Document:

exv10w3

 

EXHIBIT 10.03

EXECUTION VERSION

DEED OF SHARE CHARGE

IN RELATION TO A FACILITIES AGREEMENT

FOR UP TO S$62,000,000

DATED 7 DECEMBER, 2006

BETWEEN

GREAT WALL ACQUISITION CORPORATION

as Chargor

AND

DBS BANK LTD.

as Security Agent

ALLEN & OVERY SHOOK LIN & BOK

JOINT LAW VENTURE

Singapore

 

 

CONTENTS

	 	 	 	 	 	 	 
	Clause	 	 	 	Page	 
	1.
	 	Interpretation	 	 	1	 
	2.
	 	Creation of Security	 	 	4	 
	3.
	 	Further Assurances	 	 	5	 
	4.
	 	Preservation of Security	 	 	5	 
	5.
	 	Representations	 	 	7	 
	6.
	 	Restrictions on dealings	 	 	9	 
	7.
	 	Target Shares and Contracts	 	 	9	 
	8.
	 	When Security becomes enforceable	 	 	12	 
	9.
	 	Enforcement of Security	 	 	12	 
	10.
	 	Receiver	 	 	14	 
	11.
	 	Powers of Receiver	 	 	14	 
	12.
	 	Application of proceeds	 	 	16	 
	13.
	 	Expenses and indemnity	 	 	16	 
	14.
	 	Delegation	 	 	17	 
	15.
	 	Power of attorney	 	 	17	 
	16.
	 	Miscellaneous	 	 	18	 
	17.
	 	Release	 	 	18	 
	18.
	 	Currency Indemnity	 	 	18	 
	19.
	 	Evidence and Calculations	 	 	19	 
	20.
	 	Waivers and Remedies Cumulative	 	 	19	 
	21.
	 	Changes to the Parties	 	 	19	 
	22.
	 	Disclosure of Information	 	 	19	 
	23.
	 	Set-off	 	 	20	 
	24.
	 	Severability	 	 	20	 
	25.
	 	Notices	 	 	21	 
	26.
	 	Jurisdiction	 	 	21	 
	27.
	 	Waiver of immunity	 	 	22	 
	28.
	 	Governing Law	 	 	22	 
	 
	 	 	 	 	 	 
	Schedule	 	 	 	 
	 
	 	 	 	 	 	 
	1.
	 	Form of Notice of Charge and Acknowledgement	 	 	27	 
	2.
	 	Form of Notice of Charge and Acknowledgement	 	 	30	 
	 
	 	 	 	 	 	 
	Execution	 	 	29	 

 

 

THIS DEED is dated 7 December, 2006

BETWEEN:

	(1)	 	GREAT WALL ACQUISITION CORPORATION, a corporation organised and existing under the laws of
the State of Delaware, the United States of America (the Chargor); and

	(2)	 	DBS BANK LTD., (company registration number 196800306E) as administrative agent and security
trustee for itself and the Lenders (as defined in the Facilities Agreement defined below) (the
Security Agent).

BACKGROUND:

The Chargor enters into this Deed in connection with the Facilities Agreement (as defined below).

IT IS AGREED as follows:

	1.	 	INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	In this Deed:

Act means the Conveyancing and Law of Property Act (Chapter 61 of Singapore).
	 
	 	 	Book-entry Securities means the book-entry securities as defined in Division 7A of the
Singapore Companies Act.
	 
	 	 	Charged Company means Chinacast Communication Holdings Limited, a company incorporated
under the laws of Bermuda and listed on the Singapore Exchange Securities Trading Limited.
	 
	 	 	Charged Investments means the Charged Target Shares and their Related Rights.
	 
	 	 	Charged Target Shares means all of the Target Shares the subject of security created by
this Deed.
	 
	 	 	clearance system means a person whose business is or includes the provision of
clearance services or security accounts or any nominee or depositary for that person
(including, without limitation, the Depository and a Depository Agent).
	 
	 	 	Depository means The Central Depository (Pte) Limited of Singapore and its successors
and assigns.
	 
	 	 	Depository Agent means a depository agent within the meaning of section 130A of the
Singapore Companies Act.
	 
	 	 	Facilities Agreement means the credit facility agreement for up to S$62,000,000 dated 7
December 2006 between, inter alia, the Chargor as borrower and the Security Agent as lender
and administrative agent.
	 
	 	 	Nominee means DBS NOMINEES (PRIVATE) LIMITED, the appointed Depository Agent of the
Chargor.

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	 	 	Obligor means the Chargor or any person (other than the Chargor, the Security Agent and
the Lenders) who is a party to any of the Loan Documents.
	 
	 	 	Party means a party to this Deed.
	 
	 	 	Receiver means a receiver and manager or (if the Security Agent so specifies in the
relevant appointment) a receiver, in either case, appointed under this Deed.
	 
	 	 	Related Corporation means a related corporation within the meaning of Section 6 of the
Singapore Companies Act.
	 
	 	 	Related Rights means:

	 	(a)	 	any dividend or interest paid or payable;
	 
	 	(b)	 	any right, money or property accruing or offered at any time by way of
redemption, substitution, exchange, bonus or preference, under warrants, option rights
or otherwise;
	 
	 	(c)	 	any right against any clearance system; and
	 
	 	(d)	 	any right under any custodian or other agreement,

	 	 	in relation to any of the Target Shares.
	 
	 	 	Secured Liabilities means all present and future obligations and liabilities (whether
actual or contingent and whether owed jointly or severally or in any other capacity
whatsoever) of the Borrower to the Security Agent, the Administrative Agent and any Lender
under each Loan Document except for any obligation which, if it were so included, would
result in this Deed contravening Section 76 of the Singapore Companies Act.
	 
	 	 	Security means any Security Interest created, evidenced or conferred by or under this
Deed.
	 
	 	 	Security Assets means all assets of the Chargor the subject of any security created by
this Deed.
	 
	 	 	Security Interest means any mortgage, pledge, lien, charge, assignment, hypothecation
or security interest, or any other agreement or arrangement having the effect of conferring
security.
	 
	 	 	Security Period means the period beginning on the date of this Deed and ending on the
date on which all the Secured Liabilities have been unconditionally and irrevocably paid and
discharged in full.
	 
	 	 	Singapore Companies Act means the Companies Act, Chapter 50 of Singapore.
	 
	 	 	Sub-Account means the securities sub-account maintained by the Chargor with the Nominee for
the crediting of Book-entry Securities.
	 
	 	 	Target Shares means all present and future shares in the paid-up share capital of the
Charged Company owned by the Chargor or held by any nominee on its behalf (or to be owned by
it or to be held by any nominee on its behalf).

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	1.2	 	Construction

	 	(a)	 	Terms defined, or incorporated by reference, in the Facilities Agreement have
the same meaning when used in this Deed unless otherwise defined in this Deed or the
context otherwise requires.
	 
	 	(b)	 	In this Deed, unless the contrary intention appears, a reference to:

	 	(i)	 	an amendment includes a supplement, novation, restatement or
re-enactment and amended will be construed accordingly;
	 
	 	(ii)	 	assets includes present and future properties, revenues and
rights of every description;
	 
	 	(iii)	 	an authorisation includes an authorisation, consent, approval,
resolution, licence, exemption, filing, registration or notarisation;
	 
	 	(iv)	 	disposal means a sale, transfer, grant, lease or other
disposal, whether voluntary or involuntary, and dispose will be construed
accordingly;
	 
	 	(v)	 	indebtedness includes any obligation (whether incurred as
principal or as surety) for the payment or repayment of money;
	 
	 	(vi)	 	a person includes any individual, company, corporation,
unincorporated association or body (including a partnership, trust, joint
venture or consortium), government, state, agency, organisation or other entity
whether or not having separate legal personality;
	 
	 	(vii)	 	a regulation includes any regulation, rule, official
directive, request or guideline (whether or not having the force of law but, if
not having the force of law, being of a type with which any person to which it
applies is accustomed to comply) of any governmental, inter-governmental or
supranational body, agency, department or regulatory, self-regulatory or other
authority or organisation;
	 
	 	(viii)	 	a currency is a reference to the lawful currency for the time being of the
relevant country;
	 
	 	(ix)	 	a provision of law is a reference to that provision as
extended, applied, amended or re-enacted and includes any subordinate
legislation;
	 
	 	(x)	 	a Clause, a Subclause or a Schedule is a reference to a clause
or subclause of, or a schedule to, this Deed;
	 
	 	(xi)	 	a Party or any other person includes its successors in title,
permitted assigns and permitted transferees;
	 
	 	(xii)	 	a Loan Document or other document includes (without prejudice
to any prohibition on amendments) all amendments however fundamental to that
Loan Document or other document, including any amendment providing for any
increase in the amount of a facility or any additional facility; and
	 
	 	(xiii)	 	a time of day is a reference to Singapore time.

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	 	(c)	 	A person who is not a party to this Deed may not enforce any of its terms under
the Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore and
notwithstanding any term of this Deed, the consent of any third party is not required
for any variation (including any release or compromise of any liability) or termination
of this Deed provided that the Lenders shall have the benefit of all rights expressed
to be in their favour under this Deed and/or under the Security Agreement.
	 
	 	(d)	 	Unless the contrary intention appears:

	 	(i)	 	a reference to a Party will not include that Party if it has
ceased to be a Party under this Deed;
	 
	 	(ii)	 	a word or expression used in any other Loan Document or in any
notice given in connection with any Loan Document has the same meaning in that
Loan Document or notice as in this Deed; and
	 
	 	(iii)	 	any obligation of the Company under the Loan Documents which
is not a payment obligation remains in force for so long as any payment
obligation of the Company is or may be outstanding under the Loan Documents.

	 	(e)	 	The term this Security means any security created under this Deed.
	 
	 	(f)	 	If the Security Agent considers that an amount paid to a Lender under a Loan
Document is capable of being avoided or otherwise set aside on the liquidation or
judicial management of the payer or otherwise, then that amount will not be considered
to have been irrevocably paid for the purposes of this Deed.
	 
	 	(g)	 	Unless the context otherwise requires, a reference to a Security Asset
includes:

	 	(i)	 	the proceeds of sale of that Security Asset; and
	 
	 	(ii)	 	any present and future asset of that type.

	2.	 	CREATION OF SECURITY
	 
	2.1	 	General
	 
	(a)	 	All the security created under this Deed:

	 	(i)	 	is created by the Chargor, as sole beneficial owner, in favour of the Security
Agent;
	 
	 	(ii)	 	is created over the present and future assets of the Chargor of the type
specified in Clauses 2.2 and 2.3; and
	 
	 	(iii)	 	is security for the payment, discharge and performance of all the Secured
Liabilities.

	(b)	 	The Security Agent holds the benefit of this Deed on trust for the Lenders.
	 
	2.2	 	Charged Investments
	 
	 	 	The Chargor charges:

	 	(a)	 	by way of a first fixed charge, all the Target Shares; and

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	 	(b)	 	by way of a first fixed charge, all the Related Rights in respect of such
Target Shares.

	2.3	 	Contracts
	 
	 	 	The Chargor charges, by way of a first fixed charge, all of its rights and interests in
respect of the Sub-Account agreement made or to be made with the Nominee or about the date
of this Deed, to the extent that such rights and interests relate to the Charged Target
Shares held in the Sub-Account.
	 
	3.	 	FURTHER ASSURANCES
	 
	 	 	The Chargor must, at its own expense, take whatever action the Security Agent or a
Receiver may:

	 	(a)	 	reasonably require for creating, perfecting or protecting any security intended
to be created by or pursuant to this Deed;
	 
	 	(b)	 	require for facilitating the realisation of any Security Asset; or
	 
	 	(c)	 	require for facilitating the exercise of any right, power or discretion
exercisable, by the Security Agent or any Receiver or any of their delegates or
sub-delegates in respect of any Security Asset.

	 	 	This includes:

	 	(i)	 	the re-execution of this Deed;
	 
	 	(ii)	 	the execution of any legal mortgage, charge, transfer, conveyance, assignment
or assurance of any property, whether to the Security Agent or to its nominee; and
	 
	 	(iii)	 	the giving of any notice, order or direction and the making of any filing or
registration,

	 	which, in any such case, the Security Agent or a Receiver may think expedient.
	 
	4.	 	PRESERVATION OF SECURITY
	 
	4.1	 	Continuing security
	 
	 	 	This Security is a continuing security and will extend to the ultimate balance of the
Secured Liabilities, regardless of any intermediate payment or discharge in whole or in
part.
	 
	4.2	 	Reinstatement
	 
	(a)	 	If any discharge (whether in respect of the obligations of any Obligor or any security for
those obligations or otherwise) or arrangement is made in whole or in part on the faith of any
payment, security or other disposition which is avoided or must be restored on insolvency,
liquidation, administration or otherwise without limitation, the liability of the Chargor
under this Deed will continue or be reinstated as if the discharge or arrangement had not
occurred.
	 
	(b)	 	The Security Agent may concede or compromise any claim that any payment, security or other
disposition is liable to avoidance or restoration.

