1. In these terms and conditions, unless the context otherwise requires:
   1. “Agreement” means the agreement between the Bank and the Account Holder as recorded in the Letter and these terms and conditions;
   2. “Account Holder” means the customer of the Bank, particulars of whom are stated in the Letter;
   3. “Bank” means Standard Chartered Bank (Singapore) Limited, its successors and assigns;
   4. “Debt Restructure” means the restructure of the Original Debt due and owing from the Account Holder to the Bank particularised in the Letter;
   5. “Letter” means the letter of offer from the Bank to the Account Holder, containing the main terms of the Debt Management Program, the Debt Relief Program or the Special Instalment Loan (as the case may be), or any other Debt Restructure scheme, offered by the Bank to the Account Holder;
   6. “Original Agreement” means the terms and conditions governing the original account of the Account Holder as may be varied from time to time and in the event that there is more than one original account, the respective “Original Agreements”;
   7. “Original Debt” means the debt due and owing from the Account Holder to the Bank under the Original Agreement;
   8. “Restructured Debt” means the debt due and owing from the Account Holder to the Bank after Debt Restructure including interest and charges incurred for the tenure of the Debt Management Program, the Debt Relief Program or the Special Instalment Loan (as the case may be), or any other Debt Restructure scheme, offered by the Bank to the Account Holder.
2. A reference to persons shall be deemed to include a sole proprietor, partnership, company or other entity; words importing the singular number shall include the plural number and vice versa; words importing the masculine gender shall include the feminine and neuter genders; reference to a Clause is a clause of this Agreement; the headings in this Agreement are for convenient reference only and shall not be used for the construction or interpretation thereof.

The Agreement will not take effect unless and until the Account Holder makes payment of the first instalment pursuant to the terms of the Letter. The Account Holder’s payment of the first instalment within the prescribed time or such extended time as the Bank may specify or otherwise agree, in its sole and absolute discretion, shall constitute the Account Holder’s unequivocal acceptance of this Agreement.

1. The terms and conditions herein are in addition to the Original Agreement which continues to govern the relationship between the Account Holder and the Bank. In the event of any inconsistency between the terms and conditions herein and those in the Original Agreement, the terms and conditions set out herein shall prevail only to the extent of such inconsistency, insofar as they relate to the Debt Management Program, the Debt Relief Program or the Special Instalment Loan (as the case may be), or any other Debt Restructure scheme, offered by the Bank to the Account Holder.
2. The Bank reserves the right to vary, modify, add or delete any of the terms and conditions governing the Debt Management Program, the Debt Relief Program or the Special Instalment Loan (as the case may be), or any other Debt Restructure scheme, offered by the Bank to the Account Holder. The Bank may from time to time implement or introduce any other Debt Restructure schemes, or otherwise discontinue any of the existing Debt Restructure schemes, with or without prior notice or reason.  Unless otherwise stated, these terms and conditions will be applicable to any Debt Restructure schemes offered by the Bank.  Please visit the Bank’s branches or call the Bank’s hotline for clarification on any Debt Restructure schemes.

The debit balance in respect of the Original Debt will be transferred to a new account for repayment purposes only. The Account Holder shall make payment towards the Restructured Debt, by paying into the said new account as notified by the Bank.

Once the Agreement takes effect pursuant to Clause 2 of these terms and conditions, only in cases where the Account Holder has applied for and accepted the Bank’s offer of the Debt Management Program or the Debt Relief Program, and not the Special Instalment Loan, the Account Holder’s credit rating with Credit Bureau (Singapore) Pte Ltd will be recorded as “R” which stands for “restructured” for the Debt Management Program or the Debt Relief Program application.  This may affect the Account Holder’s current banking facilities, pending and/or future applications for any loans and/or credit facilities. For the avoidance of doubt, an Account Holder’s credit bureau records will not be affected if the Account Holder is offered and accepts a Special Instalment Loan. In addition, once the Agreement takes effect, all benefits or privileges in connection with the Original Agreement, including but not limited to the reward, rebate or mileage program awards, Free Buyer’s Protection and the Travel Personal Accident Insurance shall be withdrawn. All GIRO arrangements relating to the Account Holder’s original account shall also be terminated. Where the Account Holder has previously made Instalment Plan purchase under the original account, such plan shall be terminated and the aggregate of all the remaining instalments not previously charged in relation to all or any Instalment Purchase as well as the full instalment Purchase Price in relation to Instalment Purchase made but not yet charged to the original account shall become due and payable immediately.

The decision to reinstate the Account Holder’s account with the Bank whether upon full payment of the Restructured Debt or otherwise is not automatic and is subject to the Bank’s sole and absolute discretion.

