DEED OF ASSIGNMENT DIRECT.docx

DEED OF ASSIGNMENT DIRECT.docx

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DEEDOFASSIGNMENTDIRECT

THISASSIGNMENTismadeonBETWEEN:

（1）______________________of_____________________（hereinaftercalledthe“Assignor”）oftheonepart;and

（2）HSBCPRIVATEBANK（SUISSE）SA,（CompanyRegistrationNo.F06018W）,acompanyincorporatedinSwitzerlandandhavingaplaceofbusinessatNo.21CollyerQuay#14-01HSBCBuilding,Singapore049320（hereinaftercalledthe“Assignee”）oftheotherpart,

WHEREAS:

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TheAssignorhaveagreedtoexecutethisAssignmenttosecuretheBankingFacilities（asdefinedbelow）noworfromtimetotimehereaftermadeavailablebytheAssigneetotheAssignor.

ITISAGREEDasfollows:

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1.INTERPRETATION

（A）Definitions:

InthisAssignment,excepttotheextentthatthecontextrequiresotherwise:

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“Act”meanstheConveyancingandLawofPropertyAct,（Chapter61）;

“AssignedProperty”meansalltheassetsandpropertyoftheAssignorassignedunderorpursuanttoClause3（A）;

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

“Assignee”includesthesuccessorsoftheAssigneeandanypersontowhomthisAssignmentmaybeassignedortransferred;

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

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

“Developers”means________________________,acompanyincorporatedintheRepublicofSingaporedulylicensedundertheHousingDevelopers（ControlandLicensing）Act（Chapter130）（LicenceNo________）andhavingitsregisteredofficeat_____________________;

“EventofDefault”meansanyoftheeventsspecifiedinClause4

（1）oftheMemorandumofMortgagenumberedasMMl/88262PlodgedwiththeSingaporeLandAuthority（whichhasbeenincorporatedintotheMortgage（asdefinedbelow））;

“FacilityDocuments”meansanyoralloftheAssignee’sfacilityletters,theAssignee’sstandardformdocumentsexecutedbytheAssignorunderorinconnectionwiththeBankingFacilitiesoranypartthereof,andanyotherdocumentoragreementunderorpursuanttowhichanymoneysorliabilitieswhatsoevermay,atanytime（noworhereafter）,bedue,owingorpayablebytheAssignortotheAssignee,whetheractuallyorcontingently,solelyorjointlyorjointlyand/orseverallywithanotherorothersorasprincipalorassuretyorotherwise,underorinconnectionwiththeBankingFacilitiesoranypartthereof,andwheredocumentsareexecutedtoguaranteeorsecuretheobligationsoftheAssignorunderorinconnectionwiththeBankingFacilities,theterm“FacilityDocuments”shallincludeallsuchdocumentsfromtimetotimeexecutedtoguaranteeorsecuretheobligationsoftheAssignorunderorinconnectionwiththeBankingFacilities（andanyreferencetoaFacilityDocumentshallbeareferencetothatFacilityDocumentasfromtimetotimeamended,modifiedorsupplemented）;

“Mortgage”meansamortgageoverthePropertyinsuchformasmaybeapprovedbytheAssignee;

“PrincipalAgreement”meanstheAgreementforSaledatedthe_________dayof____________________2004madebetweentheDevelopersoftheonepartandtheAssignoroftheotherpart,wherebytheDevelopersagreedtosellandtheAssignoragreedtopurchasethePropertyandallreferencesto“PrincipalAgreement”shallbedeemedtoincludereferencestothePrincipalAgreementasfromtimetotimeamended,modifiedorsupplemented;

“Property”meansthepropertydescribedintheSchedule;

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

“SecurityParty”meansanyperson（otherthantheAssignorortheAssignee）whoisapartytoanyoftheFacilityDocuments;

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

“TitleDocument”meanstheSubsidiaryStrataCertificateofTitleorotherdocumentoftitlerelatingtotheProperty;and

“Transfer”meanstheInstrumentofTransferrelatingtothePropertytobeexecutedbytheDevelopersinfavouroftheAssignor.

