Letter of Continuation

LETTER OF CONTINUATION

Date:  11.06.2005

TO,

1.      BANK 1, Head Office, Adamjee Court Annex Building 2, 119-120, Motijheel Commercial Area, Dhaka 1000 (hereinafter referred to as the ‘Agent’)

2.      BANK 2, Head Office, Jiban Bima Tower 10, Dilkusha Commercial Area, Dhaka 1000;

3.      BANK 1, Head Office, Adamjee Court Annex Building 2, 119-120, Motijheel Commercial Area, Dhaka 1000

4.      BANK 3, Head Office, Biman Bhaban, 100, Motijheel Commercial Area, Dhaka-1000;

5.      BANK 4, 24-25, Dilkusha Commercial Area, Dhaka.

(Party Nos. 2-5 shall hereinafter be collectively referred to as “the Lenders” and individually as “the Lender” which expression where the context so admits shall include their respective successors-in-interest, administrators and assigns).

Dear Sirs,

We, COMPANY 1, a company limited by shares, incorporated under the relevant Companies Act, having our registered office at ___________________________, beg to enclose a Demand Promissory Note dated 11.06.2005 for BDT 24,00,00,000.00 (Taka twenty four crore) only (the ‘Facility’), signed by us that is given to the Lenders as security for the repayment of Facility granted to us pursuant to a Facility Agreement dated 11.06.2005 executed among the Lenders, Agent and ourselves (the ‘Facility Agreement’) and the said Promissory Note is to be a security to the Lenders for the repayment of the ultimate balance or sum remaining unpaid on the Facility and we shall  remain liable on the said Promissory Note, notwithstanding the fact that by payments made into our account from time to time the Facility may from time to time be reduced or extinguished or even that the balance of the said account may be at credit.

It is understood that the Lenders are at liberty to take such steps as they consider expedient in order to enforce payment of the Promissory Note at any time after their notice demanding payment has been posted and default made in payments for 3 days after posting such notice and that this guarantee shall apply to any other Promissory Note that may be given in renewal or substitution of the original.

We hereby acknowledge and confirm that we are liable to the Lenders for payment of the amount mentioned in the said Promissory Note together with interest thereon; and that the limitation of the said Promissory Note shall be suspended in accordance with the Limitation Act, 1908 (and any amendment thereto) until we default in repayment of credit facility, and the limitation shall start from the date of default.

Yours faithfully,

_________________________Name: Mr. A

Designation: Managing Director

For: Company 1

Drafted by:

For: “The Lawyers & Jurists”
M.L.Hotel Tower Ltd, 208S hahid Syed Nazrul Islam Sarani,
Bijoy Nagar, Dhaka- 1000.
www.lawyersnjurists.com

Disclaimer:

The information contains in this web-site is prepared for educational purpose. This site may be used by the students, faculties, independent learners and the learned advocates of all over the world. Researchers all over the world have the access to upload their writes up in this site. In consideration of the people’s participation in the Web Page, the individual, group, organization, business, spectator, or other, does hereby release and forever discharge the Lawyers & Jurists, and its officers, board, and employees, jointly and severally from any and all actions, causes of actions, claims and demands for, upon or by reason of any damage, loss or injury, which hereafter may be sustained by participating their work in the Web Page. This release extends and applies to, and also covers and includes, all unknown, unforeseen, unanticipated and unsuspected injuries, damages, loss and liability and the consequences thereof, as well as those now disclosed and known to exist.  The provisions of any state’s law providing substance that releases shall not extend to claims, demands, injuries, or damages which are known or unsuspected to exist at this time, to the person executing such release, are hereby expressly waived. However the Lawyers & Jurists makes no warranty expressed or implied or assumes any legal liability or responsibility for the accuracy, completeness or usefulness of any information, apparatus, product or process disclosed or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product process or service by trade name, trade mark, manufacturer or otherwise, does not necessarily constitute or imply its endorsement, recommendation or favouring by the Lawyers & Jurists. The views and opinions of the authors expressed in the Web site do not necessarily state or reflect those of the Lawyers & Jurists. Above all, if there is any complaint drop by any independent user to the admin for any contents of this site, the Lawyers & Jurists would remove this immediately from its site.