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 Borrower may be placed and kept to the credit of a non-interest bearing suspense account for so long and in such manner as the Lender may in its absolute discretion deems fit and if applied by the Lender in or towards discharge of any monies or liabilities due or incurred by the Borrower, may be applied in such order and proportions as the 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 Borrower and/or the Assignor the 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 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 Lender shall be treated as received in respect of this security but the full amount hereby secured shall be payable by the Borrower and/or the Assignor until the Lender shall have received from all sources one hundred sen in the Ringgit on the ultimate balance outstanding against the Borrower and/or the Assignor. After the Lender has received such ultimate balance in full any claim on the part of the Borrower and/or the Assignor to any excess or any security remaining with the Lender shall be a matter of adjustment between the Lender and the Borrower 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 Borrower Customer may be placed and kept to the credit of a non-interest income bearing suspense account for so long and in such manner as the Lender Bank may in its absolute discretion deems fit and if applied by the Lender Bank in or towards discharge of any monies or liabilities due or incurred by the BorrowerCustomer, may be applied in such order and proportions as the Lender 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 Borrower Customer and/or the Assignor the Lender 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 Borrower 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 Lender Bank shall be treated as received in respect of this security but the full amount hereby secured shall be payable by the Borrower Customer and/or the Assignor until the Lender Bank shall have received from all sources one hundred sen in the Ringgit on the ultimate balance outstanding against the Borrower Customer and/or the Assignor. After the Lender Bank has received such ultimate balance in full any claim on the part of the Borrower Customer and/or the Assignor to any excess or any security remaining with the Lender Bank shall be a matter of adjustment between the Lender Bank and the Borrower Customer and/or the Assignor and/or any other person or persons laying claim thereto.