Document:

Loan Agreement, dated June 6, 2005

 EXHIBIT 10.18 
 050907 
  

					
		 	(Translation)	 	 stamp duty paid.
 -signature + seal-
 6 June 2005    

 TMB Bank Public Company Limited 
  

											
		 		 		 		 		 	[ ] Head office
		 		 		 		 		 	[/] Simummuang Market-
		 		 		 		 		 	Rangsit Branch

 Loan Agreement 
  

											
		 		 		 		 		 	Agreement No.                 

 Date: June 6, 2005 
 We, Fabrinet Co., Ltd., with office located at No. 294 Moo 8, Vibhavadee Rangsit Road, Tambol Kukot, Amphur Lamlukka, Pathumthani province, registration
No. 1158/2542 and/or 
 We, FABRINET, with office located at Walker House, 87 Mary Street, Grand Cayman, Cayman Islands, British West Indies,
hereinafter referred to as the “Borrower”, hereby enter into this Agreement with TMB Bank Public Company Limited, hereinafter referred to as the “Lender”, as follows: 
 1. Definitions 
 “SIBOR” means the interest rate per annum offered for loans in US$ for the period equal to the
interest period, printed or reported by Reuter through Reuters Screen that displays the SIBOR, or by other equivalent service (the “Screen”) at 11.00 a.m. (Singapore time) of 2 business days immediately preceding the commencement date of
the relevant interest period, provided that 
  

	(a)	Where there are more than 2 said interest rates on the Screen, the rate per annum determined by the Bank as the maximum rate offered for loans in US$ in the interbank market in
Singapore for the period equal to such interest period at 11.00 a.m. (Singapore time) on the said date shall be charged, or 

  

	(b)	Where it is unable to determine the said offered interest rate from the Screen, the average of the interest rates offered for lending in US$ in the interbank market in Singapore for
the period equal to such interest period at 11.00 a.m. (Singapore time) on the said date of the Development Bank of Singapore, Citibank, N.A. and Bank of Tokyo-Mitsubishi, Singapore branch, obtained by any means by the Bank from the said three banks
shall be charged. 

 “MLR (Minimum Loan Rate)” means the interest rate charged by the Lender to its prime major customers obtaining
term loans, which, at the time of execution hereof, is announced by the Lender at the rate of 6.00% per annum. 
  

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 “Default rate” means the maximum interest rate announced and charged by the Lender to a defaulting or breaching
debtor, which, at the time of execution hereof, is announced by the Lender at the rate of 13.00% per annum. 
 “Margin” means the
margin used by the Lender to add to or subtract from the interest rate charged hereunder. 
 2. The Borrower agrees to borrow from the Lender in the amount
of US$ 8,000,000 (eight million), and the Borrower has received the loan from the Lender properly and completely on the date hereof. 
 3. Interest rate

 The Borrower agrees to pay interest on the principal of the loan hereunder to the Lender at the rate equal to the SIBOR (for 6 months) [/] plus [ ] minus
the margin of 1.50% per annum. 
 Where the law or the notification of the Bank of Thailand prescribes a change in interest rate and discount or margin
for extending credits by commercial banks, or where the Lender changes the SIBOR used as a reference for the interest rate hereunder, the Borrower agrees that the Lender may change the SIBOR as provided herein immediately as the Lender deems
appropriate, without prior consent from the Borrower or notice or any further evidence to be provided to the Borrower. 
 4. The Borrower agrees to repay the
loan and interest under Clauses 2 and 3 to the Lender at the place and during office hours of the Lender as follows: 
 4.1 The Borrower
agrees to pay interest at each interval of 6 months, on the last business day of every month. 
 4.2 The Borrower agrees to repay the principal to the Lender completely within 7 years from the date hereof, with a grace period of repayment of principal of 1 year (from June 2005 until May 2006). Upon completion of
the said 1-year period, the Borrower agrees to repay the principal to the Lender at each interval of 6 months on the last business day of November and May, by dividing into 12 installments, i.,e., 1st
 – 11th installments, in the amount of US$ 670,000 (six hundred seventy thousand) and 12th installment, in the amount of balance of US$ 630,000 (six hundred thirty thousand). 
 If the scheduled date of repayment falls on the Lender’s holiday, the repayment shall be made on the immediately following business day. In addition, the Borrower
agrees that, if after the date hereof, the amount to be paid in installment has changed due to the adjustment of interest rate under Clause 3 or for any reasons as may be deemed appropriate by the Lender, the Borrower agrees to pay the amount so
changed provided that the Lender merely notifies the Borrower of the same, and the Borrower shall not raise any objections whatsoever. 
 5. Under any one of
the following circumstances, the Borrower shall be deemed to be in default and breach hereof: 
 5.1 The Borrower is in default of payment of
principal, interest or any amount and whether in any installment as provided herein. 
  

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 5.2 The Borrower fails to comply with the Agreement, or is in breach of any provisions as provided
herein. 
 5.3 Any evidence, writing, representation or document delivered by the Borrower to the Lender relating to the credit facility
contains any false statement or is a false document, or is not legally effective. 
 5.4 The Borrower is sued, subject to execution of
judgment, or there is any other event which the Lender considers that it may cause damage to the Borrower’s operation or financial condition. 
 5.5 The Borrower is insolvent or is sued in a bankruptcy case, or is placed under receivership, or its assets are seized or attached by the official. 
 5.6 The value or reliability of any security provided by the Borrower to the Lender has decreased for any reasons, and after the Lender has given notice to the Borrower requiring placement of additional security,
whose value is not less than the original security’s, the Borrower fails or is unable to do so. 
 Where the Borrower is in default or breach as
aforesaid, the Borrower shall be deemed to be in default of payment of the entire loan hereunder, and the entire debt shall become immediately due and payable. The Lender shall be entitled to enforce the debt immediately, and the Borrower agrees to
immediately pay debt hereunder in full together with its interest and accessories, as well as any other debts or amounts payable by the Borrower to the Lender hereunder, and agrees to pay interest at the default rate from the date of default until
complete payment is made, and agrees to pay other damages arising from the default, breach, expenses incurred in the claim, demand, lawsuit, legal fees, court fees and compensation. 
 Where the law, notification of the Bank of Thailand, or the Lender announces a change in the said default rate, the Borrower agrees that the Lender shall be entitled to immediately change the default rate provided
herein, without the prior consent from the Borrower and without notice or any further evidence to be provided to the Borrower. 
 6. A change in any interest
rates under Clauses 3 and 5 shall be notified by the Lender to the Borrower at the office of the Lender, whereby the Borrower shall be deemed to acknowledge the announcement of such change by the Lender every time. 
 7. The Borrower agrees to pay all stamp duties, fees (other than those provided herein) taxes, insurance premiums for security, expenses and any amounts incurred in
connection with any steps taken involving the security, renewal of insurance, survey and appraisal of the value of security, review of the appraised value of security, and any other expenses incurred in any steps taken as provided herein.

 In addition, the Borrower agrees to pay the following fees to the Lender: 
 Fees: These shall be in accordance with the Memorandum of Agreement dated June 6, 2005. 
  

