2.4 Nominee Company Applicant

Where an applicant to be a Depository Agent is a nominee company:

2.4.1 its holding company or parent bank must be a company regulated either by MAS or SGX-ST;
2.4.2 it must furnish a banker's guarantee from a bank unrelated to the applicant, and acceptable to the Depository, to guarantee the due performance of its obligations under the Depository Agent Terms, and indemnify the Depository against all claims, losses, damages, costs, and expenses that may be incurred as a result of the breach, failure or inability of the applicant to perform any of its obligations; and
2.4.3 its holding company or parent bank must provide a letter of undertaking in a form satisfactory to the Depository to be liable for any amount owing by the applicant.