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