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	4.3	 	Waiver of defences
	 
	 	 	The obligations of the Chargor under this Deed will not be affected by any act,
omission or thing which, but for this provision, would reduce, release or prejudice any of
its obligations under this Deed (whether or not known to it or the Security Agent). This
includes:

	 	(a)	 	any time or waiver granted to, or composition with, any person;
	 
	 	(b)	 	any release of any person under the terms of any composition or arrangement;
	 
	 	(c)	 	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, any person;
	 
	 	(d)	 	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;
	 
	 	(e)	 	any incapacity, lack of power, authority or legal personality of or dissolution
or change in the members or status of any person;
	 
	 	(f)	 	any amendment (however fundamental) of a Loan Document or any other document or
security; or
	 
	 	(g)	 	any unenforceability, illegality, invalidity or non-provability of any
obligation of any person under any Loan Document or any other document or security or
the failure by any Obligor to enter into or be bound by any Loan Document.

	4.4	 	Immediate recourse
	 
	 	 	The Chargor waives any right it may have of first requiring the Security Agent (or any
trustee or agent on its behalf) to proceed against or enforce any other right or security or
claim payment from any person or file any proof or claim in any insolvency, administration,
winding-up or liquidation proceedings relative to any other Obligor or any other person
before claiming from the Chargor under this Deed.
	 
	4.5	 	Appropriations
	 
	 	 	At any time during the Security Period, the Security Agent (or any trustee or agent on
its behalf) may without affecting the liability of the Chargor under this Deed:

	 	(a)	(i)	refrain from applying or enforcing any other moneys, security or rights
held or received by the Security Agent (or any trustee or agent on its behalf) against
those amounts; or

	 	(ii)	 apply and enforce them in such manner and order as it sees fit
(whether against those amounts or otherwise; and	 

	 	(b)	 	hold in a suspense account any moneys received from the Chargor or on account
of the Chargor’s liability under this Deed.

	4.6	 	Non-competition
	 
	 	 	Unless:

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	 	(a)	 	the Security Period has expired; or
	 
	 	(b)	 	the Security Agent otherwise directs,

	 	 	the Chargor will not, after a claim has been made under this Deed or by virtue of any
payment or performance by it under this Deed:

	 	(i)	 	be subrogated to any rights, security or moneys held, received or receivable by
the Security Agent (or any trustee or agent on its behalf);
	 
	 	(ii)	 	be entitled to any right of contribution or indemnity in respect of any payment
made or moneys received on account of the Chargor’s liability under this Clause;
	 
	 	(iii)	 	claim, rank, prove or vote as a creditor of any Obligor or its estate in
competition with the Security Agent (or any trustee or agent on its behalf); or
	 
	 	(iv)	 	receive, claim or have the benefit of any payment, distribution or security
from or on account of any Obligor, or exercise any right of set-off as against any
Obligor.

	 	 	The Chargor must hold in trust for and immediately pay or transfer to the Security
Agent any payment or distribution or benefit of security received by it contrary to this
Clause or in accordance with any directions given by the Security Agent under this Clause.
	 
	4.7	 	Additional Security

	 	(a)	 	This Deed is in addition to and is not in any way prejudiced by any other
security now or subsequently held by the Security Agent.
	 
	 	(b)	 	No prior security held by the Security Agent over any Security Asset will merge
into this Security.

	4.8	 	Security held by the Chargor
	 
	 	 	The Chargor may not, without the prior consent of the Security Agent, hold any security
from any other Obligor in respect of the Chargor’s liability under this Deed. The Chargor
will hold any security held by it in breach of this provision on trust for the Security
Agent.
	 
	5.	 	REPRESENTATIONS
	 
	5.1	 	Times for making representations
	 
	(a)	 	The Chargor makes the representations set out in this Deed (including in this Clause) to the
Security Agent and the Lenders on the date of this Deed.
	 
	(b)	 	Each representation under this Deed is deemed to be repeated by the Chargor on each date
during the Security Period.
	 
	(c)	 	When a repetition is deemed to be repeated, it is applied to the circumstances existing at
the time of repetition.
	 
	5.2	 	Nature of security
	 
	 	 	This Deed creates those Security Interests it purports to create and is not liable to
be avoided or otherwise set aside on the liquidation or judicial management of the Chargor
or otherwise.

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	5.3	 	Target Shares

	 	(a)	 	The Target Shares and, to the extent applicable, the Related Rights, are duly
authorised, validly issued and fully paid and are not subject to any option to purchase
or similar right;
	 
	 	(b)	 	at the Completion Date, the Target Shares represent more than 50% of the whole
of the paid-up issued share capital of the Charged Company;
	 
	 	(c)	 	the Chargor is the sole beneficial owner of the Target Shares and its Related
Rights;
	 
	 	(d)	 	the Target Shares are freely transferable and are not subject to any
pre-emption rights nor directors’ discretion to refuse to register and/or effect any
transfer in respect of the Target Shares; and

	(e)	 	all the Target Shares in Book-entry Securities form are held and maintained at the
Sub-Account and nowhere else and/or at any other securities accounts.
	 
	5.4	 	Stamp duties
	 
	 	 	[As at the date of this Deed, no stamp or registration duty or similar Tax or charge is
payable in its jurisdiction of incorporation in respect of this Deed ] [A&OSLB: Borrower’s
Delaware counsel to confirm] and save for S$500 payable as stamp duty on this Deed, there
are no other stamp or registration duty or similar Tax or charge payable under Singapore law
in respect of this Deed.
	 
	5.5	 	Filings
	 
	 	 	Save for the filing at this Deed at the Register of Charges in Bermuda, it is not necessary
to ensure the legality, validity, enforceability or admissibility in evidence of this Deed
that it has to be filed, recorded, registered or enrolled with any governmental or other
regulatory authorities in any relevant jurisdiction.
	 
	5.6	 	Immunity

	 	(a)	 	The execution by it of this Deed constitutes, and the exercise by it of its
rights and performance of its obligations under this Deed will constitute, private and
commercial acts performed for private and commercial purposes; and
	 
	 	(b)	 	It will not be entitled to claim immunity from suit, execution, attachment or
other legal process in any proceedings taken in its jurisdiction of incorporation in
relation to this Deed.

	5.7	 	Security Assets
	 
	(a)	 	The Chargor is the sole legal and beneficial owner of the Security Assets.
	 
	(b)	 	The Security Assets are free from:

	 	(i)	 	any Security Interest (other than any Security Interest created
by this Deed); and
	 
	 	(ii)	 	any interests or claims of third parties.

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	5.8	 	No adverse consequences

	 	(a)	 	It is not necessary under the laws of its jurisdiction of incorporation:

	 	(i)	 	in order to enable the Security Agent or any Lender to enforce
its rights under this Deed; or
	 
	 	(ii)	 	by reason of the execution of any Loan Document or the
performance by it of its obligations under this Deed,

	 	 	that any Lender should be licensed, qualified or otherwise entitled to carry on
business in its jurisdiction of incorporation; and

	 	(b)	 	No Lender is or will be deemed to be resident, domiciled or carrying on
business in its jurisdiction of incorporation by reason only of the execution,
performance and/or enforcement of this Deed.

	5.9	 	Jurisdiction/governing law
	 
	(a)	 	Its:

	 	(i)	 	irrevocable submission under Clause 27 (Jurisdiction) to the
non-exclusive jurisdiction of the courts of Singapore;
	 
	 	(ii)	 	agreement that this Deed is governed by the laws of Singapore;
and
	 
	 	(iii)	 	agreement not to claim any immunity to which it or its assets
may be entitled,

	 	 	are legal, valid and binding under the laws of its jurisdiction of incorporation.
	 
	(b)	 	Any judgment obtained in Singapore will be recognised and be enforceable by the courts of its
jurisdiction of incorporation.
	 
	6.	 	RESTRICTIONS ON DEALINGS
	 
	 	 	The Chargor must not:

	 	(a)	 	create or allow to subsist any Security Interest (other than this Deed) on any
Security Asset; or
	 
	 	(b)	 	sell, transfer, licence, lease or otherwise dispose of any Security Asset.

	7.	 	TARGET SHARES AND CONTRACTS
	 
	7.1	 	Deposit of Target Shares
	 
	 	 	In order to create in favour of the Security Agent or its nominees a first-priority security
interest by way of common law charge over the Target Shares, the Chargor must:

	 	(i)	 	prior to or on or about the date of this Deed (and in any event, no later than
the Effective Date), have opened the Sub-Account with the Nominee and shall and/or
shall have procure(d) and ensure(d) that all such Target Shares purchased pursuant to
the Acquisition shall be credited to the Sub-Account;

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	 	(ii)	 	on the date hereof (and as the Security Agent may subsequently instruct or
require), deliver to the Nominee a duly signed Notice of Charge (in the form set out in
Schedule 1 Part 1), giving written notice to the Nominee of the security interest
created by way of charge in favour of the Security Agent or its nominees over all such
Target Shares held in the Sub-Account; and
	 
	 	(iii)	 	use its best endeavours to procure that the Nominee acknowledges receipt of
the notice of charge by sending acknowledgement of the notice of charge (in the form of
Schedule 1 Part 2) to the Security Agent.

	7.2	 	Deposit Obligation Generally
	 
	 	 	Without prejudice to Clauses 7.1 and 7.2 above, the Chargor must in any case:

	 	(a)	 	immediately deposit with the Security Agent, or as the Security Agent may
direct, all certificates and other documents of title or evidence of ownership in
relation to any Charged Investments; and
	 
	 	(b)	 	promptly execute and deliver to the Security Agent all share transfers and
other documents which may be requested by the Security Agent in order to enable the
Security Agent or its nominees to be registered as the owner or otherwise obtain a
legal title to any Charged Investments.

	7.3	 	Changes to rights
	 
	 	 	The Chargor must not, without the consent of the Security Agent, take or allow the
taking of any action on its behalf which may result in the rights attaching to any of the
Target Shares and/or the Related Rights being altered to the detriment of the Lenders or
further shares in the Charged Company being issued.
	 
	7.4	 	Calls
	 
	(a)	 	The Chargor must pay all calls or other payments due and payable in respect of any of the
Target Shares and the Related Rights.
	 
	(b)	 	If the Chargor fails to do so in relation to any Charged Target Shares and the Related
Rights, the Security Agent may pay such calls or such other payments in relation to any
Charged Target Shares and the Related Rights on behalf of the Chargor. The Chargor must
immediately on request reimburse the Security Agent for any payment made by the Security Agent
under this subclause.
	 
	7.5	 	Other obligations in respect of Security Assets
	 
	(a)	 	The Chargor must promptly:

	 	(i)	 	copy to the Security Agent and comply with all requests for information which is
within its knowledge and which are made under any statutory or regulatory provisions
relevant or binding on the Chargor and/or the Security Assets or any similar
provision contained in any articles of association or other constitutional document
relating to any of the Security Assets. If it fails to do so, the Security Agent
may elect to provide such information as it may have on behalf of the Chargor; and

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	 	(ii)	 	supply to the Security Agent a copy of any information referred to in subclause
(i) above.

	(b)	 	The Chargor must comply with all other conditions and obligations assumed by it in respect of
any of the Security Assets.
	 
	(c)	 	The Security Agent is not obliged to:

	 	(i)	 	perform any obligation of the Chargor;
	 
	 	(ii)	 	make any payment;
	 
	 	(iii)	 	make any enquiry as to the nature or sufficiency of any
payment received by it or the Chargor; or
	 
	 	(iv)	 	present or file any claim or take any other action to collect
or enforce the payment of any amount to which it may be entitled under this
Deed,

	 	 	in respect of any Security Asset.
	 
	7.6	 	Voting rights
	 
	(a)	 	Before this Security becomes enforceable, the Chargor may continue to exercise the voting
rights, powers and other rights in respect of the Charged Investments.
	 
	(b)	 	Before this Security becomes enforceable, all dividends or other income or distributions paid
or payable in relation to any Charged Investments shall be paid directly into the Singapore
Dollar Debt Service Account in accordance with each ChinaCast Payment Instruction. If any such
payment is made directly to the Security Agent (or its nominee) before this Security becomes
enforceable, the Security Agent (or that nominee) shall, to the extent possible, pay that
amount into the Singapore Dollar Debt Service Account.
	 
	(c)	 	After this Security has become enforceable, the Security Agent or its nominee may exercise or
refrain from exercising:

	 	(i)	 	any voting rights; and
	 
	 	(ii)	 	any other powers or rights which may be exercised by the legal or beneficial
owner of any Charged Investment, any person who is the holder of any Charged Investment
or otherwise,

	 	 	in each case, in the name of the Chargor, the registered holder or otherwise and
without any further consent or authority on the part of the Chargor and irrespective of any
direction given by the Chargor.
	 
	(d)	 	If a Charged Investment remains registered in the name of the Chargor, the Chargor
irrevocably appoints the Security Agent or its nominee as its proxy to exercise all voting
rights in respect of that Charged Investment at any time after this Security has become
enforceable, and the Chargor shall do whatever actions are required to ensure that the
Security Agent or its nominee is so appointed.
	 
	(e)	 	The Chargor must indemnify the Security Agent against any loss or liability incurred by the
Security Agent as a consequence of the Security Agent acting in respect of the Charged
Investments at the direction of the Chargor.

