Common use of SUSPENSE ACCOUNT AND PROOF OF DEBT Clause in Contracts

SUSPENSE ACCOUNT AND PROOF OF DEBT. Any money received for the account of the Customer may be placed and kept to the credit of a non-income bearing suspense account for so long and in such manner as the Bank may in its absolute discretion deems fit and if applied by the Bank in or towards discharge of any monies or liabilities due or incurred by the Customer, may be applied in such order and proportions as the Bank may in its absolute discretion deems fit. Notwithstanding any such payment in the event of any proceedings in or analogous to bankruptcy or insolvency of the Customer and/or the Assignor the Bank may prove for and agree to accept any dividend or composition in respect of the whole or any part of the amount outstanding against the Customer and/or the Assignor on such general balance in the same manner as if this security had not been created and no monies or dividends so received by the Bank shall be treated as received in respect of this security but the full amount hereby secured shall be payable by the Customer and/or the Assignor until the Bank shall have received from all sources one hundred sen in the Ringgit on the ultimate balance outstanding against the Customer and/or the Assignor. After the Bank has received such ultimate balance in full any claim on the part of the Customer and/or the Assignor to any excess or any security remaining with the Bank shall be a matter of adjustment between the Bank and the Customer and/or the Assignor and/or any other person or persons laying claim thereto.

SUSPENSE ACCOUNT AND PROOF OF DEBT. Any money received for the account of the Customer Borrower may be placed and kept to the credit of a non-income interest bearing suspense account for so long and in such manner as the Bank Lender may in its absolute discretion deems fit and if applied by the Bank Lender in or towards discharge of any monies or liabilities due or incurred by the CustomerBorrower, may be applied in such order and proportions as the Bank Lender may in its absolute discretion deems fit. Notwithstanding any such payment in the event of any proceedings in or analogous to bankruptcy or insolvency of the Customer Borrower and/or the Assignor the Bank Lender may prove for and agree to accept any dividend or composition in respect of the whole or any part of the amount outstanding against the Customer Borrower and/or the Assignor on such general balance in the same manner as if this security had not been created and no monies or dividends so received by the Bank Lender shall be treated as received in respect of this security but the full amount hereby secured shall be payable by the Customer Borrower and/or the Assignor until the Bank Lender shall have received from all sources one hundred sen in the Ringgit on the ultimate balance outstanding against the Customer Borrower and/or the Assignor. After the Bank Lender has received such ultimate balance in full any claim on the part of the Customer Borrower and/or the Assignor to any excess or any security remaining with the Bank Lender shall be a matter of adjustment between the Bank Lender and the Customer Borrower and/or the Assignor and/or any other person or persons laying claim thereto.