THAI MILITARY BANK PUBLIC COMPANY LIMITED
Agreement for Pledge of Bank Deposit
10 November 2000
We, King Power Duty Free Co., Ltd., hereinafter called the "Pledgor," have made
this agreement and submitted the same to Thai Military Bank Public Company
Limited, Head Office, hereinafter called the "Pledgee." The Pledgee and the
Pledgor agree as follows :
1. The Pledgor agrees to submit and pledge the right of the bank deposit and
all rights existing at present and in the future. The Pledgee agrees to
accept the pledge of bank deposit with the evidence of right, namely
[/] Passbook of Fixed Deposit, Account No. 001-3-45475-6
Baht 58,796,902.78
Total Pledge of Bank Deposit Baht 58,796,902.78 (Fifty-Eight
Million Seven Hundred Ninety-Six Thousand Nine Hundred and Two Baht
Seventy-Eight Satang)
2. The Pledgor agree to pledge the rights of bank deposit under Clause 1 as
security for the existing obligations of the Pledgor and those to be
incurred in the future, for the principal amount of Baht 2,060,000.00
(Two Million Sixty Thousand Baht Only) and all accessories thereof as
stipulated in Section 748 of the Civil and Commercial Code. The Pledgor
agree to pay interest at a rate 14.25% p.a., and if enforcement of the
pledge is insufficient to perform the obligations, the Pledgor agree to
pay the remaining amount to the Pledgee accordingly.
3. The Pledgor agree not to exercise the right to withdraw the pledged bank
deposit, unless for performance of obligations under the pledge to the
Pledgee.
4. In case the Pledgor have deposited any additional amount into the pledged
deposit account, or the amount has been increased due to interest, the
Pledgor agree that the increased amount shall become the pledged property
under this agreement as well, but without prejudice to the rights of the
Pledgee as stipulated in Section 761 of the Civil and Commercial Code.
5. In case the rights of the pledged property becomes due before the due
date of performance of obligations, the Pledgor consent the Pledgee to
withdraw or accept the money plus interest and retain the same
continuously or to extend the validity of deposit thereof, as the Pledgee
shall select to do so, and it shall be deemed as continued pledge under
this agreement until the Pledgor have performed the obligations to the
Pledgee accordingly.
6. Due to the fact that Pledgee is the debtor according to the deposit
agreement and must return the money in full amount plus interest to the
Pledgor, and at the same time the Pledgee is the Pledgee of the pledge of
the deposit, therefore the Pledgee and the Pledgor agree that this
agreement shall be deemed as a notice of the Pledgee to enforce the
pledge according to law.
7. It is understood clearly that the pledge under this agreement shall not
prejudice the right of the Pledgee to offset the debt without having to
notify the Pledgor first, thought the debt may not be due, and it is not
necessary to auction the pledged property first.
The Pledgor have read and understood this agreement entirely and found it to be
in accordance with their intention, and hereunder sign his name and submitted
the same to the Pledgee for retention.
- signed - Pledgor
(Seal of King Power Duty Free Co., Ltd.) (Mr. Viratana Suntaranond)
Director empowered to sign binding the Company
- signed - Witness
(Mr. Kulawat Roekphalaphon)
- signed - Witness
(▇▇▇▇ ▇▇▇▇▇▇▇ Kittithon)
THAI MILITARY BANK PUBLIC COMPANY LIMITED
Letter of Consent
Made at Thai Military Bank Public
Company Limited
10 November 2000
We, King Power Duty Free Co., Ltd., with offices at 26th-27th Floor, Siam Tower,
989, Rama I Road, Pathum Wan Sub-district, Pathum Wan District, Bangkok
Metropolis, hereby make this Letter of Consent to Thai Military Bank Public
Company Limited to indicate that :
1. Whereas we have borrowed money or withdrew overdraft, sold promissory
note at a discount, opened letter of credit, made trust receipt, packing
credit, or requested the bank to issue Letter of Guarantee or oval or
guarantee promissory note or use of Visa credit card, Master Card credit
card and/or any item incurring an obligation between ourselves and the
bank, existing at present and those to be incurred in the future,
2. As security for performance of obligations under Clause 1, we, the owner
of the Fixed Deposit Account No. 001-3-45475-6, agree to submit the
deposit plus the interest to be incurred according to the Passbook for an
amount of Baht 2,060,000.00 (Two Million Sixty Thousand Baht Only), which
shall be deemed as a pledge to the bank effective today.
3. If we fail to perform of obligations under Clause 1 due to whatever
reasons or under any circumstances causing the bank not to receive
perform of obligations in full, we consent the bank to deduct money from
the said bank account plus the interest to be incurred for performance of
obligations under Clause 1 and the accessories thereof in full, without
having to notify us in advance. We hereby confirm that we shall not
object or dispute or cite any right of claim against the bank in any way.
4. We consent that for as long as the bank has not received performance of
obligations under Clause 1 in full, we shall not withdraw the deposit and
the interest, and shall not take any action which may prejudice the said
security, and should such action occurred it shall be deemed as void and
shall not affect the said security in any way.
As evidence, we hereunder sign our name and affix the seal (if any) in the
presence of witnesses.
- signed - Pledgor
(Seal of King Power Duty Free Co. Ltd.) (Mr. Viratana Suntaranond)
Director empowered to sign binding the Company
- signed - Witness
(Mr. Kulawat Roekphalaphon)
- signed - Witness
(▇▇▇▇ ▇▇▇▇▇▇▇ Kittithon)