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 If the Borrower is in default of payment of any fee or expense in the amount and within the period provided as a
condition above, the Borrower agrees that the Bank may charge interest at the default rate on the said fee or expense from the date of default until payment of such fee or expense is made in full. 
 8. In lending hereunder, if the Borrower is in default of payment of interest at the rate and within the period provided in Clauses 3 and 4 for a period of not less than
one year, whether the Lender has made a demand or not, the Borrower agrees that the overdue interest for the said period may be compounded with the principal immediately when it is overdue from time to time, and the same shall become the principal
to be repaid in installments by the Borrower under Clause 4. 
 9. Payment in installments by the Borrower under Clause 4 hereof shall not bar the right of
the Lender to demand the Borrower to pay debt hereunder either in whole or in part prior to the due date under Clause 4 hereof as the Lender may deem appropriate due to any event in which the Lender believes that the Borrower will not pay debt or
may be unable to pay debt as usual, without giving any reasons to the Borrower. The Borrower agrees that in case of such demand by the Lender, the Borrower shall pay debt to the Lender without reluctance, and shall not raise the benefit of time as a
defense against the Lender. 
 10. In order to secure the performance hereof, the Borrower has placed land title deed Nos. 1645 and 7132, Tambol Bangwaitai
(Klong 1 Tok), Klong Nung (Klong 1, Tok), Amphur Klong Luang, Pathumthani province (Thunyaburi), for registration of mortgage as security in favor of the Lender, and the Borrower has delivered all documents relating to such security to the Lender
until the Lender is fully paid the debt hereunder. 
 11. The Borrower agrees to insure the property placed as security under Clause 10 with an insurance
company approved by the Lender, in the insured amount designated by the Lender, allowing the Lender as the beneficiary under the policy. The Borrower also agrees to completely take out the insurance prior to receipt of the loan under Clause 2 or
within the period as the Lender may deem appropriate. The Borrower shall pay insurance premiums and bear all expenses incurred in the insurance. The Borrower also agrees to renew the insurance contract as long as the Borrower is indebted to the
Lender. 
 If the Borrower fails to take out or renew the insurance, the Borrower agrees that the Lender may do so on its behalf, and the Borrower agrees to
reimburse the insurance premiums paid by the Lender, to the Lender together with interest at the default rate from the date of such payment by the Lender until reimbursement is made in full. 
 12. The Borrower agrees to review every year the assessed value of the property placed as security with the Lender, by an appraiser approved by the Lender, and the
Borrower agrees to bear expenses involved therewith. 
 13. The Borrower agrees that the Lender shall have the power to deduct money from the Borrower’s
current account, No. 099-1-05185-5 at [ ] head office, [/] Simummuang 

  

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Market- Rangsit branch, every month or at each time according to the repayment in installments to be made by the Borrower hereunder, to pay the principal and
interest, as well as fees, stamp duties, taxes, insurance premiums, expenses and money advanced for the Borrower by the Lender in connection with the survey and appraisal of the value of the security, review of the appraised value of the security,
insurance, renewal of insurance, expenses, damages or any amounts payable by the Borrower to the Lender hereunder or under any other documents or juristic acts relating to the execution of this Agreement, without notice to the Borrower, and the
Borrower agrees that the Lender may exercise the right of retention or inhibit the Borrower from withdrawing such money, until the Borrower has paid debt to the Lender in full. 
 The consent under the preceding paragraph shall also be applicable to other types of deposit accounts or any other amounts owned by the Borrower and kept at the Lender, whether such amounts are deposited or kept at
any office of the Lender. 
 In addition to the property placed as security hereunder, if the Borrower has any properties mortgaged, pledged or placed by the
Borrower as security for other types of debts owed by the Borrower itself, or placed as security for payment of debt by any other person, whether such properties are kept at any office of the Lender, the Borrower agrees that the Lender may use all
such properties to pay the debt payable by the Borrower hereunder. The Borrower also agrees that the Lender may exercise the right of retention or inhibit the Borrower from withdrawing mortgage, pledge or such properties if the Lender considers that
such act of the Borrower will cause damage to the Lender or may cause the Lender to be unable to receive payment of debt hereunder. 
 14. At any time
insofar as the debt hereunder has not been paid in full by the Borrower, in case the Lender considers that the rate of exchange of US$ into Thai baht is higher than such exchange rate on the day the Borrower makes a disbursement of loan in excess of
ten percent (10%), or in case the circumstance of the Lender’s source of loan in US$ has changed, or in case the Lender deems it appropriate and more beneficial, or in any case where the Lender, at its absolute discretion, considers that it may
affect the Borrower’s ability to make payment of principal of credit facility, its interest, fee and / or any other money payable in US$ to the Lender by the Borrower hereunder, the Lender shall immediately convert the currency of all credit
facility owed to the Lender by the Borrower into Thai baht with no Borrower’s opposition thereto. The Borrower agrees to waive all its claim for any damages from the Lender. In such case, the Borrower agrees to comply with the following
conditions: 
 In such conversion of currency, the Borrower agrees to allow the Lender to apply the official exchange rate determined by the Lender in
selling of US$ on such date of conversion of such currency. The Borrower agrees to pay interest on the principal so conversion at MLR  ̈ plus
 ̈ less the margin at the rate of              per year. If the Borrower is in
breach of the Agreement, the Borrower agrees to pay interest to the Lender at the default rate until payment of debt is completely made. 
 In addition, in
conversion of US$ into Thai baht as aforesaid, the Borrower agrees to comply with all conditions and rules of the Lender, and agrees to allow the Lender, as its agent, to act on its behalf in signing any documents in connection with translation of
such 

  

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currency, and to do all necessary acts on its behalf including the international remittance of currency on account of conversion of such currency as
determined by the Lender, as well as the entering into a loan agreement with TMB Bank Public Company Limited for the purpose of borrowing of Thai baht (if necessary). 
 15. The Borrower agrees to give prior consent for the Lender to dispose of or transfer debt or assign claims hereunder, or assign the right of mortgage, pledge, guarantee or right to any other security involving such
debt or claims of the Lender either in whole or in part, to any person or juristic person at any time, regardless of whether the Lender has given notice to the Borrower of the same or not. 
 16. Any communication, demand, notice or any other letter sent to the Borrower by registered or unregistered mail or by any means, or by hand, to the address written
above shall be deemed to have been duly given to the Borrower, regardless of whether there is a recipient or not. If it cannot be delivered because the address indicated herein has changed or removed without notice thereof from the Borrower to the
Lender, or if it cannot be delivered because the address written above is not found, the Borrower shall be deemed to have duly received and acknowledged such communication, demand, notice or any other letter from the Lender. 
 17. If the Borrower is in breach of any or all of the provisions hereof, and if it is necessary to take legal action, the Lender shall be entitled to file a lawsuit with
the Civil Court or the court having jurisdiction over the locality in which the Borrower or the Lender has domicile, or the court of the locality where the immovable property is located, or the court of the locality where this Agreement was
executed, as the Lender may deem appropriate. 
 The Borrower has thoroughly read and understood the contents hereof, and has therefore signed (with seal
affixed) in the presence of witnesses on the date written above. 
 Fabrinet Co., Ltd. 
 (Seal) 
 Signed                  -Signature-                
  Borrower 
 (Mr. Soon Kaewchansilp) 
 Authorized Director of the Company 
 FABRINET 
 Signed                  -Signature-                
  Borrower 
 (FABRINET by Mr. David Thomas Mitchell, President & CEO) 
 TMB Bank Public Company Limited 
 Signed                  -Signature- and
seal                  Lender 
 By (Mrs. Phawana
Wej-anurak 336) 
  

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 Authorized signatory of the Bank 
  

			
	Signed                  -Signature-                
  Witness	 	Signed                  -Signature-                
  Witness
	(Mr. Supat Masnithat)	 	(Mrs. Jinrapha Thaithae)

  

 Page 7 

 070907 
 (Translation) 
 TMB Bank Public Company Limited 
 Memorandum of Agreement 
  

							
		 		 		 	Made at TMB Bank Public
		 		 		 	Company Limited

 Date: June 6, 2005 
 Whereas Fabrinet Co., Ltd. and/or FABRINET, as the Borrower, hereinafter referred to as the “Company”, has received support of credit for use as working
capital in the business of the Company from TMB Bank Public Company Limited, as the Lender, hereinafter referred to as the “Bank”, in the total amount of US$ 8,000,000.00 (eight million only) pursuant to the Loan Agreement dated
June 6, 2005, hereinafter referred to as the “Loan Agreement”. 
 The Company wishes to provide representations and confirmations to the Bank.
The Company therefore executes this Memorandum for the Bank as follows: 
 1. The Company shall furnish to the Bank every year the Affidavit showing
registration as a juristic person of the Company, issued not more than ninety (90) days from the last day of its fiscal period. In addition, at each time of change in the Company’s register, the Company shall furnish to the Bank such
documents of change in its register within thirty (30) days from the date of the change. 
 2. The Company shall furnish to the Bank the annual
financial statements of the Company and of Fabrinet together with notes to the financial statements certified by the certified public accountant within one hundred and twenty (120) days from the last day of its fiscal period, and shall furnish
to the Bank the quarterly financial statements (if any) within ninety (90) days from the last day of its [quarterly] fiscal period, certified as correct by the authorized director(s) of the Company. 
 3. The Company shall notify the Bank in writing within thirty (30) days upon a change in the major shareholder, executive, director or authorized director of the
Company, or change in the Company’s seal, or upon any significant event affecting its financial condition and operation. 
 4. The Company confirms that
on the date of execution of the Loan Agreement, Mr. David Thomas Mitchell is a major shareholder holding shares at the ratio of 20% and is the Chairman of the Board of the Company. If Mr. David Thomas maintains his shareholding in Fabrinet
lower than 10.00% of all shares or ceases to be the main executive of the Company, the Company shall inform the Bank within thirty (30) days from the date of decrease of shareholding ratio or cessation of being the executive. 
  