11

 

	7.7	 	Clearance systems
	 
	 	 	The Chargor must, if so requested by the Security Agent:

	 	(a)	 	instruct any clearance system to transfer any Charged Investment held by it for
the Chargor or its nominee to an account of the Security Agent or its nominee with
that clearance system; and
	 
	 	(b)	 	take whatever action the Security Agent may request for the dematerialisation or
rematerialisation of any Charged Investments held in a clearance system.

	 	 	Without prejudice to the rest of this subclause, the Security Agent may, at the expense
of the Chargor, take whatever action is required for the dematerialisation or
rematerialisation of the Charged Investments as necessary.
	 
	7.8	 	Contracts – Notices of Charge
	 
	 	 	The Chargor must:

	 	(a)	 	on the date hereof, serve a notice of charge (in the form set out at Schedule
2), on the counterparty to the contract set out in Clause 2.3 (and any other related
contracts as may be determined by the Security Agent); and
	 
	 	(b)	 	use its reasonable endeavours to procure that such counterparty acknowledges
(in the form set out in Part II of Schedule 2) that notice of charge.

	8.	 	WHEN SECURITY BECOMES ENFORCEABLE
	 
	8.1	 	Event of Default
	 
	 	 	This Security shall become immediately enforceable after an Event of Default has
occurred and is continuing and the Administrative Agent has given notice pursuant to Article
VII of the Facilities Agreement.
	 
	8.2	 	Enforcement
	 
	 	 	After this Security has become enforceable, the Security Agent may in its absolute
discretion enforce all or any part of this Security in any manner it sees fit.
	 
	8.3	 	Power of sale
	 
	 	 	The power of sale and other powers conferred on a mortgagee by law (including under
section 24 of the Act), as amended by this Deed, will be immediately exercisable at any time
after this Security has become enforceable.
	 
	9.	 	ENFORCEMENT OF SECURITY
	 
	9.1	 	General
	 
	(a)	 	Any restriction imposed by law on the power of sale (including under section 25 of the Act)
or the right of a mortgagee to consolidate mortgages (including under section 21 of the Act)
does not apply to this Security.

12

 

	(b)	 	All or any of the powers, authorities and discretions which are conferred by the Act
and/or this Deed either expressly or impliedly upon a Receiver may be exercised by the
Security Agent without first appointing a Receiver or notwithstanding the appointment of a
Receiver.
	 
	9.2	 	No liability as mortgagee in possession
	 
	 	 	Neither the Security Agent nor any Receiver will be liable, by reason of entering into
possession of a Security Asset:

	 	(a)	 	to account as mortgagee in possession or for any loss on realisation; or
	 
	 	(b)	 	for any default or omission for which a mortgagee in possession might be liable.

	9.3	 	Privileges
	 
	 	 	Each Receiver and the Security Agent is entitled to all the rights, powers, privileges
and immunities conferred by law (including the Act) on mortgagees and receivers duly
appointed under any law (including the Act), except that Section 25 of the Act does not
apply.
	 
	9.4	 	Protection of third parties
	 
	 	 	No person (including a purchaser) dealing with the Security Agent or a Receiver or its
or his agents will be concerned to enquire:

	 	(a)	 	whether the Secured Liabilities have become payable;
	 
	 	(b)	 	whether any power which the Security Agent or a Receiver is purporting to
exercise has become exercisable or is being properly exercised;
	 
	 	(c)	 	whether any money remains due under the Loan Documents; or
	 
	 	(d)	 	how any money paid to the Security Agent or to that Receiver is to be applied.

	9.5	 	Redemption of prior mortgages
	 
	 	 	At any time after this Security has become enforceable, the Security Agent may do any
or all of the following:

	 	(a)	 	redeem any prior Security Interest against the Security Assets;
	 
	 	(b)	 	procure the transfer of that Security Interest to itself; and
	 
	 	(c)	 	settle and pass the accounts of the prior mortgagee, chargee or encumbrancer;
any accounts so settled and passed shall be conclusive and binding on the Security
Agent.

	 	 	The Chargor shall pay on demand all principal moneys, interest, costs charges and expenses
in connection with any redemption and/or transfer.
	 
	9.6	 	Contingencies
	 
	 	 	If this Security is enforced at a time when no amount is due under the Loan Documents
but at a time when amounts may or will become due, the Security Agent (or the Receiver) may
pay the proceeds of any recoveries effected by it into a suspense account.

13

 

	10.	 	RECEIVER
	 
	10.1	 	Appointment of Receiver
	 
	(a)	 	Except as provided below, the Security Agent may appoint any one or more persons to be a
Receiver of all or any part of the Security Assets if:

	 	(i)	 	this Security has become enforceable; or
	 
	 	(ii)	 	the Chargor so requests the Security Agent in writing at any time.

	(b)	 	Any appointment under subclause (a) above may be by deed, under seal or in writing under its
hand.
	 
	(c)	 	Except as provided below, any restriction imposed by law on the right of a mortgagee to
appoint a Receiver (including under Section 29(1) of the Act) shall not apply to this Deed.
	 
	10.2	 	Removal
	 
	 	 	The Security Agent may by writing under its hand remove any Receiver appointed by it and
may, whenever it thinks fit, appoint a new Receiver in the place of any Receiver whose
appointment may for any reason have terminated.
	 
	10.3	 	Remuneration
	 
	 	 	The Security Agent may fix the remuneration of any Receiver appointed by it and the
maximum rate imposed by law (including under Section 29(6) of the Act) will not apply.
	 
	10.4	 	Agent of the Chargor
	 
	(a)	 	A Receiver will be deemed to be the agent of the Chargor for all purposes and accordingly
will be deemed to be in the same position as a Receiver duly appointed by a mortgagee under
the Act. The Chargor alone is responsible for the contracts, engagements, acts, omissions,
defaults and losses of a Receiver and for liabilities incurred by a Receiver.
	 
	(b)	 	The Security Agent will not incur any liability (either to the Chargor or to any other
person) by reason of the appointment of a Receiver or for any other reason.
	 
	10.5	 	Relationship with the Security Agent
	 
	 	 	To the fullest extent permitted by law, any right, power or discretion conferred by this
Deed (either expressly or impliedly) upon a Receiver of the Security Assets may after this
Security becomes enforceable be exercised by the Security Agent in relation to any Security
Asset without first appointing a Receiver or notwithstanding the appointment of a Receiver.
	 
	11.	 	POWERS OF RECEIVER
	 
	11.1	 	General
	 
	(a)	 	Each Receiver has, and is entitled to exercise, all of the rights, powers and discretions
conferred on the Security Agent under this Deed, the Loan Documents and the Act, and also
those set out below in this Clause in addition to those conferred on it by any law.

14

 

	(b)	 	If there is more than one Receiver holding office at the same time, each Receiver may (unless
the document appointing him states otherwise) exercise all of the powers conferred on a
Receiver under this Deed and the Loan Documents individually and to the exclusion of any other
Receivers.
	 
	11.2	 	Possession
	 
	 	 	A Receiver may take immediate possession of, get in and collect any Security Asset.
	 
	11.3	 	Protection of assets
	 
	 	 	A Receiver may do any act which the Chargor might do in the ordinary conduct of its business
to protect or improve any Security Asset as he may think fit.
	 
	11.4	 	Employees
	 
	 	 	A Receiver may appoint and discharge managers, officers, agents, accountants, servants,
workmen and others for the purposes of this Deed upon such terms as to remuneration or
otherwise as he may think proper and discharge any such persons appointed by the Chargor.
	 
	11.5	 	Borrow money
	 
	 	 	A Receiver may raise and borrow money either unsecured or on the security of any Security
Asset either in priority to the security constituted by this Deed or otherwise and generally
on any terms and for whatever purpose which he thinks fit. No person lending that money is
concerned to enquire as to the propriety or purpose of the exercise of that power or to
check the application of any money so raised or borrowed.
	 
	11.6	 	Sale of assets
	 
	(a)	 	A Receiver may sell, exchange, convert into money and realise any Security Asset by public
auction or private contract and generally in any manner and on any terms which he thinks fit.
	 
	(b)	 	The consideration for any such transaction may consist of cash, debentures or other
obligations, shares, stock or other valuable consideration and any such consideration may be
payable in a lump sum or by instalments spread over such period as he thinks fit.
	 
	11.7	 	Compromise
	 
	 	 	A Receiver may settle, adjust, refer to arbitration, compromise and arrange any claims,
accounts, disputes, questions and demands with or by any person who is or claims to be a
creditor of the Chargor or relating in any way to any Security Asset.
	 
	11.8	 	Legal Actions
	 
	 	 	A Receiver may bring, prosecute, enforce, defend and abandon all actions, suits and
proceedings in relation to any Security Asset which he thinks fit.
	 
	11.9	 	Receipts
	 
	 	 	A Receiver may give a valid receipt for any moneys and execute any assurance or things which
may be proper or desirable for realising any Security Asset.
	 
	11.10	 	Subsidiaries

15

 

	 	 	A Receiver may form a Subsidiary of the Chargor and transfer to that Subsidiary any Security
Asset.
	 
	11.11	 	Delegation
	 
	 	 	A Receiver may delegate his powers in accordance with Clause 14 (Delegation).
	 
	11.12	 	Other powers
	 
	 	 	A Receiver may:-

	 	(a)	 	do all other acts and things which he may consider desirable or necessary for
realising any Security Asset or incidental or conducive to any of the rights, powers or
discretions conferred on a Receiver under or by virtue of this Deed or law;
	 
	 	(b)	 	exercise in relation to any Security Asset all the powers, authorities and
things which he would be capable of exercising if he were the absolute beneficial owner
of the same; and
	 
	 	(c)	 	use the name of the Chargor for any of the above purposes.

	12.	 	APPLICATION OF PROCEEDS
	 
	 	 	Any moneys received by the Security Agent or any Receiver after this Security has
become enforceable shall be applied in the following order of priority (but without
prejudice to the right of the Security Agent to recover any shortfall from the Chargor):

	 	(a)	 	first, in satisfaction of, or provision for, all costs and expenses incurred by
the Security Agent or any Receiver under this Deed and of all remuneration due to any
Receiver under or in connection with this Deed;
	 
	 	(b)	 	second, in or towards payment of the Secured Liabilities or such part of them
as is then due and payable; and
	 
	 	(c)	 	third, in payment of the surplus (if any) to the Chargor or to such other
person as the Chargor may in writing direct.

	13.	 	EXPENSES AND INDEMNITY
	 
	 	 	The Chargor must:

	 	(a)	 	immediately on demand pay all costs and expenses (including legal fees on a
full indemnity basis) incurred in connection with this Deed by the Security Agent,
Receiver, attorney, manager, agent or other person appointed by the Security Agent
under this Deed including any arising from any actual or alleged breach by any person
of any law or regulation; and
	 
	 	(b)	 	keep each of them indemnified against any failure or delay in paying those
costs or expenses under subclause (a) above, and any loss or liability incurred by it
in connection with any litigation, arbitration or administrative proceedings concerning
this Security.

16

 

	14.	 	DELEGATION
	 
	14.1	 	Power of Attorney
	 
	 	 	The Security Agent or any Receiver may delegate by power of attorney or in any other
manner to any person any right, power or discretion exercisable by it under this Deed.
	 
	14.2	 	Terms
	 
	 	 	Any such delegation may be made upon any terms (including power to sub-delegate) which
the Security Agent or any Receiver may think fit.
	 
	14.3	 	Liability
	 
	 	 	Neither the Security Agent nor any Receiver will be in any way liable or responsible to
the Chargor for any loss or liability arising from any act, default, omission or misconduct
on the part of any delegate or sub-delegate.
	 
	15.	 	POWER OF ATTORNEY
	 
	15.1	 	Appointment of Attorney
	 
	 	 	The Chargor, by way of security, irrevocably and severally appoints the Security Agent, each
Receiver and any of their delegates or sub-delegates to be its attorney or attorneys (with
full power of substitution) and in its name and otherwise on its behalf (and as its act and
deed) to, at any time after an Event of Default has occurred and is continuing, sign, seal,
execute, deliver, perfect and do all deeds, agreements, instruments, acts and things which
may be required (or which the Security Agent, the Receiver or any of their delegates or
sub-delegates shall consider requisite) for carrying out any obligation imposed on the
Chargor by or pursuant to this Deed, for carrying out any sale, transfer, assignment, lease
or other dealings by the Security Agent, the Receiver or any of their delegates or
sub-delegates, for conveying or transferring any legal estate or other interest in land or
other property or otherwise, for getting in the Security Assets, and generally for enabling
the Security Agent, the Receiver or any of their respective delegates or sub-delegates to
exercise the respective powers, rights, authorities and discretions conferred on them or any
of them by or pursuant to this Deed or by law and (without prejudice to the generality of
the foregoing) to sign, seal and deliver and otherwise perfect any deed, assurance,
agreement, assignment, charge, conveyance, mortgage, transfer, instrument or act which it or
he may deem proper in or for the purpose of exercising any of such powers, rights,
authorities and discretions.
	 
	15.2	 	Ratification
	 
	 	 	The Chargor ratifies and confirms whatever any attorney does or purports to do pursuant to
its appointment under this Clause.
	 
