertyoftheAssignorassignedunderorpursuanttoClauses5.1and5.2;

1.1.3“Assignee”includesthesuccessorsoftheAssigneeandanypersontowhomthisAssignmentmaybeassignedortransferred;

1.1.4“Assignor”includesthepersonalrepresentativesoftheAssignor（ifanindividual）andthesuccessorsandassignsoftheAssignor（ifacompany）;

1.1.5“BankingFacilities”meansthegeneralbankingfacilitiesincludingbutnotlimitedtoadvances,revolvingcreditfacilities,loans,guaranteefacilitiesandtermfacilitieswhetherinSingaporeDollarsand/orinforeigncurrenciesandsuchothergeneralbankingandcreditfacilitiesorotheraccommodationmadeand/ortobemadeavailablebytheAssigneeto,orattherequestoftheAssignor,uptosuchamountoramountsandtosuchextentastheAssigneemayfromtimetotimeagree;

1.1.6“CostofFunds”meansthecosttotheAssignee（ascertifiedbyitfromtimetotimeandexpressedasarateperannum）offundingfromtimetotimeallsuchmoneyssopaidorincurredbytheAssignee（including,withoutlimitation,thecosttotheAssigneeoccasionedbyorattributabletocomplyingwithreserves,liquidityorotherrequirementsimposedontheAssigneebyanyrelevantauthorityorauthorities）;

1.1.7“EventofDefault”meansanyoftheeventsspecifiedinClause4

（1）oftheMemorandumofMortgagenumberedasMMI/88262PlodgedwiththeSingaporeLandAuthority;

1.1.8“FacilityDocuments”meansanyoralloftheAssignee'sfacilityletters,theAssignee'sstandardformdocumentsexecutedbytheAssignorunderorinconnectionwiththeBankingFacilitiesoranypartthereof,andanyotherdocumentoragreementunderorpursuanttowhichanymoneysorliabilitieswhatsoevermay,atanytime（noworhereafter）,bedue,owingorpayablebytheAssignortotheAssignee,whetheractuallyorcontingently,solelyorjointlyand/orseverallywithanotherorothersorasprincipalorassuretyorotherwise,underorinconnectionwiththeBankingFacilitiesoranypartthereofandwheredocumentsareexecutedtoguaranteeorsecuretheobligationsoftheAssignorunderorinconnectionwiththeBankingFacilities,theterm“FacilityDocuments”shallincludeallsuchdocumentsfromtimetotimeexecutedtoguaranteeorsecuretheobligationsoftheAssignorunderorinconnectionwiththeBankingFacilities（andanyreferencetoaFacilityDocumentshallbeareferencetothatFacilityDocumentasfromtimetotimeamended,modifiedorsupplemented）;

1.1.9“person”includesafirmoracorporation;

1.1.10“Property”meansthepropertydescribedinSchedule1;

1.1.11“ReceivingBank”meanstheprincipalSingaporebranchofTheHongkongAndShanghaiBankingCorporationLimitedor,suchotherfinancialinstitutionastheAssigneemayrequirefromtimetotime;

1.1.12“RentalAccount”meanstheaccountreferredtoinClause3;

1.1.13“SecuredDebt”means（a）allsums（whetherprincipal,interest,fee,commissionorotherwise）whichareoratanytimemaybeorbecomeduefromorowingbytheAssignortotheAssignee,orwhichtheAssignorhascovenantedtopayordischarge,whetheractuallyorcontingently,underorinconnectionwithanyoftheFacilityDocumentsand/orthisAssignmentand（b）allotherliabilitiesandmoneys（whetherprincipal,interest,fee,commissionorotherwise）whichnowareoratanytimehereaftermaybecomeduefromorowingby,orbeincurredby,theAssignortotheAssignee,inwhatevercurrencythesameshallbedenominatedorowing,whetheraloneorjointlywithanyotherpersonandonanyaccountwhatsoever,whethercurrentorotherwise,andwhetherpresent,future,actualorcontingent,andwhetherasprincipaldebtor,guarantor,suretyorotherwisehowsoever,including（withoutlimitation）interestandallliabilitiesinconnectionwithforeignexchangetransactions,paying,accepting,endorsingordiscountinganycheques,notesorbills,orunderbonds,guarantees,indemnities,documentaryorothercreditsoranyinstrumentswhatsoeverfromtimetotimeenteredintobytheAssignee,fororattherequestoftheAssignor;