 Page 8 

 5. The Company shall maintain the overall financial ratios at the end of December and June of each year throughout the
period of extending credit by the Bank as follows: 
 5.1 The Company shall maintain the debt service coverage ratio (DSCR) at not lower than
2.00. The DSCR is calculated as follows: 
  

	
	 Profit before interest expense and depreciation and amortized expenses + cash and savings at
banks

	Long-term debts due in 1 year + interest expense + short-term financial debts

 5.2 The Company shall maintain its D/E ratio at not more than 2.00. The D/E ratio is calculated as
follows: 
  

	
	 Liabilities and obligations

	Shareholders’ equity – intangible assets – loan receivables from related companies and directors – investment

 6. The Company shall maintain its reserved cash in its reserve account to be equal to the interest and principal
payable for the period of 6 months ahead. 
 7. If the Company is in default of payment of debt owed to any financial institution, the Company agrees to be
deemed to also be in default of payment of debt owed to the Bank. 
 8. If the investment budget for construction of factory building invested this time is
higher than the amount of US$ 10 Million (ten million only), the shareholder or the Company shall be responsible for the additional capital. 
 9. The
Company shall not pay debt owed to its directors and affiliates until the long-term loan debt owed to the Bank is paid in full, except payment of debt arising in the normal course of business. 
 10. Any disposal of, distribution or transfer of assets other than in the normal course of business in the amount more than Baht 50,000,000 (fifty million only) must
first be consented in writing by the Bank. 
 11. The Company may pay dividend only in the following cases: 
 11.1 The Company is able to repay principal, pay interest and fees incurred relating to credit facilities when due. 
 11.2 The Company is able to maintain its reserved cash in its reserve account, which is equal to the amount of interest and principal payable for the
period of 6 months ahead, and must obtain the prior approval from the Bank. 
 12. If the Company gains profit from its operation, the Company may pay
dividend by not more than 50% of its net profit of that year. If the Company wishes to pay dividend by more than 50% of its net profit of the relevant year, the prior written consent from the Bank must be obtained. 
  

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 13. The Company shall maintain its DSCR (debt service coverage ratio) after payment of dividend at not lower than 2.00,
using the calculation basis under Clause 5.1. 
 14. If the Company fails to comply with the provisions of this Memorandum of Agreement, the Company shall be
deemed to be in breach of the agreement with the Bank, which is regarded as an event of default. The Bank may then consider cancelling the Loan Agreement and demand the Company to pay debt in full immediately, whereby the Company shall not raise any
objections whatsoever. 
 In Witness Whereof, the Company has thoroughly read and understood the contents above, and has therefore signed (with seal affixed)
in the presence of witnesses. 
 Fabrinet Co., Ltd. 
 (Seal) 
 Signed                  -Signature-                
  Company 
 (Mr. Soon Kaewchansilp, Director) 
 FABRINET 
 Signed                  -Signature-                
  Company 
 (FABRINET by Mr. David Thomas Mitchell, President & CEO) 
 TMB Bank Public Company Limited 
 Signed                  -Signature- and
seal                  Bank 
 (Mrs. Phawana
Wej-anurak 336) 
 Authorized signatory of the Bank 
  

			
	Signed                  -Signature-                
  Witness	 	Signed                  -Signature-                
  Witness
	(Mr. Supat Masnithat)	 	(Mrs. Jinrapha Thaithae)

  

 Page 10 

 050907 
 (Translation) 
 TMB Bank Public Company Limited 
 Memorandum 
  

							
		 		 		 	Made at TMB Bank Public
		 		 		 	Company Limited

 Date: June 6, 2005 
 Whereas we, Fabrinet Co., Ltd. and/or FABRINET, the Borrower, have been approved: 
  

					
	Overdraft in the amount of	 		 	
	Loan in the amount of	 	US$ 8,000,000 (eight million only)	 	
	Amount under letter of guarantee	 		 	
	(electricity) in the amount of	 	Baht 15,000,000 (fifteen million only)	 	

 From TMB Bank Public Company Limited. We hereby enter into this Memorandum of Agreement with TMB Bank Public
Company Limited as follows: 
 We hereby agree to pay fees to be charged to us by the Bank as follows: 
 1. Fee for extending credit/analysis of project and relevant documents (front-end fee) at the rate of 0.25% of the amount of credit facility approved, payable to
the Bank in full on the date hereof. 
 2. Prepayment fee at the rate of   –   % of the loan prepaid, payable to the Bank on
the rate of payment of debt. However, the Bank may charge such fee only in cases where there is a transfer of the credit so prepaid, to another financial institution. The prepayment must be notified to the Bank not less than 45 days in advance, and
the prior written consent from the Bank must be obtained. 
 3. Cancellation fee at the rate of 1.00% of the amount of credit cancelled, payable to
the Bank on the date of notice by the Borrower of such cancellation. 
 4. Commitment fee at the rate of 1.00% per annum of the amount of undrawn
portion of the credit facility or of the overdrawn or underdrawn portion of the credit facility provided in the above-mentioned agreement, payable to the Bank within   –   days after the scheduled date of drawdown of
credit facility at the relevant time. 
 5. Extension fee at the rate of 1.00% of the principal, extension of time for repayment of which is
requested, provided that the prior written consent of the Bank is obtained. 
 6. Penalty fee at the rate of   –   % of the
principal due but not yet repaid. 
  

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 7. Conversion fee of   –   % of the amount converted, payable on the date of conversion
of currency of credit facility. 
 8. Processing fee, which the Borrower agrees to pay to the Lender in the amount of Baht
  –   (  –  ) 
  

			
	9.	 	       –  

	  

	  

 If we are in default of payment of any fee in the amount and within the period provided as a condition above, we
agree that the Bank may charge interest at the rate of 13.00% per annum on the amount of such fee, from the date of default until payment of such fee is made in full. 
 In Witness Whereof, we have signed and affixed seal (if any) in the presence of witnesses. 
 Fabrinet Co.,
Ltd. 
 (Seal) 
 Signed                  -Signature-                
  Memorandum Maker 
 (Mr. Soon Kaewchansilp,
Director)                         
 FABRINET 
 Signed                  -Signature-                
  Memorandum Maker 
 (FABRINET by Mr. David Thomas Mitchell, President & CEO) 
 Signed                  -Signature-                
  Witness                     
 (Mr. Supat Masnithat)                         
 Signed                  -Signature-                
  Witness                     
 (Mrs. Jinrapha Thaithae)                         
  

 Page 12Loan Agreement, dated April 4, 2007

 EXHIBIT 10.19 
 080507 
 (Translation) 
 TMB BANK PUBLIC COMPANY LIMITED 
 LOAN AGREEMENT 
 Made at TMB Public Company Limited, 
 Simummuang-Rangsit Branch                 
 Date
4 April 2007 
 We, FABRINET CO., LTD., having an office located at No. 294 Moo 8, Vipavadee-Rangsit Road, Kookot Sub-district, Lam Lukka
District, Pathum Thani Province, with juristic person registration number 0105542073726, hereinafter referred to as “First Borrower”, and 
 We,
FABRINET CO., LTD., having an office located at Walker Hourse, 87 Mary Street, George Town, Grand Cayman, Cayman Islands, British West Indies, hereinafter referred to as “Second Borrower”, 
 Where it is not specifically referred to any person, it will be collectively referred to as “Borrowers”, hereby make and deliver this Agreement to TMB BANK
PUBLIC COMPANY LIMITED, hereinafter referred to as “Bank”. 
 Whereas, the Borrowers are desirous to borrow from the Bank for the purchase of
land, construction of factory buildings and system facilities to be located at No. 1634 Bangwai Tai Sub-district (Klong 1 Tok), Klong Luang District, Pathum Thani Province, hereinafter referred as the “Project”; 
 Both parties, therefore, agree as follows: 
 Article 1. Definition 

 The Borrowers and the Bank agree that the following terms, if not otherwise specified, shall mean as follows: 
 “Interest Period” means a period for calculation of interest which covers three months from the date of drawdown to the end of the
three-month period, except for the first interest period which commences on the date of the first drawdown and ends on the last Business Day of February, May, August or November, as the case may be, and with regard to the subsequent interest period,
it shall commence on the date of payment of the preceding payment of interest to the date of subsequent payment of interest, until the Borrower has made payment of its debts in full. 
 “Interest Payment Date” means the last Business Day of February, May, August and November of each Interest Period, which is the date due
for the Borrower to pay interest under this Agreement, the first payment to be made on the last Business Day of May 2007. 