	15.3	 	Grant for Security
	 
	 	 	The power of attorney hereby granted is as regards the Security Agent, each Receiver
and each of their delegates or sub-delegates (and as the Chargor hereby acknowledges)
granted irrevocably and for value as part of the security constituted by this Deed to secure
the propriety interests of and the performance of the obligations owed to the respective
donees.

17

 

	16.	 	MISCELLANEOUS
	 
	16.1	 	Covenant to pay
	 
	 	 	The Chargor must pay or discharge the Secured Liabilities in the manner provided for in the
Loan Documents.
	 
	16.2	 	Continuing security
	 
	 	 	The security constituted by this Deed is continuing and will extend to the ultimate balance
of all the Secured Liabilities, regardless of any intermediate payment or discharge in whole
or in part.
	 
	16.3	 	Additional security
	 
	 	 	The security constituted by this Deed is in addition to and is not in any way prejudiced by
any other security now or subsequently held by the Security Agent for any Secured Liability.
	 
	16.4	 	New Accounts

	 	(a)	 	If any subsequent charge or other interest affects any Security Asset, the
Security Agent may open a new account with the Chargor in its books.
	 
	 	(b)	 	If the Security Agent does not open a new account, it will nevertheless be
treated as if it had done so at the time when it received or was deemed to have
received notice of that charge or other interest.
	 
	 	(c)	 	As from that time all payments made to the Security Agent will be credited or
be treated as having been credited to the new account and will not operate to reduce
any Secured Liability.

	17.	 	RELEASE
	 
	 	 	At the end of the Security Period, the Security Agent must, at the request and cost of
the Chargor, take whatever action is necessary to release the Security Assets from this
Security.
	 
	18.	 	CURRENCY INDEMNITY
	 
	18.1	 	If the Security Agent receives an amount in respect of the Chargor’s liability under this
Deed or if that liability is converted into a claim, proof, judgment or order in a currency
other than the currency (the “contractual currency”) in which the amount is expressed to be
payable under this Deed:-

	 	(a)	 	the Chargor shall indemnify the Security Agent as an independent obligation
against any loss or liability arising out of or as a result of the conversion;
	 
	 	(b)	 	if the amount received by the Security Agent, when converted into the
contractual currency at a market rate in the usual course of its business, is less than
the amount owed in the contractual currency, the Chargor shall forthwith on demand pay
the Security Agent an amount in the contractual currency equal to the deficit; and
	 
	 	(c)	 	the Chargor shall forthwith on demand pay to the Security Agent any exchange
costs and taxes payable in connection with any such conversion.

18

 

	18.2	 	The Chargor waives any right it may have in any jurisdiction to pay any amount under this
Deed in a currency other than that in which it is expressed to be payable.
	 
	19.	 	EVIDENCE AND CALCULATIONS
	 
	19.1	 	Accounts
	 
	 	 	Accounts maintained by the Security Agent in connection with this Deed are conclusive
evidence of the matters to which they relate.
	 
	19.2	 	Certificates and determinations
	 
	 	 	Any certification or determination by the Security Agent of a rate or amount under this Deed
is, in the absence of manifest error, conclusive evidence of the matters to which it
relates.
	 
	20.	 	WAIVERS AND REMEDIES CUMULATIVE
	 
	 	 	The rights of the Security Agent under this Deed:-

	 	(a)	 	may be exercised as often as necessary;
	 
	 	(b)	 	are cumulative and not exclusive of its rights under the general law; and
	 
	 	(c)	 	may be waived only in writing and specifically.

	 	 	Delay in exercising or non-exercise of any such right is not a waiver of that right.
	 
	21.	 	CHANGES TO THE PARTIES
	 
	21.1	 	Successors and Assigns
	 
	 	 	This Deed is binding on the successors and assigns of the Chargor, the Security Agent and
the Lenders.
	 
	21.2	 	The Chargor
	 
	 	 	The Chargor may not assign, transfer, novate or dispose of any of, or any interest in,
its rights and or obligations under this Deed.
	 
	21.3	 	The Security Agent
	 
	 	 	The Security Agent may at any time assign, transfer, novate or dispose of any of all or any
part, or any interest in, its rights and/or obligations under this Deed.
	 
	22.	 	DISCLOSURE OF INFORMATION
	 
	(a)	 	Without detracting from the Security Agent’s rights of disclosure under any law (including,
under the Banking Act, Chapter 19 of Singapore), the Security Agent must keep confidential any
information supplied to it by or on behalf of the Chargor in connection with the Loan
Documents. However, the Security Agent is entitled to disclose information:

	 	(i)	 	which is publicly available, other than as a result of a breach
by the Security Agent of this Clause;

19

 

	 	(ii)	 	in connection with any legal or arbitration proceedings against
any Obligor;
	 
	 	(iii)	 	if required to do so under any law or regulation;
	 
	 	(iv)	 	to a governmental, banking, taxation or other regulatory
authority;
	 
	 	(v)	 	to its professional advisers on a confidential basis;
	 
	 	(vi)	 	to the extent allowed under paragraph (b) below;
	 
	 	(vii)	 	to another Obligor; or
	 
	 	(viii)	 	with the agreement of the Chargor.

	(b)	 	The Security Agent may disclose to a Related Corporation or any person with whom it may
enter, or has entered into, any kind of transfer, participation or other agreement in relation
to this Deed (a participant) for the purpose of that transfer, participation or agreement:

	 	(i)	 	a copy of any Loan Document; and
	 
	 	(ii)	 	any information which the Security Agent has acquired under or
in connection with any Loan Document.

	 	 	However, before a participant may receive any confidential information, it must agree
with the Security Agent to keep that information confidential on the terms of paragraph (a)
above.

	 	(c)	 	This Clause supersedes any previous confidentiality undertaking given by the
Security Agent in connection with this Deed prior to it becoming a Party..

	23.	 	SET-OFF
	 
	 	 	The Security Agent may set off any obligations (whether or not matured) owed by the Chargor
under this Deed (to the extent beneficially owned by the Security Agent) against any
obligation (whether or not matured) owed by the Security Agent to the Chargor, regardless of
the place of payment, booking branch or currency of either obligation. If the obligations
are in different currencies, the Security Agent may convert either obligation at a market
rate of exchange in its usual course of business for the purpose of the set-off. If either
obligation is unliquidated or unascertained, the Security Agent may set off in an amount
estimated by it in good faith to be the amount of that obligation.
	 
	24.	 	SEVERABILITY
	 
	 	 	If a provision of this Deed is or becomes illegal, invalid or unenforceable in any
jurisdiction, that shall not affect:-

	 	(a)	 	the legality, validity or enforceability in that jurisdiction of any other
provision of this Deed; or
	 
	 	(b)	 	the legality, validity or enforceability in other jurisdictions of that or any
other provision of this Deed.

20

 

	25.	 	NOTICES
	 
	 	 	The provisions of Section 9.01 (Notices) of the Facilities Agreement apply to this
Deed as if they were set out in full in this Deed, except that references to the Loan
Documents shall be construed as if they were references to this Deed.
	 
	26.	 	COUNTERPARTS
	 
	 	 	This Deed may be executed in any number of counterparts. This has the same effect as
if the signatures on the counterparts were on a single copy of this Deed.
	 
	27.	 	JURISDICTION
	 
	27.1	 	Submission
	 
	 	 	For the benefit of the Security Agent, the Chargor agrees that the courts of Singapore have
jurisdiction to settle any disputes in connection with this Deed and accordingly submits to
the jurisdiction of the Singapore courts.
	 
	27.2	 	Forum convenience and enforcement abroad
	 
	 	 	The Chargor:-

	 	(a)	 	waives objection to the Singapore courts on grounds of inconvenient forum or
otherwise as regards proceedings in connection with this Deed; and
	 
	 	(b)	 	agrees that a judgment or order of a Singapore court in connection with this
Deed is conclusive and binding on it and may be enforced against it in the courts of
any other jurisdiction.

	27.3	 	Non-exclusivity
	 
	 	 	Nothing in this Clause 27 limits the right of the Security Agent to bring proceedings
against the Chargor in connection with this Deed:-

	 	(a)	 	in any other court of competent jurisdiction; or
	 
	 	(b)	 	concurrently in more than one jurisdiction.

	27.4	 	Service of process
	 
	(a)	 	The Chargor irrevocably appoints BSL Corporate Services Pte Ltd of 220 Orchard Road, #05-01
Midpoint Orchard, Singapore 238852 as its agent under this Deed for service of process in any
proceedings before the Singapore courts.
	 
	(b)	 	If BSL Corporate Services Pte Ltd is unable for any reason to act as agent for service of
process, the Chargor must immediately appoint another agent on terms acceptable to the
Security Agent. Failing this, the Security Agent may appoint another agent for this purpose.
	 
	(c)	 	The Chargor agrees that failure by a process agent to notify it of any process will not
invalidate the relevant proceedings.
	 
	(d)	 	This Clause does not affect any other method of service allowed by law.

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	28.	 	WAIVER OF IMMUNITY
	 
	 	 	The Chargor irrevocably and unconditionally:-

	 	(a)	 	agrees that if the Security Agent brings proceedings against it or its assets
in relation to this Deed, no immunity from those proceedings (including, without
limitation, suit, attachment prior to judgment, other attachment, the obtaining of
judgment, execution or other enforcement) will be claimed by or on behalf of itself or
with respect to its assets;
	 
	 	(b)	 	waives any such right of immunity which it or its assets now has or may
subsequently acquire; and
	 
	 	(c)	 	consents generally in respect of any such proceedings to the giving of any
relief or the issue of any process in connection with those proceedings, including,
without limitation, the making, enforcement or execution against any assets whatsoever
(irrespective of its use or intended use) of any order or judgment which may be made or
given in those proceedings.

	29.	 	GOVERNING LAW
	 
	 	 	This Deed is governed by Singapore law.

This Deed has been entered into as a deed on the date stated at the beginning of this Deed.

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SCHEDULE 1

FORM OF NOTICE OF CHARGE AND ACKNOWLEDGEMENT

PART I

NOTICE OF CHARGE OF SHARES IN SUB-ACCOUNT

	 	 	 	 	 
	Date

	 	:
	 	[          ]
	 
	 	 	 	 
	To

	 	:
	 	[DBS NOMINEES (PRIVATE) LIMITED]
	 
	 	 	 	 
	 

	 	 	 	[Address]
	 
	 	 	 	 
	 

	 	 	 	[Fax Number:]

Dear Sirs,

NOTICE OF CHARGE OF SHARES IN SUB-ACCOUNT-

Deed of Share Charge dated [     ] between

Great Wall Acquisition Corporation and

DBS Bank Ltd. (the Deed)

We refer to the Deed and the sub-account for book-entry securities established by us with you (the
Sub-Account) with the following details:

	 	 	 	 	 
	Account number

	 	:
	 	[**]
	 
	 	 	 	 
	Account name/Reference

	 	:
	 	[**]

We hereby give you notice that we have charged in favour of DBS Bank Ltd. (the Security Agent) or
its nominees by way of a fixed charge all our rights, title and interest in and to the following
shares in the Sub-Account:

All of the shares of CHINACAST COMMUNICATION HOLDINGS LIMITED from time to time deposited or to be
deposited in the Sub-Account, including all other related rights (the Charged Investments as
defined in the Deed).

We hereby irrevocably authorise and instruct you to act only in accordance with the directions of
the Security Agent with regard to the Charged Investments held in the Sub-Account (including the
Security Agent’s instructions for the transfer of the Charged Investments to any person upon the
security constituted by the Deed becoming enforceable and the Security Agent’s instructions for the
execution of any forms required by the Depository in this respect) until such time as the Security
Agent may otherwise notify you in writing.

23

 

Notwithstanding any instructions or directions given to you by or on behalf of the Security Agent
in respect of the Sub-Account pursuant to the authorisation conferred by this notice, the Security
Agent shall not be liable to you whatsoever, directly or indirectly, by reason or such instructions
or directions. We agree to bear and be solely responsible for your fees, charges, costs and
expenses in respect of the Sub-Account and in relation to the matters requested and authorised in
this notice.

Please acknowledge receipt of this notice and confirm your understanding of the contents thereof by
signing and returning the same by post and facsimile to the Security Agent at the following address
and number:

DBS Bank Ltd.

[address]

[Fax No. : +65 [l]

Attn : [**]

This letter is governed by Singapore law.

Yours faithfully,

                                                            

GREAT WALL ACQUISITION CORPORATION

(Authorised signatory)

	 	 	 
	cc:

	 	DBS Bank Ltd.
	 

	 	Fax No: [**]
	 

	 	Attention: [**]

24

 

PART II

ACKNOWLEDGEMENTOF NOMINEE

	 	 	 	 	 
	Date

	 	:
	 	[     ]
	 
	 	 	 	 
	To

	 	:
	 	DBS Bank Ltd.
	 

