Guarantee Contract
This contract is made at the Siam Commercial Bank Public Company Limited, Head
Office, on................................., as evidence that the undersigned,
x. Xxxx Power Duty Free Co., Ltd., Thai nationality, with offices at 26th
& 27th Floors, Siam Tower, No. 989, Rama I Road, Pathum Wan
Sub-district, Pathum Wan District, Bangkok Metropolis,
hereinafter called the "Guarantor" consents to guarantee the performance of
obligations of King Power Tax Free Co., Ltd., hereinafter called the "Debtor,"
to the Siam Commercial Bank Public Company Limited, hereinafter called the
"Bank," for the total amount of guarantee Baht 60,000,000.00 (Sixty Million
Baht), as follows :
1. The obligations under this Guarantee Contract consisting of overdraft,
loans, debts related to letter of credit; trust receipt; sale at a
discount or acceptance of sale at a discount of promissory notes;
aval/guarantee of the promissory notes by the Bank as requested by the
Debtor or other debts related to promissory notes, debts related to the
letters of guarantee issued by the Bank for the Debtor, and the
existing debts the Debtor has with the Bank and/or the debts the Debtor
may have with the Bank in the future, hereinafter called the "Primary
Debt."
Both parties mutually understand that the Guarantor shall be liable to
not only the guarantee amount prescribed above (if any), but also the
accessories thereof such as the unpaid interest and compensation
payment of the Debtor, encumbrances which are accessories of debt,
including all expenses that the Bank has to pay regarding collection or
litigation against the Debtor for enforcement of performance of
obligations as well.
2. The Guarantor consents the Bank to charge interest of the principal
that the Debtor and/or the Guarantor owe to the Bank at the maximum
rate for the general customers that the Bank has announced under the
Bank of Thailand's Notification on Procedure for Commercial Banks
Regarding Interest and Discount, hereinafter called the "maximum rate,"
except in the case where the Debtor and/or the Guarantor is in breach
of the terms and conditions of the Primary Debt and/or as specified
herein, the Guarantor consents to pay interest charged to the default
customers announced by the Bank under the said notification of the Bank
of Thailand, hereinafter called the "maximum default interest rate." At
the time of entering into this contract, the maximum interest rate is
11.50% p.a. and the maximum default interest rate 15.00% p.a., and
these are subject to change as to be announced by the Bank from time to
time.
3. In case the Debtor fails to pay the Primary Debt, be it all items or
separate item, or is subject to receivership by court order, or dies or
becomes incompetence or quasi-incompetence or disappears or departs the
residence and cannot be found, or the Debtor can no longer take
advantage of the beginning or the end of the term, the Guarantor shall
be liable jointly with the Debtor of the obligations prescribed in
Clause 1 immediately, whereby the Guarantor agrees to perform the
obligations to the Bank promptly and/or consents the Bank to deduct
such amount from the deposits accounts of the Guarantor under Clause
10, as the Bank deems appropriate.
In case any particular item of the obligations guaranteed under this
contract is a Letter of Guarantee that the Bank has issued for the
Debtor, the Guarantor hereby consents that if the creditor demands
payment from the Bank according to the said Letter of Guarantee, the
Bank is entitled to make such payment immediately without having to
notify the Guarantor and/or the Debtor first, and it is not necessary
to inquire the Debtor whether the Debtor has any defense against the
creditor or not; or though the Bank may be informed that the Debtor has
a defense against the creditor, but if the Bank deems it appropriate
the Bank can make such payment without having to raise such defense
against the creditor.
4. This guarantee shall be valid continuously, and the Guarantor shall not
revoke it, for as long as the Bank has not received performance of
obligations under Clause 1 in full.
5. This guarantee shall bind the Guarantor completely, though it may
appear at a later date that the Debtor shall not be liable to the
Primary Debt to the Bank due to the fact that such agreement was
entered with misunderstanding or due to being an incompetent person,
disregarding the fact that at the time of entering into this Guarantee
Contract, the Guarantor knows of the misunderstanding or incompetence
or not.
6. The Bank reserves the right to claim or not to claim or to release any
guarantor, without having to request for consents or to notify other
Guarantor, thereby the remaining Guarantor shall continue to be liable
to the total obligations accordingly.