 “SIBOR” means the interest rates per annum at which banks offer to lend in US Dollar in
international money market in Singapore in relation to a period equal to the Interest Period published or reported by Reuters on SIBO page of Reuters Screen service or by other equivalent service (“Monitor Screen”) at or about 11:00 a.m.
(Singapore time) two (2) Business Days before the first day of the relevant interest period: 
  

	 	(a)	If there are more than two rates on the Monitor Screen, the rate per annum will be the rate as determined as the highest rate of the offered rates for a loan in US Dollar in the
interbank market in Singapore in relation to a period equal to the Interest Period at or about 11:30 a.m. (Singapore time) on such date, or 

  

	 	(b)	If the offered rates cannot be determined from the Monitor Screen, the average of offered rates for a loan in US Dollar in interbank market in Singapore in relation to a period
equal to the relevant Interest Period at or about 11:00 a.m. (Singapore time) offered by Development Bank of Singapore, Citibank, N.A., and Bank of Tokyo-Mitsubishi, Singapore Branch) obtained by any means by the Bank from such three banks or from
other banks as the Bank may deem appropriate. 

 In determining the interest each time, the Bank shall determine based on the
above provision on the drawdown date and/or at the end of each Interest Period. When the Bank has so determined, the Borrower agrees to treat it as the interest rate to be used for calculation of the interest to be paid by the Borrower to the Bank
with regard to such Interest Period. The Bank shall be entitled to change the interest rate for every Interest Period without notice to the Borrower and it shall not be required to provide any evidence thereof to the Borrower. 
 “Default Interest Rate” means the highest interest rate charged by the Bank on a client in default of performance or in breach of
contract, which currently is 15.50 per cent per annum. 
 Where the law or Bank of Thailand’s notification prescribes change in the
interest rates for credits granted by commercial banks or where the Bank changes such interest rates, the Borrower authorizes the Bank to change such interest rates provided in this Agreement forthwith without prior consent of the Borrower and
without providing notice or any evidence to the Borrower. 
 In relation to any change in the interest rates mentioned above, the Bank will
post a notice for information to the Borrower at the Bank’s office, in which case it will be deemed that the Borrower has been aware of every notice of such change made by the Bank. 
 “Business Day” means the day on which commercial banks in Thailand are open for business as usual. 
 Article 2. Types and Amounts of Loan 
 The Borrower
requests, and the Bank grants, loans to the Borrower in United States Dollars in the amount of US$22,000,000 (Twenty-two million United States Dollars), hereinafter referred to as the “Loan”, divided into the amounts as follows:

 2.1 US$1,800,000 (One million and eight hundred thousand United States Dollars) for cost of construction
of factory buildings and system facilities under the Project, hereinafter referred to as “Tranche 1 Loan”; 
 2.2 US$20,200,000
(Twenty million and two hundred thousand United States Dollars) for purchase of land under the Project, hereinafter referred to as “Tranche 2 Loan”. 
 Article 3. Conditions Precedent to Drawdown 
 The Borrower may drawdown the Loan in the amount specified in Article 2 when it
has delivered the following documents and done the following things before the drawdown, and at the time of drawdown it is not in default specified in Article 13 hereof. If a copy of the document is provided, it must be certified as true copy with
date by the authorized director of the Borrower stamped with the Borrower’s seal: 
 3.1 The Borrower shall deliver an affidavit issued
by the Partnerships and Companies Registrar, Ministry of Commerce, showing that the Borrower has been registered as a limited company, list of directors and persons authorized to sign on behalf of the Borrower. 
 3.2 The Borrower shall deliver its memorandum of association, articles of association, and list of shareholders current as of the date of this Agreement
and which are certified as correct by the Partnerships and Companies Registrar. 
 3.3 The Borrower shall deliver minutes of board of
directors meeting approving the borrowing under the conditions specified herein. Where any person is authorized to sign this Agreement, the statement of such authorization must be specified in such minutes of the board of directors meeting.

 3.4 The Borrower shall deliver specimen signatures of the persons authorized to sign this Agreement and notices of drawdown, as well as
notices and certifications, on behalf of the Borrower. 
 3.5 The Borrower shall complete the juristic acts and security matters specified in
this Agreement according to the Bank’s regulations in all respects and to deliver the documents according to the Bank’s regulations in full, except where otherwise provided herein. 
 3.6 The Borrower shall present the agreement for purchase and sale of land, the construction agreements for the buildings and systems and provide a copy
thereof to the Bank. 
 3.7 The Borrower shall deliver the blue-prints of the factory buildings for the Bank to appraise their value, and
shall appoint an independent engineer approved by the Bank to review the feasibility of the investment with regard to the system facilities. If the value appraised by the Bank is lower than the projected cost, the Borrower agrees that the Bank may
reduce the amount of the Loan in the same proportion. 
 3.8 The Borrower shall increase its registered capital by the amount of no less than
Baht 200,000,000.00 (Baht two hundred million only) so that the total registered capital 

 
shall become Baht 400,000,000.00 (Baht four hundred million only), and all shares shall be fully paid-up before the first drawdown. The Borrow shall furnish
the Bank with a copy of a shareholders list made after the full payment for the registered capital. 
 3.9 The Borrower shall open a current
account with the Bank, Simummaung-Rangsit Branch, hereinafter referred to as “Debt Service Reserve Account”, as a reserve for payments of the Loan’s principal and interest, in an amount equal to the interest and principal liabilities
for the subsequent three months, and when it becomes due the Borrower consents to the Bank to deduct the Debt Service Reserve Account for the payment forthwith. 
 3.10 The Borrower shall provide the drawdown schedule by 3-month interval basis (“Drawdown Schedule”) and notify the Bank no less than five Business Days in advance before the first drawdown of each 3-month
interval. 
 Article 4. Interest and Payment Schedule 
 4.1 The Borrower agrees to pay interest on the principal of the Loan to the Bank at SIBOR plus 1.50 (one point five) per annum payable on three-month period basis on the last Business Day of February, May, August, and
November of each year until the principal has been paid in full. 
 4.2 The Borrower agrees to pay interest mentioned in Article 4.1 by
installment according to the Interest Period on each interest payment date until the principal of the Loan has been fully repaid, the first interest payment to be paid on the interest payment date of the first Interest Period. 
 4.2 (sig.) In calculation of the interest, the rate of interest under Article 4.1 shall apply to the principal from the date of each drawdown
until the Loan has been repaid in full, and the Borrower acknowledges that the calculation of interest under this Agreement is in accordance with the customary practices of the Bank in all respects to which the Borrower shall not object in any way.