	 	 	 	[address]
	 

	 	 	 	Fax No: [**]
	 

	 	 	 	Attention: [**]
	 
	 	 	 	 
	Copy

	 	:
	 	Great Wall Acquisition Corporation
	 

	 	 	 	Fax No: [**]

Dear Sirs,

We confirm receipt from Great Wall Acquisition Corporation (GWAC) of a notice dated [     ] of charge of shares in sub-account (the Notice of Charge of Shares in Sub-Account)
notifying that GWAC has charged in favour of DBS Bank Ltd. (the Security Agent) or its nominees by
way of a fixed charge all of GWAC’s rights, title and interest in and to such specified number of
shares of Chinacast Communications Holdings Limited held in the Sub-Account, including all other
related rights (the Charged Investments as defined in the Deed).

We confirm that:

	(a)	 	we have not received any prior notice of assignment or charge in relation to the Charged
Investments stated in the Notice of Charge of Shares in Sub-Account to have been charged to
you;

	(b)	 	we consent to the charge in the Notice of Charge of Shares in Sub-Account and accept the
instructions and authorisations contained therein, and we further undertake to act in
accordance with and comply with the terms of the Notice of Charge of Shares in Sub-Account;
and

	(c)	 	we undertake not to make any deductions, exercise any rights of set-off or make any
counterclaims in respect of the Charged Investments in the Sub-Account.

This letter is governed by Singapore law.

Yours faithfully,

[DBS NOMINEES (PRIVATE) LIMITED]

(Authorised signatory)

25

 

SCHEDULE 2

FORM OF NOTICE OF CHARGE AND ACKNOWLEDGEMENT

PART I

NOTICE OF CHARGE

	 	 	 	 	 
	To

	 	:
	 	[Counterparty ]
	 

	 	 	 	[Address]
	 

	 	 	 	[Fax No:]
	 
	 	 	 	 
	Date

	 	:
	 	[          ]

Dear Sirs,

NOTICE OF CHARGE

We refer to the [insert details of contract, agreement or invoice] between you and us dated [     ]
(the Contract) with respect to a securities account with you bearing account number
                     (the Sub-Account) and to the Deed of Share Charge dated [**] 2006 between us and
DBS Bank Ltd. (the Deed).

This letter constitutes notice to you that we have charged in favour of DBS Bank Ltd. (the Security
Agent) or its nominees by way of a fixed charge, all our rights, benefits, interests and titles
under, in and to the Contract, the receivables arising thereto and the benefit of all rights,
securities and guarantees of any nature enjoyed or held by us in relation to any of the foregoing,
to the extent that each of the same relate to the Charged Target Shares (as defined in the Deed)
held in the Sub-Account.

Notwithstanding the charge, we remain liable to perform all our obligations under the Contract to
you, if any, and the Security Agent, its agents or any receiver shall have no liability in respect
of those obligations.

To the extent not inconsistent with the Security Interests (as defined in the Deed) created in
favour of the Security Agent over the Charged Target Shares held in the Sub-Account, (ie without
derogating from any of the Security Agent’s rights over the Charged Target Shares held in the
Sub-Account), we will remain entitled to exercise all our rights, powers and discretions under the
Contract, and you should continue to give notices under the Contract to us and pay all moneys
payable by you to us under the Contract to us, unless and until you receive notice from the
Security Agent to the contrary stating that the security has become enforceable.

In this event, all the rights, powers and discretions (to the extent that the same relate to the
Charged Target Shares held in the Sub-Account) will be exercisable by, and notices must be given
to, the Security Agent or as it directs and all moneys payable by you to us under the Contract (to
the extent that the same relate to the Charged Target Shares held in the Sub-Account) shall be paid
to the following account:

Account number: [l] (Singapore Dollar) or [l] (United States Dollar)

26

 

Bank and Branch: [l]

or in such other manner as the Security Agent may otherwise instruct you in writing.

This notice and the instructions herein contained are irrevocable and may not be cancelled,
modified or varied without the consent in writing of the Security Agent.

Please acknowledge receipt of this Notice of Charge by signing the duplicate of this Notice of
Charge and returning the same by post and facsimile to the Security Agent at the following address
and number:

DBS Bank Ltd.

[address]

[Fax No. : +65 [l]

Attn : [**]

This letter is governed by Singapore law.

Yours faithfully

                                                            

GREAT WALL ACQUISITION CORPORATION

27

 

PART II

ACKNOWLEDGEMENT

	 	 	 	 	 
	Date

	 	:
	 	[     ]
	 
	 	 	 	 
	To

	 	:
	 	DBS Bank Ltd.
	 

	 	 	 	[address]
	 

	 	 	 	Fax No: [**]
	 

	 	 	 	Attention: [**]
	 
	 	 	 	 
	Copy

	 	:
	 	Great Wall Acquisition Corporation
	 

	 	 	 	Fax No: [**]

We acknowledge receipt of a notice of charge (a copy of which is attached hereto) and accept the
instructions therein and further confirm that we have not received any other notice of assignment
or charge of the property herein stated to have been charged to you.

                                        

for and on behalf of

[Counterparty]

28

 

EXECUTION

Chargor

	 	 	 	 	 
	Executed as a Deed by

	 	 	)	 
	 

	 	 	)	 
	the duly authorised signatory of

	 	 	)	 
	GREAT WALL ACQUISITION CORPORATION

	 	 	)	 
	in the presence of :-

	 	 	)	 

	 	 	 	 	 
	Witness’s Signature:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Address:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

29

 

	 	 	 	 	 
	Security Agent
	 	 	 	 
	 
	 	 	 	 
	Signed, sealed and delivered by

	 	 	)	 
	 

	 	 	)	 
	for and on behalf of

	 	 	)	 
	DBS BANK LTD.

	 	 	)	 
	In the presence of :-

	 	 	)	 

	 	 	 
	 

Name of Witness:

	 	 

30exv10w4

 

EXHIBIT 10.4

EXECUTION VERSION

DEED OF CHARGE OVER ACCOUNTS

IN RELATION TO A FACILITIES AGREEMENT

FOR UP TO S$62,000,000

DATED 7 DECEMBER, 2006

BETWEEN

GREAT WALL ACQUISITION CORPORATION

as Chargor

AND

DBS BANK LTD.

as Security Agent

ALLEN & OVERY SHOOK LIN & BOK

JOINT LAW VENTURE

Singapore

 

 

CONTENTS

	 	 	 	 	 	 	 
	Clause	 	 	 	Page	 
	1.
	 	Interpretation	 	 	3	 
	2.
	 	Creation of security	 	 	6	 
	3.
	 	Further Assurances	 	 	6	 
	4.
	 	Preservation of Security	 	 	7	 
	5.
	 	Representations	 	 	9	 
	6.
	 	Undertakings	 	 	10	 
	7.
	 	Restricted Accounts	 	 	11	 
	8.
	 	When Security Becomes Enforceable	 	 	12	 
	9.
	 	Enforcement of Security	 	 	12	 
	10.
	 	Set-off	 	 	14	 
	11.
	 	Receiver	 	 	14	 
	12.
	 	Powers of Receiver	 	 	15	 
	13.
	 	Application of Proceeds	 	 	16	 
	14.
	 	Expenses and Indemnity	 	 	16	 
	15.
	 	Delegation	 	 	17	 
	16.
	 	Power of Attorney	 	 	17	 
	17.
	 	Changes to the Parties	 	 	18	 
	18.
	 	Disclosure of information	 	 	18	 
	19.
	 	Miscellaneous	 	 	19	 
	20.
	 	Release	 	 	19	 
	21.
	 	Notices	 	 	19	 
	22.
	 	Severability	 	 	19	 
	23.
	 	Amendments and Waiver	 	 	19	 
	24.
	 	Counterparts	 	 	20	 
	25.
	 	Jurisdiction	 	 	20	 
	26.
	 	Waiver of immunity	 	 	21	 
	27.
	 	Governing Law	 	 	21	 
	 
	 	 	 	 	 	 
	Schedule	 	 	 	 
	 
	 	 	 	 	 	 
	1.
	 	Notice to and acknowledgment from the Account Bank	 	 	22	 
	 
	 	Part 1     Form of notice to the Account Bank	 	 	22	 
	 
	 	Part 2     Acknowledgment of Account Bank	 	 	24	 
	 
	 	 	 	 	 	 
	Signatories	 	 	25	 

 

 

THIS DEED is dated 7 December, 2006

BETWEEN:

	(1)	 	GREAT WALL ACQUISITION CORPORATION, a corporation organised and existing under the laws of
the State of Delaware, the United States of America (the Chargor); and

	(2)	 	DBS BANK LTD. (company registration number 196800306E) as administrative agent and security
trustee for itself and the Lenders (as defined in the Facilities Agreement defined below) (the
Security Agent).

WHEREAS

The Chargor enters into this Deed in connection with the Facilities Agreement (as defined below).

IT IS AGREED as follows:

	1.	 	INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	In this Deed:

Act means the Conveyancing and Law of Property Act, Chapter 61 of Singapore.
	 
	 	 	Account Bank means (in respect of each Restricted Account) DBS Bank Ltd. and/or (in
respect of any other account charged pursuant to Clause 2.2 of this Deed) any bank with whom
such account is maintained.
	 
	 	 	Company means Chinacast Communication Holdings Limited.
	 
	 	 	Facilities Agreement means the credit facility agreement for up to S$62,000,000 dated 7
December 2006 between, inter alia, the Chargor as borrower and the Security Agent as lender
and administrative agent.
	 
	 	 	Obligor means the Chargor or any person (other than the Chargor, the Security Agent and
the Lenders) who is a party to any of the Loan Documents.
	 
	 	 	Party or Parties means a party or the parties to this Deed.
	 
	 	 	Receiver means a receiver and manager or a receiver, in each case, appointed under this
Deed.
	 
	 	 	Related Corporation means a related corporation within the meaning of Section 6 of the
Singapore Companies Act.
	 
	 	 	Restricted Account means each of the Singapore Dollar Debt Service Account and the U.S.
Dollar Debt Service Account, and includes any account which is a successor to a Restricted
Account on any re-numbering or re-designation of accounts and any account into which all or
part of a balance from a Restricted Account is transferred for investment or administrative
purposes and any replacement account and sub-account of a Restricted Account and any account
combined or consolidated with a Restricted Account.

3

 

	 	 	Secured Liabilities means all present and future obligations and liabilities (whether
actual or contingent and whether owed jointly or severally or in any other capacity
whatsoever) of the Borrower to the Security Agent, the Administrative Agent and any Lender
under each Loan Document except for any obligation which, if it were so included, would
result in this Deed contravening Section 76 of the Singapore Companies Act.
	 
	 	 	Security Assets means all the assets of the Chargor the subject of any security created
by this Deed.
	 
	 	 	Security Period means the period beginning on the date of this Deed and ending on the
date on which all the Secured Liabilities have been unconditionally and irrevocably paid and
discharged in full.
	 
	 	 	Singapore means the Republic of Singapore.
	 
	 	 	Singapore Companies Act means the Companies Act, Chapter 50 of Singapore.
	 
	1.2	 	Construction

	 	(a)	 	Terms defined, or incorporated by reference, in the Facilities Agreement have
the same meaning when used in this Deed unless otherwise defined in this Deed or the
context otherwise requires.
	 
	 	(b)	 	In this Deed, unless the contrary intention appears, a reference to:

	 	(i)	 	an amendment includes a supplement, novation, restatement or
re-enactment and amended will be construed accordingly;
	 
	 	(ii)	 	assets includes present and future properties, revenues and
rights of every description;
	 
	 	(iii)	 	an authorisation includes an authorisation, consent, approval,
resolution, licence, exemption, filing, registration or notarisation;
	 
	 	(iv)	 	disposal means a sale, transfer, grant, lease or other
disposal, whether voluntary or involuntary, and dispose will be construed
accordingly;
	 
	 	(v)	 	indebtedness includes any obligation (whether incurred as
principal or as surety) for the payment or repayment of money;
	 
	 	(vi)	 	a person includes any individual, company, corporation,
unincorporated association or body (including a partnership, trust, joint
venture or consortium), government, state, agency, organisation or other entity
whether or not having separate legal personality;
	 
	 	(vii)	 	a regulation includes any regulation, rule, official
directive, request or guideline (whether or not having the force of law but, if
not having the force of law, being of a type with which any person to which it
applies is accustomed to comply) of any governmental, inter-governmental or
supranational body, agency, department or regulatory, self-regulatory or other
authority or organisation;
	 
	 	(viii)	 	a currency is a reference to the lawful currency for the time being of the
relevant country;

4

 

	 	(ix)	 	a provision of law is a reference to that provision as
extended, applied, amended or re-enacted and includes any subordinate
legislation;
	 
	 	(x)	 	a Clause, a Subclause or a Schedule is a reference to a clause
or subclause of, or a schedule to, this Deed;
	 
	 	(xi)	 	a Party or any other person includes its successors in title,
permitted assigns and permitted transferees;
	 
	 	(xii)	 	a Loan Document or other document includes (without prejudice
to any prohibition on amendments) all amendments however fundamental to that
Loan Document or other document, including any amendment providing for any
increase in the amount of a facility or any additional facility; and
	 
	 	(xiii)	 	a time of day is a reference to Singapore time.

	 	(c)	 	A person who is not a party to this Deed may not enforce any of its terms under
the Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore and
notwithstanding any term of this Deed, the consent of any third party is not required
for any variation (including any release or compromise of any liability) or termination
of this Deed, provided that nothing in this paragraph (c) shall deny the Lenders any of
the benefit of all rights expressed to be in their favour under this Deed and/or under
the Security Agreement.
	 
