THAI MILITARY BANK PUBLIC COMPANY LIMITED
Bank Deposits Pledge Agreement
11 December 2001
We, King Power Duty Free Co., Ltd., Thai nationality, with offices at 26th &
27th Floors, Siam Tower, 989 Rama I Road, Pathum Wan Sub-district, Pathum Wan
District, Bangkok Metropolis, hereinafter called the "Pledgor" have made this
agreement and submitted it to Thai Military Bank Public Company Limited, Phahon
Yothin Branch, hereinafter called the "Pledgee." The Pledgee and the Pledgor
agree as follows :
1. The Pledgor agrees to submit and pledge the existing and future rights
on bank deposits, and the Pledgee agrees to accept the pledge of bank
deposits with the evidence of right, namely
Passbook of Fixed Deposits Account No. 001-3-45475-6 Baht 70,199,420.04
Total Pledge of Bank Deposits Baht 70,199,420.04
(Seventy Million One Hundred Ninety-Nine Thousand
Four Hundred Twenty Baht and Four Satang)
2. The Pledgor agrees to pledge the rights on bank deposits according
Clause 1 as security for all existing and future debts of all types of
the Pledgor and of -, for the principal amount of Baht 3,000,000.-
(Three Million Baht) and all accessories thereof, as stipulated in
Section 748 of the Civil and Commercial Code. The Pledgor agrees to pay
interest at a rate of 13.25% p.a. If enforcement of the pledge is
insufficient to perform the obligations, the Pledgor agrees to pay the
difference thereof to the Pledgee accordingly.
3. The Pledgor agrees to not exercise the right to withdraw any fund from
the pledged bank account, except to perform the obligations under the
pledge to the Pledgee.
4. In case the Pledgor has deposited any additional amount into the
pledged bank account or the amount has been increased due to interest,
the Pledgor agrees that the increased amount shall become the pledged
property under this agreement as well, and without prejudice to the
right of the Pledgee as stipulated in Section 761 of the Civil and
Commercial Code.
5. In case the right on the pledged property becomes due before the date
of payment of the Pledgor's debt, the Pledgor consents the Pledgee to
withdraw or receive the money plus interest and hold them continuously
or to extend the validity of deposits thereof, as the Pledgee shall
select to do so. This shall be deemed as continued pledge under this
agreement until the Pledgor has performed the obligations to the
Pledgee in full.
6. Whereas the Pledgee is the debtor under the deposits agreement and must
repay the amount in full, together with interest, to the Pledgor, and
at the same time the Pledgee is the Pledgee of the deposits, thus the
Pledgee and the Pledgor agree that this agreement shall be deemed as
the Pledgee's notice in enforcing the pledge according to law.
7. It is understood explicitly that the pledge under this agreement shall
not prejudice the right of the Pledgee to offset the debt, without
having to notify the Pledgor, though the debt has not become due, and
it is not required to auction the pledged property first.
The Pledgor, having read and understood this agreement entirely and found it to
be in accordance with the Pledgor's intention, hereunder sign the name and
submit the same to the Pledgor for retention.
(Company Seal Affixed)
- Signed - Pledgor
(Mr. Viratana Suntaranond)
Authorized Director
- Signed - Witness
(Mrs. Siriphon Leeyawanit)
- Signed - Witness
(Xx. Xxxxxx Ketbenyaritkul)
THAI MILITARY BANK PUBLIC COMPANY LIMITED
Letter of Consent
Made at Thai Military Bank
Public Company Limited
11 December 2001
We, King Power Duty Free Co., Ltd., with offices at 26th and 27th Floors, Siam
Tower, No. 989, Rama I Road, Pathum Wan Sub-district, Pathum Wan District,
Bangkok Metropolis, have made this Letter of Consent and submitted it to Thai
Military Bank Public Company Limited to indicate that :
1. Whereas King Power Duty Free Co., Ltd. has obtained loan, 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 certify promissory note or use of Visa credit
card, Master Card credit card and/or any item incurring debt between
King Power Duty Free Co., Ltd. and the Bank, existing at present and in
the future.
2. As security for performance of obligations of King Power Duty Free Co.,
Ltd. under Clause 1, we, the owner of the Fixed Deposits Account No.
001-3-45475-6, Phahon Yothin Branch, agree to submit the deposits and
the interest thereof according to the Passbook, for Baht 70,199,420.04
(Seventy Million One Hundred Ninety-Nine Thousand Four Hundred Twenty
Baht and Four Satang) which shall be deemed as a pledge to the Bank
effective today.
3. If King Power Duty Free Co., Ltd. is in default of payment under Clause
1 due to whatever reasons or in any case causing the Bank to not
receive performance of obligations in full, we consent the Bank to
deduct money from the said bank account and the interest thereof for
performance of obligations under Clause 1 and the accessories thereof
in full forthwith, without having to carry out any act or notify us in
advance. We hereby confirm that we shall not object or dispute or cite
a right of claim towards the Bank under any circumstances.
4. We consent that for as long as the Bank has not received performance of
obligation under Clause 1 in full, we shall not withdraw the deposits
and the interest, and shall not take any action which may impair the
said security, and should such action occur it shall be deemed as void
and shall not affect the said security in any way.
As evidence, we hereunder sign our name.
(Company Seal Affixed) - Signed - Consent Giver
(Mr. Viratana Suntaranond)
Authorized Director
- Signed - Witness
(Mrs. Siriphon Leeyawanit)
- Signed - Witness
(Xx. Xxxxxx Ketbenyaritkul)