7. In case the Debtor dies and the Bank has not entered an action for
enforcement of performance of obligations from the heir or the estate
or the subrogee of rights and duties of the Debtor, until one year from
the date of death, the Guarantor shall not raise preclusion by
prescription as a defense against the Bank, and shall consent to be
liable to performance of the outstanding obligations to the Bank
accordingly.
8. The Guarantor consents the Bank to grant leniency to the Debtor as the
Bank deems appropriate without having to notify the Guarantor first,
and it shall be deemed that the Guarantor agree to such leniency on
every occasion, and that the Guarantor waives the right on the Debtor's
defense against the Bank when the Bank demands the Guarantor to comply
with the contract.
9. Though it may appear that any act of the Bank may cause the Guarantor
to be unable to subrogate, either in whole or in part, of the rights,
mortgage, pledge or preference right which the Debtor has submitted to
the Bank prior to or at the time of entering into this contract, the
liabilities of the Guarantor under this contract shall not be relieved,
either in whole or in part.
10. The Guarantor consents that it is under discretion of the Bank to
deduct money from all deposits accounts the Guarantor has with the
Bank, including the money that the Guarantor is the owner or the
creditor of the Bank, for performance of obligations of the Debtor
and/or the Guarantor under this contract immediately, without having to
notify the Guarantor. In case the said deposits accounts, the money
that the Guarantor is the owner or the creditor of the Bank, shall not
be available or insufficient for deduction for performance of
obligations in full, the Guarantor consents that it is under discretion
of the Bank to debit the amount that the Guarantor shall be responsible
or such debt or the outstanding amount into the current account of the
Guarantor in order that the Guarantor shall owe the same amount as
overdraft. Thereby, the Guarantor consents to pay interest of the
accumulated overdraft amount to the Bank at the maximum interest rate,
except in case of breach of the terms and conditions of the application
for opening the current account and/or the Overdraft Agreement made
with the Bank, the Guarantor consents to pay the maximum default
interest rate instead of the said maximum interest rate, according to
the practice of computing accumulated interest of overdraft of the
commercial banks, from the date of the said overdraft onwards.
11. The Guarantor consents that any act of the Debtor or a third party
causing an interruption to the prescription of the debts under
guarantee to the disadvantage of the Debtor, it shall be the
disadvantage of the Guarantor as well.
12. All correspondence, collection letters, notices or other documents to
be forwarded to the Guarantor, by registered or regular mail, or by
messenger, if they have been forwarded to the above address herein, it
shall be deemed as having been duly forwarded to the Guarantor,
disregarding the fact that there is a recipient or not, and though it
could not be forwarded because such address has been changed or
demolished and the Guarantor has failed to notify such change or
demolition in writing to the Bank, or because such address could not be
found, it shall be deemed that the Guarantor has acknowledged the same
accordingly.
13. The Guarantor consents to submit......................................
to the Bank for retention until performance of the obligations shall be
made in full.
The Guarantor, having read and understood this contract and found it to
be in accordance with their intention, hereunder sign the name on the date
indicated above.
(Company Seal Affixed)
- Signed - Guarantor
(King Power Duty Free Co., Ltd.)
- Signed - Witness
(Mr. Apichart Yodmueang)
- Signed - Witness
(Mr. Kitcha Pariyapharit)
Guarantee Contract
This contract is made at the Siam Commercial Bank Public Company Limited, Head
Office, on .................................., as evidence that the undersigned,
x. Xxxx Power International Co., Ltd., Thai nationality, with offices at
26th & 27th Floors, Siam Tower, No. 989, Rama I Road, Pathum Wan
Sub-district, Pathum Wan District, Bangkok Metropolis,
hereinafter called the "Guarantor" consents to guarantee the performance of
obligations of King Power Tax Free Co., Ltd., hereinafter called the "Debtor,"
to the Siam Commercial Bank Public Company Limited, hereinafter called the
"Bank," for the total amount of guarantee Baht 60,000,000.00 (Sixty Million
Baht), as follows :
1. The obligations under this Guarantee Contract consisting of overdraft,
loans, debts related to letter of credit; trust receipt; sale at a
discount or acceptance of sale at a discount of promissory notes;
aval/guarantee of the promissory notes by the Bank as requested by the
Debtor or other debts related to promissory notes, debts related to the
letters of guarantee issued by the Bank for the Debtor, and the
existing debts the Debtor has with the Bank and/or the debts the Debtor
may have with the Bank in the future, hereinafter called the "Primary
Debt."