	 	(d)	 	Unless the contrary intention appears:

	 	(i)	 	a reference to a Party will not include that Party if it has
ceased to be a Party under this Deed;
	 
	 	(ii)	 	a word or expression used in any other Loan Document or in any
notice given in connection with any Loan Document has the same meaning in that
Loan Document or notice as in this Deed; and
	 
	 	(iii)	 	any obligation of the Company under the Loan Documents which
is not a payment obligation remains in force for so long as any payment
obligation of the Company is or may be outstanding under the Loan Documents.

	 	(e)	 	The term this Security means any security created under this Deed.
	 
	 	(f)	 	If the Security Agent considers that an amount paid to a Lender under a Loan
Document is capable of being avoided or otherwise set aside on the liquidation or
judicial management of the payer or otherwise, then that amount will not be considered
to have been irrevocably paid for the purposes of this Deed.
	 
	 	(g)	 	Unless the context otherwise requires, a reference to a Security Asset
includes:

	 	(i)	 	the proceeds of sale of that Security Asset; and
	 
	 	(ii)	 	any present and future asset of that type.

5

 

	2.	 	CREATION OF SECURITY
	 
	2.1	 	General
	 
	(a)	 	All the security created under this Deed:

	 	(i)	 	is created by the Chargor, as sole beneficial owner, in favour
of the Security Agent;
	 
	 	(ii)	 	is created over the present and future assets of the Chargor of
the type specified in Clause 2.2; and
	 
	 	(iii)	 	is security for the payment, discharge and performance of all
the Secured Liabilities.

	(b)	 	The Security Agent holds the benefit of this Deed on trust for the Lenders.
	 
	2.2	 	Credit balances
	 
	 	 	The Chargor as security for the payment or discharge of all the Secured Liabilities,
charges and agrees to charge in favour of the Security Agent by way of a first fixed charge
all of its rights in respect of any amount standing to the credit of any account (including
any Restricted Account and any other account contemplated by this Deed) it has with any
person and the debt represented by it.
	 
	3.	 	FURTHER ASSURANCES
	 
	 	 	The Chargor must, at its own expense, take whatever action the Security Agent or a
Receiver may:

	 	(a)	 	reasonably require for creating, perfecting or protecting any security intended
to be created by or pursuant to this Deed;
	 
	 	(b)	 	require for facilitating the realisation of any Security Asset;
	 
	 	(c)	 	require for facilitating the exercise of any right, power or discretion
exercisable, by the Security Agent or any Receiver or any of their delegates or
sub-delegates in respect of any Security Asset; or
	 
	 	(d)	 	reasonably require for creating and perfecting security in favour of the
Security Agent (equivalent to the security intended to be created by this Deed) over
any assets of the Chargor located in any jurisdiction outside Singapore.

	 	 	This includes:

	 	(i)	 	the re-execution of this Deed;
	 
	 	(ii)	 	the execution of any legal mortgage, charge, transfer, conveyance, assignment
or assurance of any property, whether to the Security Agent or to its nominee; and
	 
	 	(iii)	 	the giving of any notice, order or direction and the making of any filing or
registration,

	 	 	which, in any such case, the Security Agent or a Receiver may think expedient.

6

 

	4.	 	PRESERVATION OF SECURITY
	 
	4.1	 	Continuing security
	 
	 	 	This Security is a continuing security and will extend to the ultimate balance of the
Secured Liabilities, regardless of any intermediate payment or discharge in whole or in
part.
	 
	4.2	 	Reinstatement
	 
	(a)	 	If any discharge (whether in respect of the obligations of any Obligor or any security for
those obligations or otherwise) or arrangement is made in whole or in part on the faith of any
payment, security or other disposition which is avoided or must be restored on insolvency,
liquidation, administration or otherwise without limitation, the liability of the Chargor
under this Deed will continue or be reinstated as if the discharge or arrangement had not
occurred.
	 
	(b)	 	The Security Agent may concede or compromise any claim that any payment, security or other
disposition is liable to avoidance or restoration.
	 
	4.3	 	Waiver of defences
	 
	 	 	The obligations of the Chargor under this Deed will not be affected by any act,
omission or thing which, but for this provision, would reduce, release or prejudice any of
its obligations under this Deed (whether or not known to it or the Security Agent). This
includes:

	 	(a)	 	any time or waiver granted to, or composition with, any person;
	 
	 	(b)	 	any release of any person under the terms of any composition or arrangement;
	 
	 	(c)	 	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, any person;
	 
	 	(d)	 	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;
	 
	 	(e)	 	any incapacity, lack of power, authority or legal personality of or dissolution
or change in the members or status of any person;
	 
	 	(f)	 	any amendment (however fundamental) of a Loan Document or any other document or
security; or
	 
	 	(g)	 	any unenforceability, illegality, invalidity or non-provability of any
obligation of any person under any Loan Document or any other document or security or
the failure by any Obligor to enter into or be bound by any Loan Document.

	4.4	 	Immediate recourse
	 
	 	 	The Chargor waives any right it may have of first requiring the Security Agent (or any
trustee or agent on its behalf) to proceed against or enforce any other right or security or
claim payment from any person or file any proof or claim in any insolvency, administration,
winding-up or liquidation proceedings relative to any other Obligor or any other person
before claiming from the Chargor under this Deed.

7

 

	4.5	 	Appropriations
	 
	 	 	At any time during the Security Period, the Security Agent (or any trustee or agent on
its behalf) may without affecting the liability of the Chargor under this Deed:

	 	(a)	(i)	refrain from applying or enforcing any other moneys, security or rights
held or received by the Security Agent (or any trustee or agent on its behalf) against
those amounts; or

	 	(ii)	apply and enforce them in such manner and order as it sees fit
(whether against those amounts or otherwise; and	 

	 	(b)	 	hold in a suspense account any moneys received from the Chargor or on account
of the Chargor’s liability under this Deed.

	4.6	 	Non-competition
	 
	 	 	Unless:

	 	(a)	 	the Security Period has expired; or
	 
	 	(b)	 	the Security Agent otherwise directs,

	 	 	the Chargor will not, after a claim has been made under this Deed or by virtue of any
payment or performance by it under this Deed:

	 	(i)	 	be subrogated to any rights, security or moneys held, received or receivable by
the Security Agent (or any trustee or agent on its behalf);
	 
	 	(ii)	 	be entitled to any right of contribution or indemnity in respect of any payment
made or moneys received on account of the Chargor’s liability under this Clause;
	 
	 	(iii)	 	claim, rank, prove or vote as a creditor of any Obligor or its estate in
competition with the Security Agent (or any trustee or agent on its behalf); or
	 
	 	(iv)	 	receive, claim or have the benefit of any payment, distribution or security
from or on account of any Obligor, or exercise any right of set-off as against any
Obligor.

	 	 	The Chargor must hold in trust for and immediately pay or transfer to the Security
Agent any payment or distribution or benefit of security received by it contrary to this
Clause or in accordance with any directions given by the Security Agent under this Clause.
	 
	4.7	 	Additional Security

	 	(a)	 	This Deed is in addition to and is not in any way prejudiced by any other
security now or subsequently held by the Security Agent.
	 
	 	(b)	 	No prior security held by the Security Agent over any Security Asset will merge
into this Security.

8

 

	4.8	 	Security held by the Chargor
	 
	 	 	The Chargor may not, without the prior consent of the Security Agent, hold any security
from any other Obligor in respect of the Chargor’s liability under this Deed. The Chargor
will hold any security held by it in breach of this provision on trust for the Security
Agent.
	 
	5.	 	REPRESENTATIONS
	 
	5.1	 	Times for making representations
	 
	(a)	 	The representations set out in this Deed (including in this Clause) are made to the Security
Agent and the Lenders on the date of this Deed.
	 
	(b)	 	Unless a representation is expressed to be given at a specific date, each representation
under this Deed is deemed to be repeated by the Chargor on each date during the Security
Period.
	 
	(c)	 	When a representation is repeated, it is applied to the circumstances existing at the time of
repetition.
	 
	5.2	 	Nature of Security
	 
	 	 	This Deed creates those Security Interests it purports to create and is not liable to
be avoided or otherwise set aside on the liquidation or administration of the Chargor or
otherwise.
	 
	5.3	 	Stamp duties
	 
	 	 	[As at the date of this Deed, no stamp or registration duty or similar Tax or charge is
payable in its jurisdiction of incorporation in respect of this Deed. ] [A&OSLB: Borrower’s
Delaware counsel to confirm]
	 
	5.4	 	Filings
	 
	 	 	It is not necessary to ensure the legality, validity, enforceability or admissibility
in evidence of this Deed that it has to be filed, recorded, registered or enrolled with any
governmental or other regulatory authorities in any relevant jurisdiction.
	 
	5.5	 	Immunity

	 	(a)	 	The execution by it of this Deed constitutes, and the exercise by it of its
rights and performance of its obligations under this Deed will constitute, private and
commercial acts performed for private and commercial purposes; and
	 
	 	(b)	 	It will not be entitled to claim immunity from suit, execution, attachment or
other legal process in any proceedings taken in its jurisdiction of incorporation in
relation to this Deed.

	5.6	 	Security Assets
	 
	(a)	 	The Chargor is the sole legal and beneficial owner of the Security Assets.
	 
	(b)	 	The Security Assets are free from:

	 	(i)	 	any Security Interest (other than any Security Interest created
by this Deed); and

9

 

	 	(ii)	 	any interests or claims of third parties (other than liens and
rights of set-off in favour of the Account Bank which arise in respect of usual
administrative and transactional fees and charges).

	5.7	 	No adverse consequences
	 
	(a)	 	It is not necessary under the laws of its jurisdiction of incorporation:

	 	(i)	 	in order to enable the Security Agent or any Lender to enforce
its rights under this Deed; or
	 
	 	(ii)	 	by reason of the execution of any Loan Document or the
performance by it of its obligations under this Deed,

	 	 	that any Lender should be licensed, qualified or otherwise entitled to carry on
business in the Chargor’s jurisdiction of incorporation.
	 
	(b)	 	No Lender is or will be deemed to be resident, domiciled or carrying on business in the
Chargor’s jurisdiction of incorporation by reason only of the execution, performance and/or
enforcement of this Deed.
	 
	5.8	 	Jurisdiction/governing law
	 
	(a)	 	Its:

	 	(i)	 	irrevocable submission under Clause 25 (Jurisdiction) to the
non-exclusive jurisdiction of the courts of Singapore;
	 
	 	(ii)	 	agreement that this Deed is governed by the laws of Singapore;
and
	 
	 	(iii)	 	agreement not to claim any immunity to which it or its assets
may be entitled,

	 	 	are legal, valid and binding under the laws of its jurisdiction of incorporation.
	 
	(b)	 	Any judgment obtained in Singapore will be recognised and be enforceable by the courts of its
jurisdiction of incorporation.
	 
	6.	 	UNDERTAKINGS
	 
	6.1	 	Duration
	 
	 	 	The undertakings in this Clause remain in force throughout the Security Period.
6.2 Security Assets
	 
	(a)	 	Subject to subparagraph (b) below, the Chargor shall deliver to, and deposit with, the
Security Agent, or as the Security Agent may direct, all certificates and other documents
evidencing or relating to the Security Assets.
	 
	(b)	 	The Chargor authorises the Security Agent to:

	 	(i)	 	complete, execute and serve any demands, notices and
certificates as it considers appropriate in relation to the Security Assets;
and

10

 

	 	(ii)	 	in the case of negotiable instruments, endorse all documents
necessary to constitute the Security Agent as the holder of the documents.

	(c)	 	The Chargor must procure that all amounts of monies received by it from the Company, whether
by way of dividends or any other capital restructuring exercise undertaken by the Company, are
paid into the Restricted Accounts in accordance with the provisions of the Facilities
Agreement.
	 
	(d)	 	The Company must not withdraw any sum from any Restricted Account other than in accordance
with the provisions of the Facilities Agreement.
	 
	6.3	 	Negative Pledge
	 
	 	 	The Chargor shall not:

	 	(a)	 	create or permit to subsist any Security Interest over any Security Asset;
	 
	 	(b)	 	sell, transfer, licence, lease or otherwise dispose of all or any part of its
rights in or to any Security Asset;
	 
	 	(c)	 	close or otherwise terminate any Restricted Account; or
	 
	 	(d)	 	do any other act with respect to a Security Asset, or use a Security Asset in
any way, which is prejudicial to the interests of the Security Agent and the Lenders,

	 	 	save in accordance with the provisions of the Facilities Agreement.
	 
	7.	 	RESTRICTED ACCOUNTS
	 
	7.1	 	Account Bank
	 
	 	 	Each Restricted Account must be maintained at a branch of the Account Bank approved by
the Security Agent.
	 
	7.2	 	Representations
	 
	 	 	The Chargor represents to the Security Agent that:

	 	(a)	 	it is the sole legal and beneficial owner of the credit balance from time to
time in each Restricted Account; and
	 
	 	(b)	 	the credit balances charged pursuant to this Deed are free of any Security
Interests (except for those created by or under this Deed) and any other rights or
interests in favour of third parties.

