Loan Agreement
Agreement No. 40/2541
Made at Head Office
23 June 1998
We, King Power Duty Free Co., Ltd., with offices at 000 Xxxx X Xxxx, 00xx & 27th
Floor Siam Tower Building, Pathum Wan, Bangkok Metropolis, hereinafter called
the "Borrower" hereby made this agreement with Siam City Bank Public Company
Limited, hereinafter called the "Lender" as evidence that
1. The Borrower has borrowed from the Lender a sum of Baht 98,000,000
(Ninety-Eight Million Baht) and has already received from the Lender on the
signing date of this agreement a sum of Baht 98,000,000 (Ninety-Eight
Million Baht), the remaining sum of Baht ............... (..............)
the Borrower agrees to receive in installment according to the Borrower's
intention and as the Lender deems appropriate. In receiving the said loan,
the Borrower shall issue receipts which shall be deemed part of this Loan
Agreement.
2. The Borrower agrees to pay interest of the loan under Clause 1 at the
maximum rate announced by Siam City Bank Public Company Limited (at
present, it is 21.50% p.a.) on monthly basis before the end of every month
during office hours of the Lender. Thereafter, if Siam City Bank Public
Company Limited announces higher interest rate, the Borrower consents the
Lender to charge the new interest rate at the maximum rate announced by
Siam City Bank Public Company Limited effective immediately and until the
Borrower shall have performed the obligation under this agreement
accordingly; without having to notify the Borrower.
In case of outstanding interest over one year, the Borrower consents the Lender
to accumulate the same to the principal and it shall be deemed as the principal
subject to paying of interest at the rate and period specified in the first
paragraph.
3. The Borrower agrees repay the loan to the Lender within ......... months
from the signing date of this agreement, by installment of .......... month
for an amount not less than Baht ........... (.............) payable by the
end of every month, and the first installment to be paid in month
................. year.........
The Borrower agrees to repay the loan as follows : grace period is six months,
after which repayment of the principal and payment of interest shall be made on
monthly basis at Baht 7,500,000.- (Seven Million Five Hundred Thousand); to be
completed by 1 year 9 months.
The schedule of payment according to the first and second paragraph of Clause 3
shall not deprive the Lender's right in calling for loan repayment, in whole or
in part, prior to the due date. After the Lender has made such demand, the
Borrower agrees to repay the loan as requested within the period specified in
the notice and shall not cite time clause as a defence against the Lender.
4. If the Borrower is in default of payment according to Clause 2 or 3 of any
installment, it shall be deemed as default of the total loan and the
Borrower agrees that the Lender can charge the maximum interest rate
specified in Clause 2 until the Borrower shall have repaid the loan to the
Lender in full. This shall not deprive the Lender's right to terminate the
agreement and call for payment of the outstanding amount.
5. If the Borrower is in breach of any clause of this agreement, the Borrower
consents to compensate for all damages occurred to the Lender due to the
Borrower's breach of agreement, including all expenses incurred from
warning, requesting, demanding, taking legal action, execution of the
judgment, investigation of property, and enforcement for loan repayment in
full.
6. Should there by any money of the Borrower and/or money that the Borrower is
a joint owner with other person(s) deposited with the Lender in all types
of account and/or money of the Borrower and/or money that the Borrower is a
joint owner with other person(s) having in hand, in possession, in keeping
or in the power of the Lender's executor, the Borrower consents the Lender
to deduct the whole amount of such money to pay the debt and/or the
Borrower's liability under this agreement at any time deemed appropriate by
the Lender, whether such debt or liability becomes due or not. In view of
this, it is not necessary for the Lender to notify the Borrower in advance.
In the case where the Borrower relocates from the above stated address in this
agreement, the Borrower shall promptly notify the bank, otherwise the Borrower
shall be liable to all expenses incurred or damages occurred to the bank for
having to locate the new address.
7. The Borrower agrees that the Lender can charge the insurance premiums and
other expenses on insurance or renewal of insurance policy of the property
placed as collateral of the Borrower's debt that the Lender has arranged
for and/or paid in advance into the principal account under this agreement
which shall be included as the principal to be repaid by the Borrower plus
interest according to Clause 2 and other conditions stipulated in this
agreement.
The Borrower has understood the contents of this agreement entirely and
hereunder sign their names (and affix seal, if any) in the presence of
witnesses.
(Seal of King Power Duty Free Co., Ltd.,)
Signed:...............signed.....................Borrower
King Power Duty Free Co., Ltd.,
Signed:...............signed.....................Witness
(Miss Wanna Thongthiang)
Signed:...............signed.....................Witness
(Mr. Wisut Kawinmuthathorn)
Receipt of Payment of Loan
Made at Siam City Bank Public Company Limited Head Office
23 June 1998
Whereas we, King Power Duty Free Co., Ltd., have entered into a Loan Agreement
with Siam City Bank Public Company Limited dated 23 June 1998. Today, we, King
Power Duty Free Co., Ltd., the Borrower under the said agreement, have received
payment of the loan according to Clause 1 for a sum of Baht 98,000,000.00
(Ninety-Eight Million Baht) from Siam City Bank Public Company Limited, Head
Office, the Lender, accordingly. This receipt shall be part of the Loan
Agreement dated 23 June 1998 made between King Power Duty Free Co., Ltd., the
Borrower, and Siam City Bank Public Company Limited, the Lender.
As evidence, we, the Borrower, sign our names in the presence of witnesses.
(Seal of King Power Duty Free Co., Ltd.,)
Signed:...............signed...................Borrower
King Power Duty Free Co., Ltd.,
Signed:...............signed...................Witness
(Miss Wanna Thongthiang)
Signed:...............signed...................Witness
(Mr. Wisut Kawinmuthathorn)