 4.3 (sig.) If the Borrower is in breach of Article 13, the Borrower agrees and consents to the Bank to change the interest rate
determined under Article 4.1 to the Default Interest Rate, which the Bank is entitled to apply from the date of default until the payments under this Agreement have been made in full. 
 4.4 (sig.) If the Borrower fails to pay the interest for a period of no less than one year, regardless of whether the Bank has demanded the
payment thereof or not, the Borrower agrees that the Bank may compound the unpaid interest to the principal and charge interest on the compounded amount at the rate mentioned in Article 4.3. 
 Article 5. Drawdown Period and Procedure 
 The
Borrower may drawdown the Loan under Article 2 upon its having completed conditions precedent with regard to the juristic acts and security matters under Article 3 of this Agreement, and has paid the fees to the Bank, except as otherwise provided in
this Agreement, subject to the following conditions and procedure: 
 5.1 The Borrower shall drawdown the Loan as follows: 

 5.1.1 Drawdown of Tranche 1 Loan, and part of Tranche 2 Loan in the amount of US$13,200,000 (Thirteen
million and two hundred thousand million United States Dollars only), which are in the aggregate amount of US$15,000,000 (Fifteen million United States Dollars only) shall be made by the Borrower within 24 months from the date of the first drawdown
and according to the drawdown schedule. 
 5.1.2 Drawdown of the balance of Tranche 2 Loan in the amount of US$7,000,000 (Seven million
United States Dollars) shall be made by the Borrower within 36 months from the first drawdown and according to the drawdown schedule. 
 5.2
The Borrower shall drawdown the Loan as detailed below: 
 5.2.1 Tranche 1 Loan, for land purchase, shall be drawn down in the amount of
78 per cent of the purchase price in the aggregate amount of no more than US$1,800,000 (One million eight hundred thousand United States Dollars), subject to submission to the Bank of the agreement for the purchase and sale of land and evidence
of payment of the purchase price and furnishing of a copy thereof to the Bank, and on the date of land ownership transfer, mortgage of such land as security must also be registered. 
 5.2.2 Tranche 2 Loan, for construction of factory buildings and system facilities, shall be drawn down in the amount of no more than 83 per cent of
the cost for the construction of factory buildings and system facilities, which in the aggregate shall not be more than US$20,200,000 (Twenty million and two hundred thousand United States Dollars), and the Borrower agrees to maintain 5 per
cent of the Tranche 2 Loan as the last drawdown, and the Borrower shall draw down such amount when all construction under the Project has been completed. 
 5.3 The Borrower agrees that the Bank may credit the money as drawn down by the Borrower to the Borrower’s account and/or the Borrower may come to take it in person and/or order payment of the same to a third
party, regardless of whether the payment is made by the Bank’s check or any form of document, which shall be deemed that the Borrower has duly received the Loan from the Bank. Where it has been due but the Borrower has not proceeded to draw
down the Loan as provided in Article 5.1, it shall be deemed that the Borrower no longer wishes to draw down the Loan from the Bank, except as otherwise agreed in writing by the Bank, and the amount to be repaid by the Borrower shall be the amount
that has been actually drawn down from the Bank. 
 During the time the Borrower is entitled to draw down the Loan or the Borrower has not
drawn down the full amount of the Loan, if the Borrower would like to cancel the utilization of the Loan, either in whole or in part, the Borrower shall request the cancellation in writing no less than 5 Business Days in advance of the date of
cancellation, or where the availability period as mentioned in Article 5.1 has lapsed but the Borrower has not proceeded to draw down the Loan or has requested the draw down but not in full amount of the Loan, the Borrower agrees that the un-drawn
portion of the Loan, either in whole or in part as the Bank may deem appropriate, will be deemed to have been cancelled, in which case the Borrower shall not raise any objection. 
 Notwithstanding the cancellation under the second paragraph, the Borrower shall pay the cancellation fee to the Bank pursuant to Article 8.3. 

 5.4 To draw down the Loan, the Borrower shall submit a drawdown notice (attached as Annex 1 and forming
part of this Agreement) to the Bank no less than 7 Business Days in advance of the drawdown. 
 5.5 If the Borrower becomes in breach of any
provision of this Agreement, even if the Borrower has not drawn down the Loan in full amount as specified in Article 2 of this Agreement, the Borrower agrees that the Borrower will be no longer entitled draw down the remaining amount of the Loan,
except otherwise agreed by the Bank for the Borrower to make the drawdown. 
 Article 6. Payment of Principal 
 6.1 The Borrower shall repay the principal of the Loan to the Bank by 3-month basis in 24 installments on the last Business Day of February, May, August,
and November of each year, the first payment to be made on the last Business Day of May 2007, provided that the Borrower shall repay the Loan in full within 8 years from the date of the first drawdown according to the following schedule: 

 

					
	 Payment installments
	  	Amount of each payment (US$)	  	Total amount of payment (US$)
	 1-23
	  	917,000.00	  	21,091,000.00
	 24 (last)
	  	909,000.00	  	909,000.00
	 Total
	  		  	22,000.00

 If partial prepayment is made by the Borrower, the prepayment shall apply to repayment of the
principal of the Loan in order from the last to the first installment, or to any principal payment installment, or as seen appropriate by the Bank. 
 6.2 Payment of the principal or interest under this Agreement may be made by the Borrower in Thai currency or foreign currency. Where payment is made in foreign currency, the Borrower shall pay in the foreign currency agreed under this
Agreement, in which case the Borrower shall buy such foreign currency with Thai currency from the Bank at the exchange rate from the foreign currency to Thai currency determined by the Bank on the payment due date. 
 6.3 When the Borrower has drawn down the Loan in full amount as specified in Article 2, and when the Borrower has repaid the principal, either in part or
in whole, the Borrower may not further request a drawdown of the Loan. 
 6.4 In the case of prepayment under Article 6.1, of any
installment, either in whole or in part, the Borrower shall give a notice to the Bank no less than 30 Business Days in advance and the Borrower shall pay the fees specified in Article 8.2. 
 6.5 In the payments of fees, expenses, penalties, taxes and other moneys relating to the Loan, the Borrower shall pay in the same currency as the
currency of the Loan. 
 6.6 Where any event arises from or consequent to or is a direct or indirect consequence of war, revolution, riot,
economic system variation, politics, monetary market 

 
condition, or any event, either in or out of country, which renders the Bank to be unable to allow the Borrower to draw down the Loan in foreign currency as
specified in Article 2, the Borrower agrees to make the drawdown in other foreign currency which the Bank has provided as a substitute in an amount equivalent to the amount specified in Article 2, and agrees not to make any claim from or commence
any law suit against the Bank. 
 6.7 Where the rules, regulations, stipulations, law and/or other similar things applicable to or
controlling the operation of commercial banks in force at the time of execution of this Agreement changes, which renders the Bank to be unable to grant the Loan in the foreign currency as requested by the Borrower or other foreign currency, when it
is requested by the Bank, the Borrower shall forthwith repay the Loan to the Bank, even if such payment has not yet become due. In such a payment, the Borrower shall pay in the currency which was drawn down or convert the foreign currency drawn down
into Thai currency using the selling rate of the Bank of the date of exchange, or on the date deemed to be the date of drawn down, as the exchange rate. 
 Article 7. Security 
 To secure the performance of obligations under this Agreement, the Borrower shall provide the following
securities to the Bank: 
 7.1 The Borrower shall proceed to mortgage the land under title deed no. 1634 of Tambol Bangwai Tai (Klong 1 Tok),
Klong Luang District, Pathum Thani Province, owned by Fabrinet Co., Ltd., together with buildings currently existing or to be constructed thereon, to the Bank with the mortgage sum of Baht 880,000,000 (Eight hundred and eighty million Baht).