（B）Mortgage:

AlltermsandreferencesusedinthisAssignmentandwhicharedefinedorconstruedintheMortgagebutarenotdefinedorconstruedinthisAssignmentshallhavethesamemeaningandconstructioninthisAssignment.AllreferencesinthisAssignmenttotheMortgagearereferencestotheMortgageasamended,modifiedorsupplementedfromtimetotime.

（C）ThisAssignment:

Excepttotheextentthatthecontextotherwiserequires,anyreferenceto“thisAssignment”includesthisAssignmentasfromtimetotimeamended,modifiedorsupplementedandanydocumentwhichissupplementalheretoorwhichisexpressedtobecollateralherewithorwhichisenteredintopursuanttoorinaccordancewiththetermshereof.

（D）HeadingsandClauses:

TheheadingsinthisAssignmentareinsertedforconvenienceonlyandshallbeignoredinconstruingthisAssignment.Unlessthecontextotherwiserequires,wordsdenotingthesingularnumberonlyshallincludethepluralandviceversaandwordsimportingthemasculinegendershallincludethefeminineandneutergender.Referencestothe“Appendix”,“Clauses”andthe“Schedule”aretobeconstruedasreferencestotheappendixto,clausesof,andthescheduleto,thisAssignment.

（E）Assignor’sObligations:

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

（F）ReferencestoAssignor:

WheremorethanonepersonconstitutestheAssignor,allreferenceshereinto“theAssignor”shallwherethecontextsoadmits,includereferencestoanyorallofthem.

2.COVENANTTOPAY

InconsiderationoftheAssigneegrantingoragreeingtograntforthebenefitoftheAssignor,theBankingFacilities,theAssignorherebycovenantwiththeAssignee:

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（i）topayanddischargeupondemand（inrespectoftheBankingFacilitieswhichareexpressedtobepayableondemand）orontheduedatethereof,allmoneys,obligationsandliabilitieswhatsoeverwhichnowareoratanytimehereafter（whetheronorafteranysuchdemandorotherwise）maybeduefromorowingorpayableby,ortobeincurredby,theAssignortotheAssignee,inwhatevercurrencythesameshallbedenominatedorowingwhetheraloneorjointlyorjointlywithanyotherpersonandonanyaccountwhatsoever,whethercurrentorotherwise,andwhetherpresent,future,actualorcontingentandwhetherasprincipaldebtor,guarantor,suretyorotherwisehowsoeverorinanymannerwhatsoeverandallotherliabilities,whethercertainorcontingent,whetherornotunder,pursuanttoorinconnectionwithanyoftheFacilityDocumentsincluding（withoutlimitation）allliabilitiesinconnectionwithpaying,accepting,endorsingordiscountinganycheques,notesorbills,orunderguarantees,documentaryorothercreditsoranyinstrumentwhatsoeverfromtimetotimeenteredintobytheAssigneefororattherequestoftheAssignor,andallcommission,discountandallbanking,legalandothercosts,chargesandexpenseswhatsoever（onafullindemnitybasis）,andalsointerestontheforegoing;

（ii）withoutprejudicetothegeneralityofparagraph（i）,andasacontinuingobligation,tokeeptheAssigneefullyindemnifiedondemandfromandagainstanyandallpaymentsmadebyoronbehalfoftheAssigneeunderanydocumentaryorothercreditsorguaranteesissuedbytheAssigneeattherequestoftheAssignor,orpursuanttoanyfacilitiesprovidedbytheAssigneetotheAssignor,andanyexpense,loss,damage,cost,claimorliabilitywhatsoeverwhichtheAssigneemayincurunderorinconnectionwiththesaiddocumentaryorothercreditsorguaranteesoranyoftheFacilityDocumentsincluding,withoutlimitation,anyleg