PLEDGE AGREEMENT This Pledge Agreement is made and entered into as of __________, 1998, between _________________ ("Borrower"), and PriceSmart, Inc., a Delaware corporation (the "Company"). RECITALSPledge Agreement • January 14th, 1999 • Pricesmart Inc • Retail-miscellaneous retail • California
PROMISSORY NOTEPromissory Note • January 14th, 1999 • Pricesmart Inc • Retail-miscellaneous retail
FOR VALUE RECEIVED, the undersigned, _______________ (the "Borrower") promises to pay to PriceSmart, Inc., a Delaware corporation, (the "Company"), or order, the principal amount of __________________________ dollars ($____________) with interest from the date hereof on the unpaid principal balance under this Note at the rate of six percent (6%) per annum (on the basis of a 360-day year and the actual number of days elapsed). The principal amount of this Note shall be due and payable on or before the earlier of six years from the date of this Note, or the date on which the indebtedness under this Note is accelerated as provided for under this Note or the Pledge Agreement (as defined below). The interest payable under this Note shall be payable in bi-monthly installments throughout the term of this Note. Any accrued and unpaid interest under this Note shall be due and payable concurrently with principal.