Both parties mutually understand that the Guarantor shall be liable to
not only the guarantee amount prescribed above (if any), but also the
accessories thereof such as the unpaid interest and compensation
payment of the Debtor, encumbrances which are accessories of debt,
including all expenses that the Bank has to pay regarding collection or
litigation against the Debtor for enforcement of performance of
obligations as well.
2. The Guarantor consents the Bank to charge interest of the principal
that the Debtor and/or the Guarantor owe to the Bank at the maximum
rate for the general customers that the Bank has announced under the
Bank of Thailand's Notification on Procedure for Commercial Banks
Regarding Interest and Discount, hereinafter called the "maximum rate,"
except in the case where the Debtor and/or the Guarantor is in breach
of the terms and conditions of the Primary Debt and/or as specified
herein, the Guarantor consents to pay interest charged to the default
customers announced by the Bank under the said notification of the Bank
of Thailand, hereinafter called the "maximum default interest rate." At
the time of entering into this contract, the maximum interest rate is
11.50% p.a. and the maximum default interest rate 15.00% p.a., and
these are subject to change as to be announced by the Bank from time to
time.
3. In case the Debtor fails to pay the Primary Debt, be it all items or
separate item, or is subject to receivership by court order, or dies or
becomes incompetence or quasi-incompetence or disappears or departs the
residence and cannot be found, or the Debtor can no longer take
advantage of the beginning or the end of the term, the Guarantor shall
be liable jointly with the Debtor of the obligations prescribed in
Clause 1 immediately, whereby the Guarantor agrees to perform the
obligations to the Bank promptly and/or consents the Bank to deduct
such amount from the deposits accounts of the Guarantor under Clause
10, as the Bank deems appropriate.
In case any particular item of the obligations guaranteed under this
contract is a Letter of Guarantee that the Bank has issued for the
Debtor, the Guarantor hereby consents that if the creditor demands
payment from the Bank according to the said Letter of Guarantee, the
Bank is entitled to make such payment immediately without having to
notify the Guarantor and/or the Debtor first, and it is not necessary
to inquire the Debtor whether the Debtor has any defense against the
creditor or not; or though the Bank may be informed that the Debtor has
a defense against the creditor, but if the Bank deems it appropriate
the Bank can make such payment without having to raise such defense
against the creditor.
4. This guarantee shall be valid continuously, and the Guarantor shall not
revoke it, for as long as the Bank has not received performance of
obligations under Clause 1 in full.
5. This guarantee shall bind the Guarantor completely, though it may
appear at a later date that the Debtor shall not be liable to the
Primary Debt to the Bank due to the fact that such agreement was
entered with misunderstanding or due to being an incompetent person,
disregarding the fact that at the time of entering into this Guarantee
Contract, the Guarantor knows of the misunderstanding or incompetence
or not.
6. The Bank reserves the right to claim or not to claim or to release any
guarantor, without having to request for consents or to notify other
Guarantor, thereby the remaining Guarantor shall continue to be liable
to the total obligations accordingly.
7. In case the Debtor dies and the Bank has not entered an action for
enforcement of performance of obligations from the heir or the estate
or the subrogee of rights and duties of the Debtor, until one year from
the date of death, the Guarantor shall not raise preclusion by
prescription as a defense against the Bank, and shall consent to be
liable to performance of the outstanding obligations to the Bank
accordingly.
8. The Guarantor consents the Bank to grant leniency to the Debtor as the
Bank deems appropriate without having to notify the Guarantor first,
and it shall be deemed that the Guarantor agree to such leniency on
every occasion, and that the Guarantor waives the right on the Debtor's
defense against the Bank when the Bank demands the Guarantor to comply
with the contract.
9. Though it may appear that any act of the Bank may cause the Guarantor
to be unable to subrogate, either in whole or in part, of the rights,
mortgage, pledge or preference right which the Debtor has submitted to
the Bank prior to or at the time of entering into this contract, the
liabilities of the Guarantor under this contract shall not be relieved,
either in whole or in part.