	7.3	 	Notice of charge
	 
	(a)	 	(In respect of each Restricted Account) this Deed constitutes notice in writing to the
Security Agent, in its capacity as the Account Bank, of the charge over the Restricted
Accounts created by this Deed.
	 
	(b)	 	(In respect of any other account charged pursuant to Clause 2.2 of this Deed) the Chargor
must:

11

 

	 	(i)	 	(if such account has been established as of the date of this Deed) (aa)
immediately serve a notice of charge, substantially in the form of Part 1 of Schedule 1
(Forms of letter for Account Bank) on the relevant Account Bank and (bb) use its best
endeavours to ensure that such Account Bank acknowledges the notice, substantially in
the form of Part 2 of Schedule 1 (Forms of letter for Account Bank); and
	 
	 	(ii)	 	(if such account is established at any time during the Security Period) (aa)
within five days serve a notice of charge, substantially in the form of Part 1 of
Schedule 1 (Forms of letter for Account Bank) on the relevant Account Bank and (bb) use
its best endeavours to ensure that such Account Bank acknowledges the notice,
substantially in the form of Part 2 of Schedule 1 (Forms of letter for Account Bank).

	7.4	 	Filing
	 
	 	 	The Chargor shall make timely filing and registration of this Deed in order to preserve
and perfect this Security in Singapore and any other relevant jurisdictions.
	 
	7.5	 	Other obligations
	 
	(a)	 	The Chargor shall remain liable to perform all its obligations in connection with the
Security Assets.
	 
	(b)	 	The Security Agent is not under any obligation of any kind in connection with the Security
Assets nor any liability whatsoever in the event of any failure by the Chargor to perform its
obligations in connection with the Security Assets.
	 
	8.	 	WHEN SECURITY BECOMES ENFORCEABLE
	 
	8.1	 	Event of Default
	 
	 	 	This Security shall become immediately enforceable after an Event of Default has
occurred and is continuing and the Administrative Agent has given notice pursuant to Article
VII of the Facilities Agreement.
	 
	8.2	 	Discretion
	 
	 	 	After this Security has become enforceable, the Security Agent may in its absolute
discretion enforce all or any part of this Security as it sees fit.
	 
	8.3	 	Power of sale
	 
	 	 	The power of sale and other powers conferred on a mortgagee by law (including under
section 24 of the Act), as amended by this Deed, will be immediately exercisable at any time
after this Security has become enforceable.
	 
	9.	 	ENFORCEMENT OF SECURITY
	 
	9.1	 	General
	 
	(a)	 	Section 25 of the Act (restricting the power of sale) and Section 21 of the Act (restricting
the right of consolidation) do not apply to this Security.

12

 

	(b)	 	All or any of the powers, authorities and discretions which are conferred by the Act and/or
this Deed either expressly or impliedly upon a Receiver may be exercised by the Security Agent
without first appointing a Receiver or notwithstanding the appointment of a Receiver.
	 
	9.2	 	No liability as mortgagee in possession
	 
	 	 	Neither the Security Agent nor any Receiver will be liable, by reason of entering into
possession of a Security Asset:

	 	(a)	 	to account as mortgagee in possession or for any loss on realisation; or
	 
	 	(b)	 	for any default or omission for which a mortgagee in possession might be liable.

	9.3	 	Privileges
	 
	 	 	Each Receiver and the Security Agent is entitled to all the rights, powers, privileges
and immunities conferred by the Act on mortgagees and receivers duly appointed under the
Act, except that Section 25 of the Act does not apply.
	 
	9.4	 	Protection of third parties
	 
	 	 	No person (including a purchaser) dealing with the Security Agent or a Receiver or its
or his agents will be concerned to enquire:

	 	(a)	 	whether the Secured Liabilities have become payable;
	 
	 	(b)	 	whether any power which the Security Agent or a Receiver is purporting to
exercise has become exercisable or is being properly exercised;
	 
	 	(c)	 	whether any money remains due under the Loan Documents; or
	 
	 	(d)	 	how any money paid to the Security Agent or to that Receiver is to be applied.

	9.5	 	Redemption of prior mortgages
	 
	 	 	At any time after this Security has become enforceable, the Security Agent may do any
or all of the following:

	 	(a)	 	redeem any prior Security Interest against the Security Assets;
	 
	 	(b)	 	procure the transfer of that Security Interest to itself; and
	 
	 	(c)	 	settle and pass the accounts of the prior mortgagee, chargee or encumbrancer;
any accounts so settled and passed shall be conclusive and binding on the Security
Agent.

	 	 	The Chargor shall pay on demand all principal moneys, interest, costs charges and expenses
in connection with any redemption and/or transfer.
	 
	9.6	 	Contingencies
	 
	 	 	If this Security is enforced at a time when no amounts are due under the Loan Documents
but at a time when amounts may or will become so due, the Security Agent (or the Receiver)
may pay the proceeds of any recoveries effected by it into a suspense account.

13

 

	10.	 	SET-OFF
	 
	 	 	If an Event of Default has occurred and is continuing, the Security Agent may set off any
obligations (whether or not matured) owed by the Chargor under this Deed (to the extent
beneficially owned by the Security Agent) against any obligation (whether or not matured)
owed by the Security Agent to the Chargor, regardless of the place of payment, booking
branch or currency of either obligation. If the obligations are in different currencies,
the Security Agent may convert either obligation at a market rate of exchange in its usual
course of business for the purpose of the set-off. If either obligation is unliquidated or
unascertained, the Security Agent may set off in an amount estimated by it in good faith to
be the amount of that obligation.
	 
	11.	 	RECEIVER
	 
	11.1	 	Appointment of Receiver
	 
	(a)	 	Except as provided below, the Security Agent may appoint any one or more persons to be a
Receiver of all or any part of the Security Assets if:

	 	(i)	 	this Security has become enforceable; or
	 
	 	(ii)	 	the Chargor so requests the Security Agent in writing at any
time.

	(b)	 	Any appointment under paragraph (a) above may be by deed, under seal or in writing under its
hand.
	 
	(c)	 	Except as provided below, any restriction imposed by law on the right of a mortgagee to
appoint a Receiver (including under Section 29(1) of the Act) does not apply to this Deed.
	 
	11.2	 	Removal
	 
	 	 	The Security Agent may by writing under its hand (subject to any requirement for an
order of the court in the case of an receiver and manager) remove any Receiver appointed by
it and may, whenever it thinks fit, appoint a new Receiver in the place of any Receiver
whose appointment may for any reason have terminated.
	 
	11.3	 	Remuneration
	 
	 	 	The Security Agent may fix the remuneration of any Receiver appointed by it and the
maximum rate specified in Section 29(6) of the Act will not apply.
	 
	11.4	 	Agent of Chargor
	 
	(a)	 	A Receiver will be deemed to be the agent of the Chargor for all purposes and accordingly
will be deemed to be in the same position as a Receiver duly appointed by a mortgagee under
the Act. The Chargor is responsible for the contracts, engagements, acts, omissions, defaults
and losses of a Receiver and for liabilities incurred by a Receiver.
	 
	(b)	 	The Security Agent will not incur any liability (either to the Chargor or to any other
person) by reason of the appointment of a Receiver or for any other reason.

14

 

	11.5	 	Relationship with the Security Agent
	 
	 	 	To the fullest extent allowed by law, any right, power or discretion conferred by this
Deed (either expressly or impliedly) or by law on a Receiver may after this Security becomes
enforceable be exercised by the Security Agent in relation to any Security Asset without
first appointing a Receiver and notwithstanding the appointment of a Receiver.
	 
	12.	 	POWERS OF RECEIVER
	 
	12.1	 	General
	 
	(a)	 	A Receiver has all of the rights, powers and discretions conferred on the Security Agent
under this Deed and the Act, and also those set out below in this Clause in addition to those
conferred on it by any law.
	 
	(b)	 	If there is more than one Receiver holding office at the same time, each Receiver may (unless
the document appointing him states otherwise) exercise all of the powers conferred on a
Receiver under this Deed individually and to the exclusion of any other Receiver.
	 
	12.2	 	Possession
	 
	 	 	A Receiver may take immediate possession of, get in and collect any Security Asset.
	 
	12.3	 	Borrow money
	 
	 	 	A Receiver may raise and borrow money either unsecured or on the security of any
Security Asset either in priority to this Security or otherwise and generally on any terms
and for whatever purpose which he thinks fit.
	 
	12.4	 	Sale of assets
	 
	(a)	 	A Receiver may sell, exchange, convert into money and realise any Security Asset by public
auction or private contract and generally in any manner and on any terms which he thinks fit.
	 
	(b)	 	The consideration for any such transaction may consist of cash, debentures or other
obligations, shares, stock or other valuable consideration and any such consideration may be
payable in a lump sum or by instalments spread over any period which he thinks fit.
	 
	12.5	 	Compromise
	 
	 	 	A Receiver may settle, adjust, refer to arbitration, compromise and arrange any claim,
account, dispute, question or demand with or by any person who is or claims to be a creditor
of the Chargor or relating in any way to any Security Asset.
	 
	12.6	 	Legal actions
	 
	 	 	A Receiver may bring, prosecute, enforce, defend and abandon any action, suit or
proceedings in relation to any Security Asset which he thinks fit.
	 
	12.7	 	Receipts
	 
	 	 	A Receiver may give a valid receipt for any moneys and execute any assurance or thing
which may be proper or desirable for realising any Security Asset.

15

 

	12.8	 	Delegation
	 
	 	 	A Receiver may delegate his powers in accordance with this Deed.
	 
	12.9	 	Other powers
	 
	 	 	A Receiver may:-

	 	(a)	 	do all other acts and things which he may consider desirable or necessary for
realising any Security Asset or incidental or conducive to any of the rights, powers or
discretions conferred on a Receiver under or by virtue of this Deed or law;
	 
	 	(b)	 	exercise in relation to any Security Asset all the powers, authorities and
things which he would be capable of exercising if he were the absolute beneficial owner
of the same; and
	 
	 	(c)	 	use the name of the Chargor for any of the above purposes.

	13.	 	APPLICATION OF PROCEEDS
	 
	 	 	Any moneys received by the Security Agent or any Receiver after this Security has
become enforceable shall be applied in the following order of priority (but without
prejudice to the right of the Security Agent to recover any shortfall from the Chargor):

	 	(a)	 	first, in satisfaction of, or provision for, all costs and expenses incurred by
the Security Agent or any Receiver under this Deed and of all remuneration due to any
Receiver under or in connection with this Deed;
	 
	 	(b)	 	second, in or towards payment of the Secured Liabilities or such part of them
as is then due and payable; and
	 
	 	(c)	 	third, in payment of the surplus (if any) to the Chargor or to such other
person as the Chargor may in writing direct.

	14.	 	EXPENSES AND INDEMNITY
	 
	 	 	The Chargor must:

	 	(a)	 	immediately on demand pay all costs and expenses (including legal fees on a
full indemnity basis) incurred in connection with this Deed by the Security Agent,
Receiver, attorney, manager, agent or other person appointed by the Security Agent
under this Deed including any arising from any actual or alleged breach by any person
of any law or regulation; and
	 
	 	(b)	 	keep each of them indemnified against any failure or delay in paying those
costs or expenses under subclause (a) above, and any loss or liability incurred by it
in connection with any litigation, arbitration or administrative proceedings concerning
this Security.

16

 

	15.	 	DELEGATION
	 
	15.1	 	Power of attorney
	 
	 	 	The Security Agent or any Receiver may delegate by power of attorney or in any other
manner to any person any right, power or discretion exercisable by it under this Deed.
	 
	15.2	 	Terms
	 
	 	 	Any such delegation may be made upon any terms (including power to sub-delegate) which
the Security Agent or any Receiver may think fit.
	 
	15.3	 	Liability
	 
	 	 	The Security Agent will not be in any way liable or responsible to the Account Bank or
the Chargor (save in the case of the Security Agent’s gross negligence, wilful default or
fraud) for any loss or liability arising from any act, default, omission or misconduct on
the part of any such delegate or sub-delegate.
	 
	16.	 	POWER OF ATTORNEY
	 
	16.1	 	Appointment of Attorney
	 
	 	 	The Chargor, by way of security, irrevocably and severally appoints the Security Agent, each
Receiver and any of their delegates or sub-delegates to be its attorney or attorneys (with
full power of substitution) and in its name and otherwise on its behalf (and as its act and
deed) to, at any time after an Event of Default has occurred and is continuing, sign, seal,
execute, deliver, perfect and do all deeds, agreements, instruments, acts and things which
may be required (or which the Security Agent, the Receiver or any of their delegates or
sub-delegates shall consider requisite) for carrying out any obligation imposed on the
Chargor by or pursuant to this Deed, for carrying out any sale, transfer, assignment, lease
or other dealings by the Security Agent, the Receiver or any of their delegates or
sub-delegates, for conveying or transferring any legal estate or other interest in land or
other property or otherwise, for getting in the Security Assets, and generally for enabling
the Security Agent, the Receiver or any of their respective delegates or sub-delegates to
exercise the respective powers, rights, authorities and discretions conferred on them or any
of them by or pursuant to this Deed or by law and (without prejudice to the generality of
the foregoing) to sign, seal and deliver and otherwise perfect any deed, assurance,
agreement, assignment, charge, conveyance, mortgage, transfer, instrument or act which it or
he may deem proper in or for the purpose of exercising any of such powers, rights,
authorities and discretions.
	 