 If any time the exchange rate for selling one United States Dollar to Thai currency is higher than 40 (forty) Baht, the Borrower agrees to
register the increase of the mortgage sum by the amount as the Bank may see appropriate. 
 7.2 If in the future the security provided to the
Bank pursuant to Article 7.1 has the value that is not sufficient for payment of all debts to the Bank, the Borrower agrees to provide other property to place as security, so that the value thereof becomes sufficient for payment of all debts to the
Bank, immediately upon having received a notice from the Bank that the value of the security property is not sufficient for payment of all debts and of additional security to be provided. The security so provided by the Borrower shall be free from
any encumbrance and must have been approved by the Bank. If the Borrower fails to provide additional security or provides additional security but the value thereof is still not sufficient or no approval of the Bank has been given, the Borrower
agrees that the Bank may commence a court case to enforce performance of all debts immediately. 
 7.3 If the Bank has enforced the mortgage
over the security property but the net proceeds derived are insufficient for payment of all debts, the Borrower agrees to make good the deficit to the Bank in full, and agrees to the seizure by the Bank of the Borrower’s other property to pay
for the outstanding debts until they have been fully paid. 
 7.4 If the Borrower has other property that is mortgaged, pledged or placed as
security for other indebtedness of the Borrower or of other person, whether such property is located in any office of the Bank, the Borrower agrees to treat such mortgage, pledge or 

 
placement as security for all debts of the Borrower owed to the Bank and agrees that the Bank may enforce all such property for payment of the outstanding
debts under this Agreement. The Borrower agrees that the Bank may exercise its right of retention or desist any attempt of the Borrower to release the mortgage of such property, if the Bank considers that such act of the Borrower shall be
prejudicial to or render the Bank to be unable to receive the payment of debts under this Agreement. 
 7.5 The Borrower shall take insurance
for the work during construction with the sum insured equal to the full value of the part of the building that has been completed. When the building has been completed, the insurance must be taken in the Borrower’s name with the sum insured
equal to the full value of such building or to the full amount of debts owed to the Bank, whichever is lower, from the insurer seen as appropriate. The insurance will be in the category of all risk insurance, including business interruption,
specifying the Bank as the sole beneficiary or loss payee. Insurance premium will be paid by the Borrower. Insurance policy must be delivered for keeping by the Bank. Such insurance shall continue as long as the Borrower has not paid the debts in
full, and the Borrower agrees to allow the Bank to renew the insurance, including notification for change, amendment, cancellation, increase or reduction of the sum insured, or conditions regarding the insurance, on behalf of the Borrower, by which
the Borrower agrees to be bound in all respects. If the Bank has paid the insurance premium on behalf of the Borrower, the Borrower agrees to reimburse the Bank such insurance premium paid by the Bank. The Borrower agrees that such insurance premium
paid on its behalf by the Bank is an additional debt to be repaid by the Borrower and be subject to interest at the Default Interest Rate, which the Bank is entitled to charge from the date of payment made by the Bank on behalf of the Borrower until
such debt has been repaid by the Borrower in full. 
 Article 8. Fees and Expenses 
 8.1 The Borrower must pay the front-end fee to the Bank at the rate of 0.25 (zero point two five) per cent of the Loan under Article 2 on the date of
execution of this Agreement. 
 8.2 The Borrower must pay the prepayment fee if the Borrower prepays the principal in full to the Bank before
the due date under this Agreement at the rate of one per cent of the amount prepaid on the date of the prepayment, except where the money used for the prepayment are derived from its operation or from the increase of registered capital. 

8.3 The Borrower must pay the cancellation fee at the rate of one per cent of the cancelled Loan or the Loan that has not been utilized pursuant to
Article 5.1 on the date of the request for cancellation or the date after the end of the availability period, as the case may be. 
 8.4 The
Borrower must pay the commitment fee at the rate of one per cent of the amount of the Loan that is not drawn down according to the draw down schedule on the date after the lapse of the draw down period according to the draw down schedule.

 8.5 The Borrower must pay the extension fee at the rate of one per cent of the principal of the Loan a repayment extension of which is
requested. Such extension of repayment must have been approved by the Bank on the date on which the memorandum of extension is made. 

 8.6 All taxes, stamp duties, fees, and expenses of all kinds arising out of the granting of the Loan
and/or from the survey, appraisal of the security property, review of the appraisal, mortgage, pledge, guarantee, release of the security, and relating to the security property, insurance premium, as well as expenses for the warnings, claims,
demands, charges, lawyer’s fees, commissions, expenses for judgment execution, and expenses of all kinds incurred by the Bank in connection with the litigation to enforce repayments, shall be borne by the Borrower. If the Bank has paid on
behalf of the Borrower, the Borrower shall repay the Bank in full together with interest thereon at the Default Interest Rate form the date the Bank made such payment until the full repayment has been made. 
 8.7 When the Borrower has paid the fees, expenses and any amounts under this Agreement to the Bank, the Borrower shall not claim refund of such fees or
expenses from the Bank for whatever reason even though the Loan has been subsequently cancelled, either in whole or in part, or the Loan is not granted due to force majeure. 
 Article 9. Withholding Tax 
 Payments in connection with this Agreement shall be made in full without
any set-off, deduction, or counter-claim, and without withholding as or for taxes, except where the law in such jurisdiction requires the Borrower to make such payment by withholding or deduction, in which case the Borrower shall pay additional
amount to the Bank so that the Bank may have received the amount as if such withholding or deduction had not been made. The Borrower shall pay all taxes or charges which the law in such jurisdiction levies on the Borrower and/or the Bank in
connection with this Agreement to the relevant tax authority in full and submit the original or certified copy of each receipt as evidence of such tax or payment to the Bank immediately. The Borrower shall fully indemnify the Bank in case of any
offence due to the delay or failure by the Borrower in paying the taxes or charges. Without prejudice to the foregoing provision, the Borrower shall fill in the forms and documents as required by the Bank from time to time to give any benefit under
any relevant tax treaty or applicable provisions of law to the Bank or for any relevant purposes. 
 Article 10. Representations of Borrower

 The Borrower represents and warrants as follows: 
 10.1 The First Borrower is a juristic person in the category of a limited company duly registered under the law of Thailand, and carries on business as usual under the law, and is fully qualified to do the business it
currently carries on and to be carried on in the future; it holds ownership in the property and has obtained licenses relevant to the operation of such business under the law currently applicable. 
 The Second Borrower is a juristic person under the law of Cayman Islands, British West Indies. 
 10.2 The entering into, performance, documentation, and any other proceeding specified in this Agreement, and all acts of the Borrower are within the
power of the Borrower which it may do and not in violation of the law or any contractual restriction or commitment binding the Borrower or in violation of the objectives of the Borrower and provision of the articles of association of the Borrower,
and binds the Borrower and are enforceable against the Borrower according to the terms specified in this Agreement and any such other documents in all respects. 

 10.3 This Agreement and any other documents made hereunder, when executed and delivered to any party
shall be lawful and bind the Borrower and be enforceable against the Borrower according to the terms specified in this Agreement and any such other documents in all respects. 
 10.4 The Borrower warrants that it will utilize the money received from the Bank for the purpose of the borrowing under this Agreement only. 

10.5 The documents relating to the power of attorney, certification, authorization, consent from the Borrower or government agencies or authorities or
persons or juristic persons relating to this Agreement or performance under this Agreement submitted to the Bank by the Borrower on the date of execution of this Agreement or to be submitted in the future have been duly certified and such documents
are binding and enforceable in all respects. 
 10.6 No claim or law suit, arbitration proceeding, or administrative proceeding is pending in
any court or agency, and there are no threatened claim or law suit, against the Borrower or enforceable against any property of the Borrower. 
 10.7 The Borrower is not in breach, violation or non-compliance with any law or regulations, order, agreement, warranty, instrument, privilege, concession, license, permit, authorization, commitment or duty binding the Borrower or its
property or income, where such breach, violation or non-compliance may affect the operation, business, indebtedness or financial or other condition of the Borrower or the capability of the Borrower to perform its obligations under this Agreement,
and there is no breach or potential breach of agreement and continuing on the date of execution of this Agreement. 
 10.8 The
Borrower’s property are not subject to any encumbrance under law on mortgage, pledge or preferential rights, and the Borrower has not transferred the property or the rights under the mortgage, pledge or created any encumbrance over the
Borrower’s property, to any person other than those made in favor of the Bank, except for the encumbrance over the Borrower’s property which the Borrower has notified the Bank before the date of execution of this Agreement. 
 10.9 The Borrower has no outstanding tax liabilities, and it has paid all taxes and duties, filed all tax forms within the time prescribed by law, except
where the Borrower has duly contested and/or appealed. 
 10.10 The Borrower has done everything required by law so as to make this
Agreement, security documents and any other documents relating to the granting of the Loan valid and enforceable. 
 10.11 The Borrower may
operate and/or carry on the business without being in breach or violation of the law on operation of business by aliens, and the Borrower agrees to comply immediately in all respects with any requirement set forth by such law. 

