RAINIER INTERNATIONAL BANK
(TRANSFER OF HONG KONG UNDERTAKING)
Ord. No. 60/88
A321
(f) The custody of any document or record, goods or other thing held by Rainier as bailee shall pass to Daiwa on the appointed day, and the rights and obligations of Rainier under any contract of bailment relating to any such document or record, goods or thing shall on that day become rights and obligations of Daiwa.
(g) (i) Any security held immediately before the appointed day by Rainier, or by a nominee or agent of or trustee for Rainier, as security for the payment or discharge of any liability shall, on and from the appointed day, be held by, or, as the case may require, by that nominee, agent or trustee for, Daiwa, and be available to Daiwa (whether for its own benefit or, as the case may be, for the benefit of any other person) as security for the payment or discharge of that liability;
(ii) in relation to any security vested in Daiwa in accordance with the provisions of this Ordinance and any liabilities thereby secured, Daiwa shall be entitled to the rights and priorities and be subject to the obligations and incidents to which Rainier would have been entitled and subject if it had continued to hold the security;
(iii) without prejudice to the generality of sub-paragraph (ii), in any case where any existing liability subsists between Rainier and Daiwa in respect of which Rainier or Daiwa, or a nominee or agent of or trustee for Rainier or Daiwa holds security, that liability shall, for the purpose of enforcing or realizing that security, be deemed to continue in effect notwithstanding the vesting in Daiwa of the Hong Kong undertaking;
(iv) any security referred to in sub-paragraph (i), (ii) or (iii) and which extends to future advances or liabilities shall, on and from the appointed day, be available to Daiwa (whether for its own benefit or, as the case may be, for the benefit of any other person) as security for the payment or discharge of future advances and future liabilities to the same extent and in the same manner in all respects as future advances by, or liabilities to, Rainier or, as the case may be, Daiwa were secured thereby immediately before that day.
(h) Where by virtue of this Ordinance any right or liability of Rainier is deemed to become a right or liability of Daiwa, Daiwa and all other persons shall, on and from the appointed day, have the same rights, powers and remedies (and in particular the same rights and powers as to taking or resisting legal proceedings or making or resisting applications to any authority) for ascertaining, perfecting or enforcing that right or liability as if it had at all times been a right or liability of Daiwa; and any legal proceedings or applica- tion to any authority existing or pending immediately before the appointed day by or against Rainier may be continued by or against Daiwa.
(i) Any judgement or award obtained by or against Rainier and not fully satisfied before the appointed day shall on that day, to the extent to which it is enforceable by or against Rainier, become enforceable by or against Daiwa.