Bank Deposits Pledge Agreement
3 December 1998
We, King Power Duty Free Co., Ltd., hereinafter called the "Pledgor" have made
this agreement and given it to Thai Military Bank Public Company Limited, Head
Office, hereinafter called the "Pledgee." Both the Pledgee and the Pledgor agree
as follows :
1. The Pledgor agrees to give and pledge the right on bank deposits as well as
all rights existing at present and to be existed in the future. 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 for Baht 125,067,500.
Total Pledge of Bank Deposits Baht 125,067,500.
(One Hundred Twenty-Five Million Sixty-Seven Thousand Five Hundred)
2. The Pledgor agrees to pledge the right on bank deposits according Clause 1
as security for various debts of the Pledgor, existing at present and to be
existed in the future, for the principal amount of Baht 125,000,000.- (One
Hundred Twenty-Five Million Baht) and all accessories as stipulated in
Section 748 of the Civil and Commercial Code. The Pledgor agrees to pay
interest at a rate of 18.5% 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.
3. The Pledgor agrees not to exercise the right to withdraw the pledged bank
account, unless for paying the debt 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 this shall not deprive the Pledgee's right as
stipulated in Section 761 of the Civil and Commercial Code.
5. In case the right on the pledged property becomes due before the due date of
payment, the Pledgor consents the Pledgee to withdraw or accept 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 shall have made
payment to the Pledgee in full.
6. Since the Pledgee is a debtor according to the deposit Agreement
obliged to return the amount deposited along with interest to the
Pledgor, and at the same time the Pledgee takes the pledge of right of
receiving the deposit, therefore the Pledgee and Pledgor agree that
this Agreement be the Pledgee's notice to enforce the pledge in
accordance to law.
7. It's apparently understood that the pledge under this Agreement does
not deprive the Pledgee's right to subtract debt without notice to the
Pledgor even though the debt is not yet due, and it's not necessary to
auction the pledged property.
The Pledgor has read and understood all the clauses in this Agreement
which meet his intent and thereby signs his name, and hands over it to the
Pledgee to hold.
By ...........................................Pledgor
(Mr. Xxxxxx Xxxxxxxxxxxx) Director
By ...........................................Witness
(Miss Janthima Sangwichien)
By ...........................................Witness
(Mrs. Sangravee Sukhonkajorn)
