SIAM CITY BANK PUBLIC COMPANY LIMITED
Guarantee Contract
Made at Head Office
23 August 2000
-Signed- I, Mr. Viratana Suntaranond, aged 59, Thai race, Thai
nationality, residing at House No. 141-143-145, Soi Sukha 1, Wat Ratchabopit
Sub-district, Phra Nakhon District, Bangkok Metropolis, and
-Signed- I, Mr. Xxxxxx Xxxxxxxxxxxx, aged 42, Thai race, Thai
nationality, residing at Xxxxx Xx. 00, Xxx Xxxxxxxxx 00, Xxxx Chak Sub-district,
Phra Khanong District, Bangkok Metropolis
hereinafter called the "Guarantor" agree to make this contract with Siam City
Bank Public Company Limited, hereinafter called the "Bank" as evidence that :
1. Whereas the bank has granted King Power Duty Fee Co., Ltd., hereinafter
called the "Debtor," to borrow money or draw overdraft or create various
debts such as opening letter of credit, making trust receipt, requesting
for issuance of all kinds of letter of guarantee, aval of promissory
notes, sale at a discount of promissory notes or transferable or
non-transferable instrument, BIBF loan, or any other financial instrument
or commercial instrument, or extension of credit facilities to the debtor
in any form, or the debtor is liable to reimbursement of money to the
bank, for the total amount of Baht 100,000,000.00 (One Hundred Million
Baht Only), the guarantor agree to guarantee performance of the
obligations, be it the existing credit facilities or liabilities or to be
incurred in the future, including the unpaid interest and compensation
payment of the debtor, as well as accessories thereof which shall include
transfer of the credit facilities and debt to other branch of the bank.
2. If the debtor fails to perform the obligations under Clause 1 due to
whatever reasons, or is subject to receivership by court order, becomes
bankrupted, dies, becomes incompetent person, disappears from the
residence, or any circumstances causing the bank not to receive
performance of obligations under Clause 1, either in whole or in part,
and whether it is due date according to the agreement or not, the
guarantor consent to be liable as joint debtor for performance of
obligations according to such agreement immediately.
3. If the bank extends period of performance of obligations to the debtor or
changes the condition of debt in any case, including change of interest
rate according to the bank"s procedure, with or without notifying the
guarantor, it shall be deemed that the guarantor consent to the same on
every occasion and shall not cite such extension or change or debt
structuring as the reason for relieving the guarantor"s liability.
4. In case the debtor is in default or unable to perform the obligations,
the guarantor shall waive the right to demand the bank to enforce payment
from the debtor"s property before demanding payment from the guarantor,
and shall not cite the debtor"s defense that the guarantor are not liable
because prescription of such debt has expired for enforcement of payment
from the debtor or the heir or the executor of the estate or the subrogee
of rights and duties of the debtor, and shall waive the right to make a
defense on the advantage of the time of beginning or the end of the
debtor and that of the guarantor, without prejudice to the right of the
bank to demand or enter an action against the debtor or the estate or the
subrogee of rights and duties of the debtor to perform the obligations
first, as the bank deems appropriate. In this case, if the bank has not
received performance of obligations in full, the guarantor consent that
such action of the bank shall be deemed for the benefit of the guarantor,
therefore the guarantor agree to immediately pay the outstanding amount
and shall reimburse all fees and expenses paid by the bank in this regard
whether the bank has notified the guarantor or not and though not
demanding or taking legal action against the guarantor jointly with the
debtor or the estate or the subrogee or rights and duties of the debtor.
5. This guarantee shall bind the guarantor completely though it may be cited
that the debtor is an incompetent person or bankrupted or subject to
receivership by court order, or entering into the agreement and creating
the debt due to misunderstanding and whether the guarantor have known of
such incompetence or misunderstanding or not. The guarantor shall not be
released from liabilities for the full amount due to the fact that the
bank has released other guarantor or liable person, or the bank may take
any action causing the guarantor not to be able to subrogate, in whole in
part, the rights of mortgage, pledge, preferential right or any right
already given or may be given to the bank prior to or at the time of
making this guarantee contract.
6. The guarantor agree that this guarantee contract shall be valid
continuously, whereby the guarantor shall be released from liabilities
after the debtor has performed the obligations or the guarantor have
performed the obligations on behalf of the debtor to the bank
accordingly, and the bank shall permit the release from guarantee in
writing only. Restructuring of the debt, by changing of subject of the
obligations or change of the debtor, shall not relieve the guarantor from
the liabilities under this contract.
7. Should there by any money of the guarantor, and/or money that the
guarantor are a joint owner with other person(s), in deposit accounts
with the bank, and/or money of the guarantor and/or money that the
guarantor are a joint owner with other person(s) having in hand, in
possession, retention, or within the authority of the bank"s executor,
the guarantor consent the bank to deduct the whole amount of such money
to perform the obligations and/or the guarantor"s liabilities under this
contract at any time that the bank deems appropriate, whether such debt
or liability becomes due or not, and without having to notify the
guarantor in advance.
8. If the guarantor is in breach of any clause herein, the guarantor agree
to compensate for all damages occurred to the bank due to the guarantor"s
breach of contract, including all expenses incurred for requesting,
demanding, taking legal action, execution of the judgment, investigation
of property, and enforcement for performance of obligations in full.
The guarantor have read and understood this contract entirely, and hereunder
sign their names (and affix seal if any) in the presence of witnesses.
- signed - Guarantor - signed - Guarantor
(Mr. Viratana Suntaranond) (Mr. Xxxxxx Xxxxxxxxxxxx)
- signed - Witness - signed - Witness
(Mr. Chanwut Amnuaisin) (Xx. Xxxxxxx Sanelaksana)
