TRUST RECEIPT / BILLS RECEIVABLE PURCHASED FINANCING TERMS AND CONDITIONS

1. We acknowledge that DBS Bank Ltd (which expression shall include its overseas branches and subsidiaries and other banks under DBS Group Holdings Ltd) has delivered to us and we have accepted pursuant to terms and conditions hereafter appearing documents and/or goods (collectively called the "Goods") which are or have been pledged by us as security in favour of DBS Bank for the financing provided or to be provided under the Collection Bill referenced on the face of this application or pursuant to the terms and conditions set out in the application form for issuance of the Letter of Credit referenced above. We further agree to store and hold the Goods on trust for DBS Bank Ltd, with authority (subject to any subsequent revocation of such authority) to sell the same as agent and for the account of DBS Bank Ltd at full market value but without authority to make any other disposition whatsoever of the Goods or any part thereof or the proceeds of sale of such Goods as part thereof either by way of conditional sale, pledge, charge or otherwise.
2. For the avoidance of doubt, where documents released to us consist of less than the full set of bills of lading, we confirm that the terms and conditions stated herein and all your right conferred herein shall nevertheless apply.
3. We agree to obtain delivery of and to warehouse the Goods on your behalf but at our expense, and to hand to you upon your demand all warehouseman receipt, attornment or such document evidencing title or right of possession. We shall keep DBS Bank Ltd informed at all times of any movement of goods from the place of storage. We further agree to comply with any of your instructions as to the means or manner of transporting, warehousing and storage of the Goods.
4. We agree that as documents are released to us hereunder, we are deemed to have accepted the documents as well as waived all our rights to reject the documents on any ground, including the ground that the documents presented are incomplete or do not comply with the requirements of the Letter of Credit or of the Collection Bill and/or that they otherwise contain any discrepancies.
5. We also undertake to keep the Goods fully insured against fire, theft, pilferage, marine risks and/or such other risks or contingencies if any as the Bank may from time to time require and to hold the policies on behalf of DBS Bank Ltd and to pay the sum insured in case of loss to DBS Bank Ltd immediately. Such warehousing and storage charges, insurance premium and any other expenses incurred on or in relation to the Goods should be borne entirely by us. We also undertake to take all steps towards the recovery of any losses or damages suffered by DBS Bank Ltd in respect of the Goods, including if required by DBS Bank Ltd, commencing proceedings in our own name or in the joint names of the Bank and us.
6. We confirm that we have not obtained and shall not obtain financing for or in respect of the Goods from any other party.
7. Where the Goods or any part thereof are sold, we agree to hold and do so hold the proceeds of sale as soon as received on trust for DBS Bank Ltd and to hand over to or otherwise place the proceeds of sale in a designated account with DBS Bank Ltd immediately thereafter, to be applied in payment against such of our indebtedness to DBS Bank Ltd whether or not arising out of or in connection with the Collection Bill or Letter of Credit referenced above or the Goods.
8. We confirm that the Goods and any products manufactured therefrom (over which you are entitled to the rights as are vested in you herein in relation to the Goods) would not be subject to any other security, lien or encumbrance. We further warrant that we are not indebted to the Buyer of the Goods and the Buyer of such Goods does not have any actual or contingent right of set-off against us which may lead to a reduction of the proceeds of sale payable on the Goods.
9. DBS Bank Ltd may at any time at its sole discretion, terminate this trust, demand or resume possession of the Goods and/or demand payment or a legal assignment of the proceeds of sale of the Goods. In the event of any failure on our part to observe the terms of the application for issuance of the Letter of Credit, the Letter of Credit, the Collection Bill or this Trust Receipt, any failure to make or lateness in payment of the amount under the Letter of Credit, the Collection Bill or any part thereof or the proceeds of sale to DBS Bank Ltd, all of our obligations, acceptances, indebtedness and liabilities whatsoever shall thereupon (with or without notice) mature and become due and payable.
10. On due date of the financing provided to us, DBS Bank Ltd is authorised to debit our account for the amount drawn under the Letter of Credit or Collection Bill or otherwise specified herein, together with all charges, commissions, costs, disbursements and expenses payable by us to DBS Bank Ltd, save that for the avoidance of doubt, until full amount of such payment is made, DBS Bank Ltd retains all rights on the Goods and/or proceeds of sale.
11. We agree to fully indemnify DBS Bank Ltd and/or its agents on demand against all actions or claims commenced against, demands, costs, payments, expenses, liabilities, losses, disbursements, payments of whatsoever nature now or hereafter incurred or to be incurred by DBS Bank Ltd or by any agent, correspondent, officer or employee of or for whom DBS Bank Ltd may be answerable for anything done or omitted to be done in connection with or arising out of this trust receipt or the performance of terms and conditions contained therein.
12. This Trust Receipt shall be governed by and construed in accordance with the laws of Singapore and we hereby agree to submit to the non-exclusive jurisdiction of the Singapore Courts.

By downloading, printing and submitting to DBS Bank Ltd ("the Bank") the Trust Receipt / Bills Receivable Purchased Financing form from this web page, we hereby confirm that we have read, understood and acknowledged the Terms and Conditions for Trust Receipt / Bills Receivable Purchased Financing stated herein, and fully authorise the Bank to proceed with the provision of the service. We also understand and agree that the Bank may modify the Terms and Conditions for Trust Receipt / Bills Receivable Purchased Financing without prior notice to us at any time.