Pledge Agreement
Made at Head Office
27 November 1998
We, King Power Duty Free Co., Ltd., Thai nationality, with offices at 000 Xxxx
Xxxxx Xxxxxxxx, Xxxx X Xxxx, Xxxxxxxxx, Xxxxxxx Metropolis, hereinafter called
the "Pledgor" have made this Pledge Agreement of the instrument issued in the
name and given it to Siam City Bank Public Company Limited, hereinafter called
the "Bank" to indicate that the Pledgor has pledged and the Bank has accepted
the pledge
Passbook of Fixed Deposits Account No. 001-3-09768-5
Baht 10,000,000.- (Ten Million Baht)
Total Baht 10,000,000.- (Ten Million Baht)
which is an "instrument issued in name of person" whereby the Bank is the debtor
of such instrument, hereinafter called the "Pledged Property" as follows :
1. The Pledgor has pledged the Pledged Property with the Bank as security for
the overdraft, loan, debt related to letter of credit, trust receipt,
issuance of letter of guarantee of all types, sale of discounted promissory
note, aval, guarantee of promissory or other debt related to the promissory
note, debt related to guarantee or any other debt the Pledgor and/or -,
hereinafter called "the said debtor" owed to the Pledgee at the time of
entering into this agreement or the future debt for an amount of Baht
10,000,000.- (Ten Million Baht) and all accessories thereof as stipulated
in Section 748 of the Civil and Commercial Code. The Pledgor agrees to pay
the maximum interest rate as announced by Siam City Bank Public Company
Limited, which at present is 19.5% p.a. If enforcement of the pledge is
insufficient to pay the debt, the Pledgor agrees to pay the amount in
shortage to the Pledgee accordingly.
2. The Pledgor confirm and promise that the Pledgor owns/has the right on the
Pledged Property legally and it is free of proprietary interest or
preferential right or right or encumbrance at the time of entering into
this agreement.
3. On the signing date of this agreement, the Pledgor has recorded the pledge
on the Pledged Property and handed it over to the Bank for retention.
4. The Pledgor agrees not to exercise the right to withdraw the money from the
Pledged Property, unless for payment of the debt to the Bank only.
5. In case the right on the Pledged Property becomes due prior to the payment
of debt, the Pledgor consents to extend validity of the deposits further
which shall be deemed the pledge under this agreement continuously.
6. Should there be any problem arisen regarding ownership/right of the Pledgor
in the Pledged Property and/or the said debtor is in default of payment of
debt or the Pledgor fails is in breach of any clause of this agreement, the
Bank is entitled to immediately call for payment of debt and enforce the
pledge.
7. Due to the fact that the Bank is the debtor of the Pledged Property and also
the Pledgee, therefore the Bank and the Pledgee agree that this agreement
shall be the notice of the pledge to the debtor of instrument as stipulated
in Section 752 of the Civil and Commercial Code.
The Pledgor, having understood the contents of this pledge agreement entirely,
hereunder sign his name (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
(Mr. Siriphon Tantichotiwat)
Signed:...............signed......................Witness
(Miss Nithaya Traisasil)