 Article 11. Covenants of Borrower 
 During the term of this Agreement and as long as any amount under this Agreement is outstanding, the Borrower covenants that it will do the following, except as otherwise agreed by the Bank: 
 11.1 [The Borrower shall] at all times maintain the correctness and genuineness of the representation given herein. 
 11.2 The Borrower shall deliver a certificate of registration issued by the Partnerships and Companies Registrar, Ministry of Commerce, with validity
term of no more than 90 days after the end of the financial year to the Bank every year, or within 30 days of any change. 
 11.3 Change in
the juristic person status or major shareholders or management or directors or authorized directors, including change in the Borrower’s company seal or amendment to the memorandum of association, articles of association and/or objects or any
event which materially affect financial condition and operation of the project must be notified in writing to the Bank no less than 30 days in advance. 
 11.4 [The Borrower shall] submit the annual financial statements, including balance sheet, profit and loss statement, together with the auditor’s report and notes thereto as audited by the auditor within 120 days
after the end of the financial year and the quarter financial statements (if any). Such financial statements must be certified by the authorized directors or the finance manager of the Borrower. 
 11.5 If any data or information is disclosed to the public which affects the operation of the Borrower, the Borrower shall clarify and propose remedy
thereto to the Bank immediately. 
 11.6 When construction of the Project is completed, the Borrower shall review and have the appraisal of
the security property done by an independent appraiser company approved by the Bank within 90 days after the completion of the construction. During the term of this Agreement and as long as the Borrower has the debts under this Agreement
outstanding, the security property must be reviewed and appraised according to the regulations of the Bank and/or Bank of Thailand by an appraiser approved by the Securities and Exchange Commission on the expenses of the Borrower. 
 11.7 In the case of cost overrun, the Borrower shall be responsible to find the fund to complete the Project by increasing its registered capital and/or
utilizing the income from its operation and/or support from shareholders, and if the fund is the shareholders’ loan, the Borrower shall treat it as a subordinated loan as against the indebtedness to the Bank, and the Borrower shall prepare the
documents and/or agreements in the form prescribed by the Bank so that the repayment of the subordinated loan will not be made prior to the repayment of the Loan to the Bank (if any). 
 The loan as the sponsors support and/or from shareholders shall be the loan that is not conflict with or affect the Bank’s interest; such loan shall
not be repaid before the repayment of the Loan to the Bank. 

 11.8 The Borrower shall procure that its directors and/or shareholders give warranty to the Bank that the
loans from the directors and/or shareholders, whether given before or after the execution of this Agreement, shall be subordinated to the Loan from the Bank in the form prescribed by the Bank (if any). 
 11.9 The Borrower shall allow the Bank to inspect the Project and relevant financial documents and accounts as may be reasonable. 
 11.10 The loan to the directors and affiliates or investment in one or more affiliates may be made only when it is notified to the Bank no less than 30
days in advance and has been approved in writing from the Bank. 
 11.11 [The Borrower shall] report any event of default provided in Article
13 with details of what the Borrower has done to remedy such event immediately after such event occurs. 
 11.12 [The Borrower shall]
maintain any licenses requisite for the operation of the Borrower to be valid at all times, and to apply for any licenses requisite for the operation of the Borrower within the time prescribed by law and submit a copy thereof to the Bank.

 11.13 [The Borrower shall] maintain the business of the Borrower and any other licenses, privileges, and concessions obtained or should
have obtained consequent to its operation; to operate the business with orderliness, efficiency and regularity, to comply with the laws, regulations, stipulations, and orders of the relevant authorities, prepare account books and evidences correctly
according to the regulations and procedures generally accepted, and pay taxes and fees charged on the property or operation of the Borrower immediately when due or before being fined for failure thereof, except for the case where the Borrower has
contested in good faith. 
 11.14 [The Borrower shall] notify the Bank immediately in the case of change in the accounting policy as well as
the methods and/or criteria for accounting record, account preparation, or accounting calculation, provided that such methods and criteria so changed be made according to the accounting principles generally accepted. 
 11.15 [The Borrower shall] notify the Bank immediately of the court case or dispute between the Borrower and other person, regardless of whether the
Borrower is a plaintiff or defendant. 
 11.16 The Second Borrower warrants that on the date of execution of this Agreement Mr. Thomas
Mitchell shall maintain his shareholding in the Second Borrower at 20 per cent and shall hold the position of the chairman of the board of directors of the Second Borrower. If Mr. David Mitchell’s shareholding in the Second Borrower
falls below 10 per cent of the total shares sold or ceases to be the chairman of the board of directors of the Second Borrower, it shall be notified to the Bank within 30 days after the shareholding proportion falls or the cessation of being
the chairman of the board of directors of the Second Borrower. 
 11.7 The Borrower shall comply with regulations of the Department of
Industrial Works, including the laws, regulations or stipulations on the control of environmental impact and non-tax trade measures (in the case of export). 

 11.8 The Borrower shall deposit the reserve in the Debt Service Reserve Account as a reserve for
repayment of the principal and interest in the amount equal to the liability to pay the interest and the principal for payment of the subsequent three-month installment. 
 11.19 The Borrower shall maintain financial ratio as of the end of December and June as follows: 
 (a) To
maintain Debt Service Coverage Ratio (DSCR) from 2009 onwards at no lower than 2.50. 
 “DSCR” means earning before interest and
depreciation and amortization plus cash on hand minus short term debt divided by current portion of long-term debt plus interest expense. 
 (b) To maintain Debt Equity Ratio (D/E) at no more than 2.00. 
 “D/E” means debts and contingent liabilities divided by
equity minus intangible assets minus receivables from related company and directors minus investment. 
 10.20 The First Borrower shall
utilize foreign currency deposit and transfer foreign currency through the Bank. 
 Article 12. Negative Covenants of Borrower 
 During the term of this Agreement, the Borrower covenant not to do the following without a written consent from the Bank: 
 12.1 To sell business or liquidate for dissolution or cease to operate the business carried on by the Borrower during the time this Agreement is in force.

 12.2 To do any act that causes the Bank to have the rights that are subordinated to those of other creditors or other lenders of the
Borrower. 
 12.3 To lend or grant credit or provide security or become liable or undertake to perform or assume responsibility in
other’s indebtedness, except where the Borrower has notified in writing to the Bank and the Bank has considered that such matter is in the normal course of business of the Borrower. 
 12.4 To reduce its registered capital or merge with other juristic person or incorporate or invest in other juristic person in order to operate on its
behalf or jointly with other juristic person in any way, except where it has been notified to the Bank no less than 30 days in advance and a written consent of the Bank has been obtained and provided that such juristic person assume joint liability
with the Borrower with regard to the indebtedness under this Agreement. 
 12.5 To repay the loan to directors, affiliates or other related
companies until the indebtedness owed to the Bank under this Agreement has been paid in full, or a written consent from the Bank has been obtained, except for the repayment of debts in the normal course of business. 

 12.6 To pay dividends, either interim or annual, or pay any benefits or remuneration to shareholders,
either one or all shareholders, in any way or by any method, except: 
 (a) Where there is no event of default or any event that will cause
default; and 
 (b) The principals, interests, and fees can be paid on schedule; and 
 (c) Before and after the payment of dividends, the DSCR under Article 11.9(a) is met; and 
 (d) The reserve deposited in the Debt Service Reserve Account in the prescribed amount is satisfied; and 
 (e) The dividends are paid from profit from operation and to be paid in the amount of no more than 50 per cent of net profit as of such year,

 Provided that a written consent from the Bank has been obtained before the payment. 
 12.7 To dispose of, sell, transfer, lease out, pledge, mortgage, encumber, or place under any liability or condition which will cause other person to
have the rights over the Borrower’s property, whether currently existing or to be acquired in the future, or in any way, to other person, except for where it is made to the Bank or a written consent thereof has been obtained from the Bank in
advance, or the disposal, sale or transfer of the property with value of no more than Baht 50,000,000 (Fifty million Baht only). 
 12.8 To
create any debt or indebtedness except a written consent thereto has been obtained from the Bank. 
 Article 13. Event of Default 
 In addition to the event of default under law or other provisions of this Agreement, the following events shall be deemed events of default: 

13.1 The Borrower fails to pay the principal, interest, fees or any amount pursuant to the conditions, schedule and/or amount specified in this
Agreement, or the Borrower is in breach of agreement and becomes in default in payment of other debts to the Bank and/or other creditors, or the Borrower in any way fails to perform under this Agreement, or becomes in breach of any provision of this
Agreement and/or any other agreement made by the Borrower with the Bank. 
 13.2 The statement or representation given by the Borrower
hereunder is not true in material respect or the certificate, articles of association or memorandum of association of the Borrower furnished by the Borrower or other person on its behalf is false, counterfeit, or invalid, either in whole or in part.