10. The Guarantor consents that it is under discretion of the Bank to
deduct money from all deposits accounts the Guarantor has with the
Bank, including the money that the Guarantor is the owner or the
creditor of the Bank, for performance of obligations of the Debtor
and/or the Guarantor under this contract immediately, without having to
notify the Guarantor. In case the said deposits accounts, the money
that the Guarantor is the owner or the creditor of the Bank, shall not
be available or insufficient for deduction for performance of
obligations in full, the Guarantor consents that it is under discretion
of the Bank to debit the amount that the Guarantor shall be responsible
or such debt or the outstanding amount into the current account of the
Guarantor in order that the Guarantor shall owe the same amount as
overdraft. Thereby, the Guarantor consents to pay interest of the
accumulated overdraft amount to the Bank at the maximum interest rate,
except in case of breach of the terms and conditions of the application
for opening the current account and/or the Overdraft Agreement made
with the Bank, the Guarantor consents to pay the maximum default
interest rate instead of the said maximum interest rate, according to
the practice of computing accumulated interest of overdraft of the
commercial banks, from the date of the said overdraft onwards.
11. The Guarantor consents that any act of the Debtor or a third party
causing an interruption to the prescription of the debts under
guarantee to the disadvantage of the Debtor, it shall be the
disadvantage of the Guarantor as well.
12. All correspondence, collection letters, notices or other documents to
be forwarded to the Guarantor, by registered or regular mail, or by
messenger, if they have been forwarded to the above address herein, it
shall be deemed as having been duly forwarded to the Guarantor,
disregarding the fact that there is a recipient or not, and though it
could not be forwarded because such address has been changed or
demolished and the Guarantor has failed to notify such change or
demolition in writing to the Bank, or because such address could not be
found, it shall be deemed that the Guarantor has acknowledged the same
accordingly.
13. The Guarantor consents to submit.......................................
to the Bank for retention until performance of the obligations shall be
made in full.
The Guarantor, having read and understood this contract and found it to be in
accordance with their intention, hereunder sign the name on the date indicated
above.
(Company Seal Affixed)
- Signed - Guarantor
(King Power International Co., Ltd.)
- Signed - Witness
(Mr. Apichart Yodmueang)
- Signed - Witness
(Mr. Kitcha Pariyapharit)
Guarantee Contract
This contract is made at the Siam Commercial Bank Public Company Limited, Head
Office, on .................................., as evidence that the undersigned,
x. Xxxx Power On Board Sale & Services Co., Ltd., Thai nationality, with
offices at 26th & 27th Floors, Siam Tower, No. 989, Rama I Road, Pathum
Wan Sub-district, Pathum Wan District, Bangkok Metropolis,
hereinafter called the "Guarantor" consents to guarantee the performance of
obligations of King Power Tax Free Co., Ltd., hereinafter called the "Debtor,"
to the Siam Commercial Bank Public Company Limited, hereinafter called the
"Bank," for the total amount of guarantee Baht 60,000,000.00 (Sixty Million
Baht), as follows :
1. The obligations under this Guarantee Contract consisting of overdraft,
loans, debts related to letter of credit; trust receipt; sale at a
discount or acceptance of sale at a discount of promissory notes;
aval/guarantee of the promissory notes by the Bank as requested by the
Debtor or other debts related to promissory notes, debts related to the
letters of guarantee issued by the Bank for the Debtor, and the
existing debts the Debtor has with the Bank and/or the debts the Debtor
may have with the Bank in the future, hereinafter called the "Primary
Debt."
Both parties mutually understand that the Guarantor shall be liable to
not only the guarantee amount prescribed above (if any), but also the
accessories thereof such as the unpaid interest and compensation
payment of the Debtor, encumbrances which are accessories of debt,
including all expenses that the Bank has to pay regarding collection or
litigation against the Debtor for enforcement of performance of
obligations as well.
2. The Guarantor consents the Bank to charge interest of the principal
that the Debtor and/or the Guarantor owe to the Bank at the maximum
rate for the general customers that the Bank has announced under the
Bank of Thailand's Notification on Procedure for Commercial Banks
Regarding Interest and Discount, hereinafter called the "maximum rate,"
except in the case where the Debtor and/or the Guarantor is in breach
of the terms and conditions of the Primary Debt and/or as specified
herein, the Guarantor consents to pay interest charged to the default
customers announced by the Bank under the said notification of the Bank
of Thailand, hereinafter called the "maximum default interest rate." At
the time of entering into this contract, the maximum interest rate is
11.50% p.a. and the maximum default interest rate 15.00% p.a., and
these are subject to change as to be announced by the Bank from time to
time.