	16.2	 	Ratification
	 
	 	 	The Chargor ratifies and confirms whatever any attorney does or purports to do pursuant to
its appointment under this Clause.
	 
	16.3	 	Grant for Security
	 
	 	 	The power of attorney hereby granted is as regards the Security Agent, each Receiver
and each of their delegates or sub-delegates (and as the Chargor hereby acknowledges)
granted irrevocably and for value as part of the security constituted by this Deed to secure
the propriety interests of and the performance of the obligations owed to the respective
donees.

17

 

	17.	 	CHANGES TO THE PARTIES
	 
	17.1	 	Successors and Assigns
	 
	 	 	This Deed is binding on the successors and assigns of the Chargor, the Security Agent and
the Lenders.
	 
	17.2	 	Transfers by the Chargor
	 
	 	 	The Chargor may not assign, transfer, novate or dispose of any of, or any interest in,
its rights and or obligations under this Deed.
	 
	17.3	 	Transfers by the Security Agent
	 
	 	 	The Security Agent may at any time assign, transfer, novate or dispose of any of all or any
part, or any interest in, its rights and/or obligations under this Deed.
	 
	18.	 	DISCLOSURE OF INFORMATION
	 
	(a)	 	Without detracting from the Security Agent’s rights of disclosure under any law (including,
under the Banking Act, Chapter 19 of Singapore), the Security Agent must keep confidential any
information supplied to it by or on behalf of the Chargor in connection with the Loan
Documents. However, the Security Agent is entitled to disclose information:

	 	(i)	 	which is publicly available, other than as a result of a breach
by the Security Agent of this Clause;
	 
	 	(ii)	 	in connection with any legal or arbitration proceedings against
any Obligor;
	 
	 	(iii)	 	if required to do so under any law or regulation;
	 
	 	(iv)	 	to a governmental, banking, taxation or other regulatory
authority;
	 
	 	(v)	 	to its professional advisers on a confidential basis;
	 
	 	(vi)	 	to the extent allowed under paragraph (b) below;
	 
	 	(vii)	 	to another Obligor; or
	 
	 	(viii)	 	with the agreement of the Chargor.

	(b)	 	The Security Agent may disclose to a Related Corporation or any person with whom it may
enter, or has entered into, any kind of transfer, participation or other agreement in relation
to this Deed (a participant) for the purpose of that transfer, participation or agreement:

	 	(i)	 	a copy of any Loan Document; and
	 
	 	(ii)	 	any information which the Security Agent has acquired under or
in connection with any Loan Document.

	 	 	However, before a participant may receive any confidential information, it must agree
with the Security Agent to keep that information confidential on the terms of paragraph (a)
above.
	 
	(c)	 	This Clause supersedes any previous confidentiality undertaking given by the Security Agent
in connection with this Deed prior to it becoming a Party.

18

 

	19.	 	MISCELLANEOUS
	 
	19.1	 	Covenant to pay
	 
	 	 	The Chargor shall pay or discharge the Secured Liabilities in the manner provided for
in the Loan Documents.
	 
	19.2	 	Certificates
	 
	 	 	A certificate or determination by the Security Agent of a rate or amount under the Loan
Documents is, in the absence of manifest error, conclusive evidence of the matter to which
it relates.
	 
	19.3	 	No liability of the Security Agent
	 
	 	 	The Security Agent is not liable for any loss of any kind (including any loss arising
from changes in exchange rates) which may occur as a result of the exercise or purported
exercise of, or any delay or neglect to exercise, any of its rights under this Deed, save in
the case of the Security Agent’s gross negligence, wilful default or fraud.
	 
	19.4	 	Other remedies
	 
	 	 	Nothing in this Deed shall limit any rights or remedies which any Party hereto has
under any other instrument.
	 
	20.	 	RELEASE
	 
	 	 	At the end of the Security Period, the Security Agent shall, at the request and cost of
the Chargor, take whatever action is necessary to release the Security Assets from this
Security.
	 
	21.	 	NOTICES
	 
	 	 	The provisions of Section 9.01 (Notices) of the Facilities Agreement apply to this
Deed as if they were set out in full in this Deed, except that references to the Loan
Documents shall be construed as if they were references to this Deed.
	 
	22.	 	SEVERABILITY
	 
	 	 	If a provision of this Deed is or becomes illegal, invalid or unenforceable in any
jurisdiction, that shall not affect:

	 	(a)	 	the legality validity or enforceability in that jurisdiction of any other
provision of this Deed; or
	 
	 	(b)	 	the legality validity or enforceability in other jurisdictions of that or any
other provision of this Deed.

	23.	 	AMENDMENTS AND WAIVER
	 
	23.1	 	Amendments
	 
	 	 	No purported alteration, variation or amendment of this Deed shall be effective unless
made in accordance with the Facilities Agreement.

19

 

	23.2	 	Waiver and remedies cumulative
	 
	 	 	The rights of the Security Agent under this Deed:

	 	(a)	 	may be exercised as often as necessary;
	 
	 	(b)	 	are cumulative and are not exclusive of its rights under the general law; and
	 
	 	(c)	 	may be waived only in writing and specifically.

	 	 	Delay in exercising or non-exercise of any such right is not a waiver of that right.
	 
	24.	 	COUNTERPARTS
	 
	 	 	This Deed may be executed in any number of counterparts. This has the same effect as
if the signatures on the counterparts were on a single copy of this Deed.
	 
	25.	 	JURISDICTION
	 
	25.1	 	Submission
	 
	 	 	For the benefit of the Security Agent, the Chargor agrees that the courts of Singapore
have jurisdiction to settle any disputes in connection with this Deed and accordingly
submits to the non-exclusive jurisdiction of the courts of Singapore.
	 
	25.2	 	Forum convenience and enforcement abroad
	 
	 	 	The Chargor:

	 	(a)	 	waives objection to the courts of Singapore on grounds of inconvenient forum or
otherwise as regards proceedings in connection herewith; and
	 
	 	(b)	 	agrees that a judgment or order of a court of Singapore in connection herewith
is conclusive and binding on it and may be enforced against it in the courts of any
other jurisdiction.

	25.3	 	Non-exclusivity
	 
	 	 	Nothing in this Clause limits the right of any Party hereto to bring proceedings
against any other Party in connection herewith:

	 	(a)	 	in any other court of competent jurisdiction; or
	 
	 	(b)	 	concurrently in more than one jurisdiction.

	25.4	 	Service of Process
	 
	(a)	 	The Chargor irrevocably appoints BSL Corporate Services Pte Ltd of 220 Orchard Road, #05-01
Midpoint Orchard, Singapore 238852 as its agent under this Deed for service of process in any
proceedings before the Singapore courts.
	 
	(b)	 	If BSL Corporate Services Pte Ltd is unable for any reason to act as agent for service of
process, the Chargor must immediately appoint another agent on terms acceptable to the
Security Agent. Failing this, the Security Agent may appoint another agent for this purpose.

20

 

	(c)	 	The Chargor agrees that failure by a process agent to notify it of any process will not
invalidate the relevant proceedings.
	 
	(d)	 	This Clause does not affect any other method of service allowed by law.
	 
	26.	 	WAIVER OF IMMUNITY
	 
	 	 	The Chargor irrevocably and unconditionally:-

	 	(a)	 	agrees that if the Security Agent brings proceedings against it or its assets
in relation to this Deed, no immunity from those proceedings (including, without
limitation, suit, attachment prior to judgment, other attachment, the obtaining of
judgment, execution or other enforcement) will be claimed by or on behalf of itself or
with respect to its assets;
	 
	 	(b)	 	waives any such right of immunity which it or its assets now has or may
subsequently acquire; and
	 
	 	(c)	 	consents generally in respect of any such proceedings to the giving of any
relief or the issue of any process in connection with those proceedings, including,
without limitation, the making, enforcement or execution against any assets whatsoever
(irrespective of its use or intended use) of any order or judgment which may be made or
given in those proceedings.

	27.	 	GOVERNING LAW
	 
	 	 	This Deed is governed by the laws of Singapore.

This Deed has been entered into as a deed on the date stated at the beginning of this Deed.

21

 

SCHEDULE 1

NOTICE TO AND ACKNOWLEDGMENT FROM THE ACCOUNT BANK

PART 1

Notice to the Account Bank

	 	 	 
	To:

	 	[•]
	 

	 	as account bank (the Account Bank)

[DATE]

Dear Sirs,

Account No. [          ] (the Charged Account);

	1.	 	We hereby give you notice that by a Deed of Charge over
Accounts (the Deed) dated [•] made
between ourselves and DBS Bank Ltd. as security agent for itself and the other lenders (the
Security Agent) we have charged to the Security Agent, our right, title, benefits and interest
to or in all moneys (including interest) standing to the credit of the Charged Account from
time to time and the debts represented by them upon the terms and conditions set out in the
Deed and the Loan Documents (as defined therein).
	 
	2.	 	We irrevocably authorise and instruct you from time to time, upon receipt of instructions
from the Security Agent:

	 	(a)	 	to pay to the Security Agent, or as it may direct, all or any monies standing
to the credit of the Charged Account;
	 
	 	(b)	 	to hold all sums standing to the credit of the Charged Account to the order of
the Security Agent;
	 
	 	(c)	 	to disclose to the Security Agent such information relating to the Charged
Account as the Security Agent may from time to time request; and
	 
	 	(d)	 	to comply with the terms of any other written instructions or notice relating
to the Deed or the Charged Account received by you from the Security Agent.

	3.	 	We agree that you shall not be bound to enquire whether the right of the Security Agent to
withdraw any monies from the Charged Account has arisen or be concerned with the propriety or
regularity thereof or be concerned with notice to the contrary or be concerned with or
responsible for the application of any monies received by the Security Agent.
	 
	4.	 	We shall remain liable to perform all our obligations in connection with the Charged Account
and each credit balance standing to the credit of the Charged Account.
	 
	5.	 	The Security Agent is under no obligation to you in connection with the:

	 	(a)	 	the Charged Account; and/or
	 
	 	(b)	 	any credit balance standing to the credit of the Charged Account,

22

 

nor shall the Security Agent incur any liability whatsoever in the event of any failure
by us to perform our obligations in connection with the Charged Account or a credit balance
standing to the credit of the Charged Account.

6. These instructions shall not be revoked or varied without the prior written consent of the
Security Agent.

7. This notice is governed by the laws of Singapore.

8. Please acknowledge receipt of this notice by signing and returning one duplicate copy of this
notice and the enclosed “Acknowledgment of Account Bank” to the Security Agent.

Yours faithfully,

	 	 	 	 	 
	For and on behalf of	 	 
	GREAT WALL ACQUISITION CORPORATION	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorised signatory	 	 

23

 

PART 2

Acknowledgment of Account Bank

	 	 	 
	To:

	 	[•]
	 

	 	in its capacity as Security Agent
	 
	 	 
	cc:

	 	GREAT WALL ACQUISITION CORPORATION

Dear Sirs,

Account No. [          ] (the Restricted Account);

	1.	 	We acknowledge receipt of the attached notice from GREAT WALL ACQUISITION CORPORATION dated [     ] (the Notice) and we:

	 	(a)	 	confirm that we will act in accordance with the instructions set out in the
Notice;
	 
	 	(b)	 	confirm that we do not have notice of any other charge, assignment or
encumbrance of the Restricted Account, currently in force, nor are we aware of any
interest of any third party in the Restricted Account that is currently in force;
	 
	 	(c)	 	confirm that we will not, in our capacity as the Account Bank, exercise, in
respect of the Restricted Account, any right of set-off, consolidation or counterclaim
or any other right against or in respect of the Restricted Account except in respect of
usual administrative and transactional fees and charges; and
	 
	 	(d)	 	understand and agree that the instructions set out therein may only be revoked
or amended with your prior written consent.

	2.	 	Capitalised terms used and not defined in this acknowledgment shall have the meaning set
forth, directly or by cross-reference in the Notice.

	3.	 	This acknowledgment is governed by the laws of Singapore.

Yours faithfully,

For and on behalf of

[•]

as account bank

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorised signatory	 	 

24

 

SIGNATORIES

The Chargor

	 	 	 	 	 
	Executed as a Deed by

	 	 	)	 
	 

	 	 	)	 
	the duly authorised signatory of

	 	 	)	 
	GREAT WALL ACQUISITION CORPORATION

	 	 	)	 
	in the presence of :-

	 	 	)	 

	 	 	 	 	 
	Witness’s Signature:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Address:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

 

 

	 	 	 	 	 
	The Security Agent
	 	 	 	 
	 
	 	 	 	 
	Signed, sealed and delivered by

	 	 	)

)	 
	for and on behalf of

	 	 	)	 
	DBS BANK LTD.

	 	 	)	 
	In the presence of :-

	 	 	)	 

                                        

Name of Witness:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]