enforce the terms of this Clause 13 in accordance with
the provisions of the Contracts (Rights of Third Parties) Act, Chapter 53B of
Singapore.
14.
SAVING PROVISIONS
14.1
CONTINUING SECURITY
Subject to Clause 15 (Discharge of Security), the Charges are continuing
Security and will extend to the ultimate balance of the Obligations, regardless
of any intermediate payment or discharge in whole or in part.
15
14.2
Reinstatement
If any payment by the Chargor or any discharge given by a Secured Party (whether
in respect of the obligations of the Chargor, any person or any Security for
those obligations or otherwise) is avoided or reduced as a result of insolvency
or any similar event:
14.2.1
THE LIABILITY OF THE CHARGOR AND THE CHARGES SHALL CONTINUE
AS IF THE PAYMENT, DISCHARGE, AVOIDANCE OR REDUCTION HAD NOT OCCURRED; AND
14.2.2
THAT SECURED PARTY SHALL BE ENTITLED TO RECOVER THE VALUE OR
AMOUNT OF THAT SECURITY OR PAYMENT FROM THE CHARGOR, AS IF THE PAYMENT,
DISCHARGE, AVOIDANCE OR REDUCTION HAD NOT OCCURRED.
14.3
WAIVER OF DEFENCES
Neither the obligations of the Chargor under this Deed nor the Charges will be
affected by an act, omission, matter or thing which, but for this Clause 14,
would reduce, release or prejudice any of its obligations under this Deed or any
of the Charges (without limitation and whether or not known to it or any Secured
Party) including:
14.3.1
ANY TIME, WAIVER OR CONSENT GRANTED TO, OR COMPOSITION WITH,
THE CHARGOR, ANY OTHER LOAN PARTY OR ANY OTHER PERSON;
14.3.2
THE RELEASE OF THE CHARGOR, ANY OTHER LOAN PARTY OR ANY
OTHER PERSON UNDER THE TERMS OF ANY COMPOSITION OR ARRANGEMENT WITH ANY CREDITOR
OF THE CHARGOR, ANY OTHER LOAN PARTY OR ANY OTHER PERSON;
14.3.3
THE TAKING, VARIATION, COMPROMISE, EXCHANGE, RENEWAL OR
RELEASE OF, OR REFUSAL OR NEGLECT TO PERFECT, TAKE UP OR ENFORCE ANY RIGHTS
AGAINST, OR SECURITY OVER ASSETS OF, THE CHARGOR, ANY OTHER LOAN PARTY OR ANY
OTHER PERSON OR ANY NON-PRESENTATION OR NON-OBSERVANCE OF ANY FORMALITY OR OTHER
REQUIREMENT IN RESPECT OF ANY INSTRUMENT OR ANY FAILURE TO REALISE THE FULL
VALUE OF ANY SECURITY;
14.3.4
ANY DEATH, MENTAL OR OTHER INCAPACITY OR LACK OF POWER,
AUTHORITY OR LEGAL PERSONALITY OF OR DISSOLUTION OR CHANGE IN THE MEMBERS OR
STATUS OR CONSTITUTION OF THE CHARGOR, ANY OTHER LOAN PARTY OR ANY OTHER PERSON;
14.3.5
ANY AMENDMENT (HOWEVER FUNDAMENTAL) OR REPLACEMENT OF A LOAN
DOCUMENT OR ANY OTHER DOCUMENT OR SECURITY;
14.3.6
ANY UNENFORCEABILITY, ILLEGALITY OR INVALIDITY OF ANY
OBLIGATION OF ANY PERSON UNDER ANY LOAN DOCUMENT OR ANY OTHER DOCUMENT OR
SECURITY;
14.3.7
ANY INSOLVENCY, BANKRUPTCY, LIQUIDATION, WINDING-UP OR
SIMILAR PROCEEDINGS;
14.3.8
THIS DEED OR ANY LOAN DOCUMENT NOT BEING EXECUTED BY OR
BINDING UPON ANY PERSON; OR
14.3.9
ANY POSTPONEMENT, DISCHARGE, REDUCTION, NON-PROVABILITY OR
OTHER SIMILAR CIRCUMSTANCE AFFECTING ANY OBLIGATION OF ANY LOAN PARTY OR OTHER
PERSON UNDER ANY
16
LOAN DOCUMENT RESULTING FROM ANY INSOLVENCY, LIQUIDATION OR DISSOLUTION
PROCEEDINGS OR FROM ANY LAW, REGULATION OR ORDER.
14.4
IMMEDIATE