3. In case the Debtor fails to pay the Primary Debt, be it all items or
separate item, or is subject to receivership by court order, or dies or
becomes incompetence or quasi-incompetence or disappears or departs the
residence and cannot be found, or the Debtor can no longer take
advantage of the beginning or the end of the term, the Guarantor shall
be liable jointly with the Debtor of the obligations prescribed in
Clause 1 immediately, whereby the Guarantor agrees to perform the
obligations to the Bank promptly and/or consents the Bank to deduct
such amount from the deposits accounts of the Guarantor under Clause
10, as the Bank deems appropriate.
In case any particular item of the obligations guaranteed under this
contract is a Letter of Guarantee that the Bank has issued for the
Debtor, the Guarantor hereby consents that if the creditor demands
payment from the Bank according to the said Letter of Guarantee, the
Bank is entitled to make such payment immediately without having to
notify the Guarantor and/or the Debtor first, and it is not necessary
to inquire the Debtor whether the Debtor has any defense against the
creditor or not; or though the Bank may be informed that the Debtor has
a defense against the creditor, but if the Bank deems it appropriate
the Bank can make such payment without having to raise such defense
against the creditor.
4. This guarantee shall be valid continuously, and the Guarantor shall not
revoke it, for as long as the Bank has not received performance of
obligations under Clause 1 in full.
5. This guarantee shall bind the Guarantor completely, though it may
appear at a later date that the Debtor shall not be liable to the
Primary Debt to the Bank due to the fact that such agreement was
entered with misunderstanding or due to being an incompetent person,
disregarding the fact that at the time of entering into this Guarantee
Contract, the Guarantor knows of the misunderstanding or incompetence
or not.
6. The Bank reserves the right to claim or not to claim or to release any
guarantor, without having to request for consents or to notify other
Guarantor, thereby the remaining Guarantor shall continue to be liable
to the total obligations accordingly.
7. In case the Debtor dies and the Bank has not entered an action for
enforcement of performance of obligations from the heir or the estate
or the subrogee of rights and duties of the Debtor, until one year from
the date of death, the Guarantor shall not raise preclusion by
prescription as a defense against the Bank, and shall consent to be
liable to performance of the outstanding obligations to the Bank
accordingly.
8. The Guarantor consents the Bank to grant leniency to the Debtor as the
Bank deems appropriate without having to notify the Guarantor first,
and it shall be deemed that the Guarantor agree to such leniency on
every occasion, and that the Guarantor waives the right on the Debtor's
defense against the Bank when the Bank demands the Guarantor to comply
with the contract.
9. Though it may appear that any act of the Bank may cause the Guarantor
to be unable to subrogate, either in whole or in part, of the rights,
mortgage, pledge or preference right which the Debtor has submitted to
the Bank prior to or at the time of entering into this contract, the
liabilities of the Guarantor under this contract shall not be relieved,
either in whole or in part.
10. The Guarantor consents that it is under discretion of the Bank to
deduct money from all deposits accounts the Guarantor has with the
Bank, including the money that the Guarantor is the owner or the
creditor of the Bank, for performance of obligations of the Debtor
and/or the Guarantor under this contract immediately, without having to
notify the Guarantor. In case the said deposits accounts, the money
that the Guarantor is the owner or the creditor of the Bank, shall not
be available or insufficient for deduction for performance of
obligations in full, the Guarantor consents that it is under discretion
of the Bank to debit the amount that the Guarantor shall be responsible
or such debt or the outstanding amount into the current account of the
Guarantor in order that the Guarantor shall owe the same amount as
overdraft. Thereby, the Guarantor consents to pay interest of the
accumulated overdraft amount to the Bank at the maximum interest rate,
except in case of breach of the terms and conditions of the application
for opening the current account and/or the Overdraft Agreement made
with the Bank, the Guarantor consents to pay the maximum default
interest rate instead of the said maximum interest rate, according to
the practice of computing accumulated interest of overdraft of the
commercial banks, from the date of the said overdraft onwards.
11. The Guarantor consents that any act of the Debtor or a third party
causing an interruption to the prescription of the debts under
guarantee to the disadvantage of the Debtor, it shall be the
disadvantage of the Guarantor as well.
