Second Modification of Letter of Hypothecationby way of Fixed and Floating Assets

SECOND MODIFICATION OF LETTER OF HYPOTHECATION BY WAY OF FIXED AND FLOATING ASSETS

To

PRIME BANK LIMITED

Narayangonj Branch.

Tanbazar

Narayangonj

Head Office

Adamjee Court

Annex Building- 2,

119-120 Motijheel C/A,

Dhaka- 1000;

(hereinafter referred to as the ‘Bank’ which expression shall where the context so admits, mean and include its representatives, executors, administrators, successors-in-interest and assigns).

Sir,

We, X Zipper Limited, a private company limited by shares incorporated in Bangladesh under the Companies Act, 1994 having its office address at West Masdair, Fatulla, Narayangonj, represented by its Chairman, do hereby state and declare that:

  1. By Sanction Letter no. Prime/Narayangonj/ADV/2004/6537 dated 31.08.2005 and others sanction letters, Bank granted us composite loan facility of Tk.9,90,00,000.00 (Taka nine crore ninety lac) only on terms and conditions set forth in the said Sanction Letters; and
  1. As security, inter alia, for the said loan facility we created 1st charge by way of hypothecation in favour of the Bank on all plant, machinery and equipment, stocks raw materials, work-in-process, finished goods and all other fixed and floating assets as mentioned in the Letter of Hypothecation (hereinafter referred to as ‘Hypothecated Assets’) by executing a Letter of Hypothecation dated 24.11.2004 and Supplementary Deed of Modification by way of Fixed and Floating Charge on 22.06.2005 and registered with the Registrar, Joint Stock Companies and Firms, Dhaka (hereinafter referred to as ‘Hypothecation Deed’) covering the composite loan facility of Tk.9,90,00,000.00 (Taka nine crore ninety lac) only; and
  1. Subsequently on our further request the Bank has renewed and adjust some portion of previous loan, now Composite loan facility from Tk.7,00,00,000.00 (Taka seven crore) only in the form of i) Renewal of L/C/Sight/DP Limit of Tk.2,00,00,000.00 (Taka two crore) only (ii) LTR limit of Tk.1,00,00,000.00 (Taka one crore) only, iii) Renewal of IDBP Limit of  Tk.2,00,00,000.00  (Taka two crore)  only,  &   iv) OD  (General)  limit  of
  1. Tk.2,00,00,000.00 (Taka two crore) only, vide its Sanction Letter No. Prime/Ngi/CR/2009/171A dated 27.01.2009 on conditions, inter alia, that we shall grant the Bank further charge over the Hypothecated Assets and to that effect the Hypothecation Deed shall be amended to reflect this further charge over the Hypothecated Assets covering the entire limit.

WE, THEREFORE AGREE THAT the security created under Hypothecation Deed shall be continuing security as first charge to the Bank for securing the composite loan facility of Tk.7,00,00,000.00 (Taka seven crore) only sanctioned by the Bank to us.

We further declare that the amendment made herein and our obligations, commitments and rights under the Hypothecation Deed, which have not been modified shall remain effective and bind our successors, assigns and us.

IN WITNESS WHEREOF, WE CAUSED THIS SECOND MODIFICATION OF LETTER OF HYPOTHECATION BY WAY OF FIXED AND FLOATING ASSETS ON THIS THE _________ DAY OF _____________, 2009 OF THE CHRISTIAN ERA.

Sealed, signed and delivered by                                      For & on behalf of:

X Zipper Limited                                           X Zipper Limited

Abu Ahmed Siddique, Chairman

being the authorized signatory in terms of Board

Resolution dated ——————–,

in the presence of:

1. Name & Signature

    Address:

Drafted by:

2. Name & Signature

Address:                                                     For: The Lawyers & Jurists

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