1.1.14“SecurityParties”meansanyperson（s）（otherthantheAssignorandtheAssignee）whois/areaparty（ies）toanyoftheFacilityDocuments.

1.1.15“SingaporeDollar（s）”and“S$”meanthelawfulcurrencyofSingapore;

1.1.16“TenancyAgreement”meansanylease,licence,tenancy,lettingarrangement,option,reservation,rightoffirstrefusalandotheragreement（s）ofwhateverkindwhichareoratanytimemaybeenteredintobyoronbehalfoftheAssignorfortheoccupation,useorpossessionoftheProperty;and

1.1.17“Tenants”meanstheperson（s）whohas/haveenteredintoaTenancyAgreementwiththeAssignorand“Tenant”meansanyoneoftheTenants.

1.2ThisAssignment:

Excepttotheextentthatthecontextotherwiserequires,anyreferenceto“thisAssignment”includesthisAssignmentasfromtimetotimeamended,modifiedorsupplementedandanydocumentwhichissupplementalheretoorwhichisexpressedtobecollateralherewithorwhichisenteredintopursuanttoorinaccordancewiththetermshereof.

1.3Assignor’sObligations:

WheremorethanonepersonconstitutestheAssignor,allcovenants,terms,warranties,undertakings,representations,stipulationsandotherprovisionshereinexpressedtobemadebytheAssignorshallbedeemedtobemadeby,andshallbebinding,onthemjointlyandseverally.

1.4ReferencestoAssignor:

WheremorethanonepersonconstitutestheAssignor,allreferenceshereinto“theAssignor”shallwherethecontextsoadmits,includereferencestoanyorallofthem.

1.5HeadingsandClauses:

TheheadingsinthisAssignmentareinsertedforconvenienceonlyandshallbeignoredinconstruingthisAssignment.Unlessthecontextotherwiserequires,wordsdenotingthesingularnumberonlyshallincludethepluralandviceversaandwordsimportingthemasculinegendershallincludethefeminineandneutergender.Referencestothe“Clauses”andthe“Schedules”aretobeconstruedasreferencestotheclausesof,andtheschedulesto,thisAssignment.

2.COVENANTTOPAY

2.1TheAssignorherebycovenants:

2.1.1topayanddischargeupondemand（inrespectoftheBankingFacilitieswhichareexpressedtobepayableondemand）orontheduedatethereof,allmoneys,obligationsandliabilitieswhatsoeverwhichnowareoratanytimehereafter（whetheronorafteranysuchdemandorotherwise）maybeduefromorowingorpayableby,ortobeincurredby,theAssignortotheAssignee,inwhatevercurrencythesameshallbedenominatedorowingwhetheraloneorjointlywithanyotherpersonandonanyaccountwhatsoever,whethercurrentorotherwise,andwhetherpresent,future,actualorcontingentandwhetherasprincipaldebtor,guarantor,suretyorotherwisehowsoeverorinanymannerwhatsoeverandallotherliabilities,whethercertainorcontingent,whetherornotunder,pursuanttoorinconnectionwithanyoftheFacilityDocumentsincluding（withoutlimitation）allliabilitiesinconnectionwithpaying,accepting,endorsingordiscountinganycheques,notesorbills,orunderguarantees,documentaryorothercreditsoranyinstrumentwhatsoeverfromtimetotimeenteredintobytheAssigneefororattherequestoftheAssignor,andallcommission,discount