12. All correspondence, collection letters, notices or other documents to
be forwarded to the Guarantor, by registered or regular mail, or by
messenger, if they have been forwarded to the above address herein, it
shall be deemed as having been duly forwarded to the Guarantor,
disregarding the fact that there is a recipient or not, and though it
could not be forwarded because such address has been changed or
demolished and the Guarantor has failed to notify such change or
demolition in writing to the Bank, or because such address could not be
found, it shall be deemed that the Guarantor has acknowledged the same
accordingly.
13. The Guarantor consents to submit............................... to the
Bank for retention until performance of the obligations shall be made
in full.
The Guarantor, having read and understood this contract and found it to
be in accordance with their intention, hereunder sign the name on the date
indicated above.
(Company Seal Affixed)
- Signed - Guarantor
(King Power On Board Sale & Services Co., Ltd.)
- Signed - Witness
(Mr. Apichart Yodmueang)
- Signed - Witness
(Mr. Kitcha Pariyapharit)
Guarantee Contract
This contract is made at the Siam Commercial Bank Public Company Limited, Head
Office, on.................................., as evidence that the undersigned,
a. Mr. Viratana Suntaranond, aged 60 years, Thai nationality, residing at
Xx. 00/0, Xxxxxxx Xx. 0, Xxxxxxxxx Xxx-xxxxxxxx, Bang Khen, Bangkok
Metropolis; and
b. Mr. Xxxxxx Xxxxxxxxxxxx, aged 43 years, Thai nationality, residing at
Xx. 00, Xxx Xxxxxxxxx 00, Xxxx Chak Sub-district, Phra Khanong
District, Bangkok Metropolis,
hereinafter called the "Guarantors" consent to guarantee the performance of
obligations of King Power Tax Free Co., Ltd., hereinafter called the "Debtor,"
to the Siam Commercial Bank Public Company Limited, hereinafter called the
"Bank," for the total amount of guarantee Baht 60,000,000.00 (Sixty Million
Baht), as follows :
1. The obligations under this Guarantee Contract consisting of overdraft,
loans, debts related to letter of credit; trust receipt; sale at a
discount or acceptance of sale at a discount of promissory notes;
aval/guarantee of the promissory notes by the Bank as requested by the
Debtor or other debts related to promissory notes, debts related to the
letters of guarantee issued by the Bank for the Debtor, and the
existing debts the Debtor has with the Bank and/or the debts the Debtor
may have with the Bank in the future, hereinafter called the "Primary
Debt."
Both parties mutually understand that the Guarantors shall be liable to
not only the guarantee amount prescribed above (if any), but also the
accessories thereof such as the unpaid interest and compensation
payment of the Debtor, encumbrances which are accessories of debt,
including all expenses that the Bank has to pay regarding collection or
litigation against the Debtor for enforcement of performance of
obligations as well.
2. The Guarantors consent the Bank to charge interest of the principal
that the Debtor and/or the Guarantors owe to the Bank at the maximum
rate for the general customers that the Bank has announced under the
Bank of Thailand's Notification on Procedure for Commercial Banks
Regarding Interest and Discount, hereinafter called the "maximum rate,"
except in the case where the Debtor and/or the Guarantors are in breach
of the terms and conditions of the Primary Debt and/or as specified
herein, the Guarantors consent to pay interest charged to the default
customers announced by the Bank under the said notification of the Bank
of Thailand, hereinafter called the "maximum default interest rate." At
the time of entering into this contract, the maximum interest rate is
11.50% p.a. and the maximum default interest rate 15.00% p.a., and
these are subject to change as to be announced by the Bank from time to
time.
3. In case the Debtor fails to pay the Primary Debt, be it all items or
separate item, or is subject to receivership by court order, or dies or
becomes incompetence or quasi-incompetence or disappears or departs the
residence and cannot be found, or the Debtor can no longer take
advantage of the beginning or the end of the term, the Guarantors shall
be liable jointly with the Debtor of the obligations prescribed in
Clause 1 immediately, whereby the Guarantors agree to perform the
obligations to the Bank promptly and/or consent the Bank to deduct such
amount from the deposits accounts of the Guarantors under Clause 10, as
the Bank deems appropriate.
In case any particular item of the obligations guaranteed under this
contract is a Letter of Guarantee that the Bank has issued for the
Debtor, the Guarantors hereby consent that if the creditor demands
payment from the Bank according to the said Letter of Guarantee, the
Bank is entitled to make such payment immediately without having to
notify the Guarantors and/or the Debtor first, and it is not necessary
to inquire the Debtor whether the Debtor has any defense against the
creditor or not; or though the Bank may be informed that the Debtor has
a defense against the creditor, but if the Bank deems it appropriate
the Bank can make such payment without having to raise such defense
against the creditor.
