Made at Thai Military Bank Public Company Limited
19 November 1998
We, King Power Duty Free Co., Ltd., the Borrower/Overdraft Withdrawer,
hereinafter called the "Debtor" hereby made this Memorandum to Thai Military
Bank Public Company Limited, hereinafter called the "Bank" as follows :
Whereas the Debtor/or - has registered mortgage of land and structure as
collateral for the obligation the Debtor has with the Bank at the time of making
this Memorandum or to be incurred in the future according to the mortgage
agreement dated - and the appendix, the Debtor or the Mortgagor consents to
arrange fire insurance of the above stated structure with the insurance company
endorsed by the Bank whereby the Bank shall be the beneficiary of the insurance
policy in the amount to be notified by the Bank from time to time. In this
respect, the Debtor or the Mortgagor consents to pay the insurance premiums
continuously until the Debtor shall have made payment to the Bank in full. If
the Debtor or the Mortgagor has failed to arrange for the fire insurance and the
Bank has done so, the Debtor or the Mortgagor consents to reimburse the Bank
within 15 days from the date of receipt of the Bank's notice. In case of default
of the insurance premiums, the Debtor or the Mortgagor consents the Bank to
immediately deduct the said amount from our current account/savings account No.
........................... without having to notify us. If the amount in the
said bank account is insufficient, the Debtor or the Mortgagor consents the Bank
to accumulate the insurance premiums with the outstanding principal owed to the
Bank and consents the Bank to charge interest according to the method and at the
same rate as debtors of loan agreement/overdraft until the Debtor shall have
made payment to the Bank in full. The Debtor or the Mortgagor consents the Bank
to keep the insurance policy.
As evidence, we hereunder sign our name and affix the seal (if any) in the
presence of witnesses.
Signed...............................................Memorandum
(Mr. Xxxxxx Xxxxxxxxxxxx) Preparer Authorized Director
(Seal of King Power Duty Free Co., Ltd.)
Signed...............................................Witness
(Ms. Xxxxxxxx Xxxxxxxxxxx)
Signed................................................Witness
(Mrs. Xxxxxxxxx Xxxxxxxxxxxx)