1. The Account Holder shall pay to the Bank interest at such rate as stated in the Letter or such interest rate as the Bank may determine, in its sole and absolute discretion, from time to time. The interest shall be calculated on a daily basis based on monthly rests.
2. If the Bank does not receive payment of the monthly instalment amount in full by the payment due date as agreed or otherwise stated in the Letter and/or Agreement, the Account Holder must pay, in addition to the interest, late payment charges as per the Original Agreement.
3. The interest and charges payable under this Agreement are payable by the Account Holder after, as well as, before judgment.

The Bank shall be entitled, in its sole and absolute discretion, and at any time to vary or amend this Agreement by giving written notice to the Account Holder.

The Bank has the right to appropriate all payments made by the Account Holder towards any of the accounts maintained by the Account Holder with the Bank and in any manner or priority that the Bank sees fit, in its sole and absolute discretion, notwithstanding any specific appropriation by the Account Holder or any other person making the payment.

If any of the following events of default shall occur:

1. the Account Holder fails to pay any amount due under the Agreement on the payment due date or on demand, if so payable;
2. the Account Holder fails to observe or perform any of his obligations under the Agreement or under any undertaking or arrangement entered into in connection herewith;
3. any provision of the Agreement is or becomes for any reason, invalid or unenforceable;
4. the Account Holder convenes a meeting of his creditors or proposes or makes any arrangement or composition with or any assignment for the benefit of his creditors or a bankruptcy petition is filed against or by the Account Holder; and/or
5. any adverse circumstances occur which in the sole opinion of the Bank materially and adversely affect the ability of the Account Holder to perform his obligations under the Agreement,the Bank may by notice to the Account Holder terminate the Debt Management Program, the Debt Relief Program or the Special Instalment Loan (as the case may be), or any other Debt Restructure scheme, offered by the Bank to the Account Holder. In such event, the terms and conditions of the Original Agreement shall apply.

the Bank may by notice to the Account Holder terminate the Debt Management Program, the Debt Relief Program or the Special Instalment Loan (as the case may be), or any other Debt Restructure scheme, offered by the Bank to the Account Holder. In such event, the terms and conditions of the Original Agreement shall apply.

The Bank’s records (including electronic records) of all matters relating to the accounts in respect of the Original Debt or Restructured Debt and any certificate signed by any of the Bank’s officers stating the indebtedness due and payable to the Bank as at any specified date shall be conclusive save for manifest error.

The Account Holder shall indemnify the Bank from and against any losses, damages or liabilities and any reasonable costs and expenses which it may incur as consequence of the occurrence of any Event of Default, or otherwise in connection with the Agreement. Without prejudice to its generality, the indemnity shall extend to any interest, fees or other sums whatsoever paid or payable (including legal costs and disbursements on an indemnity basis) as a result of the said event.

Unless expressly provided to the contrary in the Original Agreement, the Account Holders of a joint account agree to be jointly and severally bound by the Agreement and to be jointly and severally liable in respect of the account. All communication sent or given to either account holder is deemed to be sent or given to both and any notice, request, acceptance or instruction, written or oral, from either joint account holder shall be deemed to be from both. Unless specifically provided in the Agreement or the Original Agreement, the Bank shall be entitled to act on the instructions (whether oral or written) of any one of the joint account holders.

The Bank may serve any Writ of Summons, Statement of Claim or other legal process or document requiring personal service in respect of any action or proceedings by leaving it at the Account Holder’s last known address (including PO box address) on the Bank’s records or sending it by ordinary post to the Account Holder’s last known address (including PO box address) on the Bank’s records. The Account Holder consents to such service to be deemed as effective personal service.

For the avoidance of doubt, the Bank’s indulgence in offering or otherwise granting the Debt Management Program, the Debt Relief Program or the Special Instalment Loan (as the case may be), or any other Debt Restructure scheme, to the Account Holder and the terms and conditions herein shall not operate and/or be construed as an offer for settlement or compromise or waiver of any of the Bank’s right nor shall it in any way prejudice or affect the right of the Bank afterwards to act strictly in accordance with the power conferred on the Bank under the Original Agreement.

Unless expressly provided to the contrary in this Agreement and the Original Agreement, a person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act to enforce any terms of this Agreement or the Original Agreement.

If any one or more of the provisions of this Agreement or any part thereof were declared to be illegal, invalid or unenforceable under any applicable law in any jurisdiction, it shall not affect the legality, validity or enforceability of the remainder of this Agreement in such jurisdiction nor the legality, validity or enforceability of this Agreement in any other jurisdiction.

This Agreement shall be governed by and construed in accordance with the laws of Singapore. The Account Holder hereby irrevocably submits to the non-exclusive jurisdiction of the courts of Singapore.