4. This guarantee shall be valid continuously, and the Guarantors shall
not revoke it, for as long as the Bank has not received performance of
obligations under Clause 1 in full.
5. This guarantee shall bind the Guarantors completely, though it may
appear at a later date that the Debtor shall not be liable to the
Primary Debt to the Bank due to the fact that such agreement was
entered with misunderstanding or due to being an incompetent person,
disregarding the fact that at the time of entering into this Guarantee
Contract, the Guarantors know of the misunderstanding or incompetence
or not.
6. The Bank reserves the right to claim or not to claim or to release any
guarantor, without having to request for consent or to notify other
guarantors, thereby the remaining Guarantors shall continue to be
liable to the total obligations accordingly.
7. In case the Debtor dies and the Bank has not entered an action for
enforcement of performance of obligations from the heir or the estate
or the subrogee of rights and duties of the Debtor, until one year from
the date of death, the Guarantors shall not raise preclusion by
prescription as a defense against the Bank, and shall consent to be
liable to performance of the outstanding obligations to the Bank
accordingly.
8. The Guarantors consent the Bank to grant leniency to the Debtor as the
Bank deems appropriate without having to notify the Guarantors first,
and it shall be deemed that the Guarantors agree to such leniency on
every occasion, and that the Guarantors waive the right on the Debtor's
defense against the Bank when the Bank demands the Guarantors to comply
with the contract.
9. Though it may appear that any act of the Bank may cause the Guarantors
to be unable to subrogate, either in whole or in part, of the rights,
mortgage, pledge or preference right which the Debtor has submitted to
the Bank prior to or at the time of entering into this contract, the
liabilities of the Guarantors under this contract shall not be
relieved, either in whole or in part.
10. The Guarantors consent that it is under discretion of the Bank to
deduct money from all deposits accounts the Guarantors have with the
Bank, including the money that the Guarantors are the owner or the
creditor of the Bank, for performance of obligations of the Debtor
and/or the Guarantors under this contract immediately, without having
to notify the Guarantors. In case the said deposits accounts, the money
that the Guarantors are the owner or the creditor of the Bank, shall
not be available or insufficient for deduction for performance of
obligations in full, the Guarantors consent that it is under discretion
of the Bank to debit the amount that the Guarantors shall be
responsible or such debt or the outstanding amount into the current
account of the Guarantors in order that the Guarantors shall owe the
same amount as overdraft. Thereby, the Guarantors consent to pay
interest of the accumulated overdraft amount to the Bank at the maximum
interest rate, except in case of breach of the terms and conditions of
the application for opening the current account and/or the Overdraft
Agreement made with the Bank, the Guarantors consent to pay the maximum
default interest rate instead of the said maximum interest rate,
according to the practice of computing accumulated interest of
overdraft of the commercial banks, from the date of the said overdraft
onwards.
11. The Guarantors consent that any act of the Debtor or a third party
causing an interruption to the prescription of the debts under
guarantee to the disadvantage of the Debtor, it shall be the
disadvantage of the Guarantors as well.
12. All correspondence, collection letters, notices or other documents to
be forwarded to the Guarantors, by registered or regular mail, or by
messenger, if they have been forwarded to the above address herein, it
shall be deemed as having been duly forwarded to the Guarantors,
disregarding the fact that there is a recipient or not, and though it
could not be forwarded because such address has been changed or
demolished and the Guarantors have failed to notify such change or
demolition in writing to the Bank, or because such address could not be
found, it shall be deemed that the Guarantors have acknowledged the
same accordingly.
13. The Guarantors consent to submit................................ to the
Bank for retention until performance of the obligations shall be made
in full.
The Guarantors, having read and understood this contract and found it
to be in accordance with their intention, hereunder sign their names on the date
indicated above.
- Signed - Guarantor
(Mr. Viratana Suntaranond)
- Signed - Guarantor
(Mr. Xxxxxx Xxxxxxxxxxxx)
- Signed - Witness
(Mr. Apichart Yodmueang)
- Signed - Witness
(Mr. Kitcha Pariyapharit)