 13.3 When the Borrower and/or the guarantor is sued or becomes insolvent or sued for bankruptcy or its property becomes subject to
temporary receivership or absolute receivership or reorganization of the Borrower and/or the guarantor, or the Borrower and/or 

 
the guarantor is enforced to pay debts, its property being seized or attached, either in whole or in part, or any event occurs and the Bank is of the opinion
or has the ground to believe that such event is materially prejudicial and affect the operation, property, or financial condition or payment of debts or other matter of the Borrower or will render the Borrower to be unable to performs its
obligations under this Agreement. 
 13.4 The Borrower uses the Loan for other purpose than the purpose of the borrowing specified in this
Agreement. 
 13.5 When the security the Borrower provided pursuant to Article 7 becomes in defect, or reduced in value and the Borrower
cannot provide additional security to the satisfaction of the Bank within 15 days after the occurrence of such event. 
 13.6 When the
Borrower becomes subject to legal proceeding or order of the state or any other circumstance, which results in the change or interruption of internal operation of the Borrower, or the whole shares or majority shares of the Borrower, or the whole or
part of the Borrower’s property or income becomes subject to seizure, attachment, expropriation or becomes the state’s property. 
 13.7 When the Borrower ceases to operate the business it operates at the time of entering into this Agreement, or when the Borrower operates other business which is different from the business it is currently operating. 
 13.8 Any event which results in material adverse changes to the security property provided to the Bank or financial condition, business, operation and
property of the Borrower, or to the ability of the Borrower to perform obligations in the circumstance as provided in the financial documents, or the validity, existing and applicability of the financial documents. 
 Article 14. Consequence of Breach 
 If the Borrower
becomes in default or in breach of agreement under Article 13, it shall be deemed to be in default with respect to the whole debts and the credit be immediately terminated. Consequently, all debts under this Agreement shall be immediately due
without notice, claim, [or] demand from the Bank, and the Borrower allows the Bank to charge interest on the Loan and/or other outstanding debts at the Default Interest Rate until all debts have been paid in full, and agrees to pay all damages
incurred by the Bank due to the Borrower’s default, and all expenses with regard to the warnings, claims, demands, litigation and judgment execution to the full amounts in all respects. 
 Article 15. Application of payments 
 Any amount paid
to the Bank by the Borrower under this Agreement shall be applied to the expenses and/or fees outstanding (if any). Then it will be applied for the payment of interests, and the rest shall be applied for the payment of principal outstanding.

 Article 16. Illegality 
 At any time,
if any circumstance causes the Bank to be unable to lawfully grant the Loan to the Borrower, the Bank shall notify the Borrower thereof without delay. In such a 

 
case, it shall be deemed that the Bank has no more obligations to provide the Loan to the Borrower and the Borrower agrees to repay any debts to the Bank as
the Bank shall notify the Borrower without additional payment or prepayment fee. 
 Article 17. Waiver 
 Failure of or delay by the Bank in exercising any right or power provided in this Agreement shall not be deemed the waiver of such right. Any change or
waiver of any right under this Agreement or consent for the Borrower not to comply with any condition or agreement hereunder shall not take effect until a confirmation in writing from the Bank has been obtained, and notwithstanding such
confirmation, such waiver or consent shall take effect only with respect to the matter specifically stated and only to the extent of the purpose specifically stated in such confirmation. 
 Article 18. Disclosure of Information 
 The Borrower agrees and authorizes the Bank to disclose credit
information of the Borrower to the Central Information Services Co., Ltd. and/or any juristic person providing credit information services under the law on credit information, including those to come into existing in the future (collectively
referred to as “Credit Information Company”) to allow the Credit Information Company to disclose to its members, financial institutions or other juristic persons, for the purpose of analysis for the granting of credits and for review and
correct such information of the Borrower. In this regard, the Borrower shall not require any remuneration or compensation for any damage arising from such act of the Bank and/or Credit Information Company, and agrees to allow the Bank to verify and
use the credit information of the Borrower received by the Bank from the Credit Information Company for the purpose of analysis for granting of credits to the Borrower by the Bank, and for this purpose, “credit information” means financial
information and any information of the Borrower required to be obtained by the Credit Information Company for the above purpose. 
 Article 19. Others

 19.1 The Borrower agrees to allow the Bank to deduct from any and all types of bank accounts it has with the Bank or any other money it
has at the Bank or is entitled to be refunded by the Bank, including the amount owned by the Borrower or in relation to which the Borrower is a creditor of the Bank, for payment of the principal and interest as well as fees, stamp duties, taxes,
insurance premiums, expenses and the advances made by the Bank for the Borrower with regard to the survey and appraisal of the security, the review of the appraisal, insurance, insurance renewal, expenses, damages or any money payable by the
Borrower to the Bank under this Agreement or any other legal documents relating to this Agreement, to the Bank without notice to the Borrower. The Borrower also allows the Bank to exercise its right to retain, or to desist the withdrawal by the
Borrower of, such money until the Borrower has paid the debts to the Bank in full. 
 Where the Bank deducts the amount in a current account
and the balance in such account is not sufficient, or the account has no balance, the Borrower allows the Bank to increase the amount of the debts in the type of overdraft and agrees to pay interest according to the terms and conditions provided in
the agreement or contract made by the Borrower with the Bank and the Borrower allows the Bank to charge such interest in compound on monthly basis according to customary practices of the Bank until the Borrower has paid the debts to the Bank in
full. 

 19.2 The Bank is entitled to assign all or part of its interest under this Agreement to any commercial
bank or financial institution or juristic person any time. However, the rights of the Borrower under this Agreement are the rights specific to the Borrower. Consequently, the Borrower may not assign its interest or rights, either in whole or in
part, to other person, except where written consent thereto from the Bank has been obtained. 
 19.3 Any amendment, cancellation, revocation,
change in the provision of this Agreement or security agreement, including relevant documents, shall be made only in writing and with consents of the two parties. 
 19.4 If any part of the terms or conditions or provision of this Agreement becomes void or invalid, the parties agree that such void or invalid provision are separated from the terms, condition and provision that are
valid, and that the valid terms, conditions and provision shall be enforceable. 
 19.5 The Borrower undertakes that if the Borrower moves
out of the domicile mentioned above, the Borrower shall have the duty to notify the Bank thereof within 7 Business Days, otherwise it ill be deemed that the Borrower becomes in breach of agreement in material respect, consequent to which the Bank is
entitled to demand repayment of all debts immediately. 
 19.6 Any and all correspondents, letters, notices sent to the address specified as
office or location of the Borrower, either in person or by registered post or non-registered post, regardless of whether any person has taken delivery thereof or not, or the delivery could not be made because the Borrower relocates its office or
location without notice to the Bank, the Borrower agrees that the correspondent, letter [or] notice shall be deemed to have been duly sent to the Borrower. 
 IN WITNESS WHEREOF, the Borrower has this Agreement signed and stamped by company seal in the presence of witnesses below. 
  

					
	FABRINET CO., LTD.
			
	Signature	  	  
	 	First Borrower
		  	(Mr. Soon Kaewcharnsilp)	 	
			
		  	Authorized Director	 	
			
	Signature	  	  
	 	Second Borrower
		  	(Mr. David Thomas Mitchell, President & CEO)	 	
			
		  	Authorized Director	 	

 TMB BANK PUBLIC COMPANY LIMITED 
  

							
	Signature	 	  
	 	  
	 	Bank
		 	(Mr. Sithipong Nakwatchara)	 	(Mrs. Nualwan Saenwiset)	 	
			
		 	Authorized Signatories	 	

  

					
	Signature	 	  
	 	Witness
		 	(Mr. Rewat Wongsivarote)	 	
			
	Signature	 	  
	 	Witness
		 	(Mr. Supat Masanitat)	 	

 Annex 1 
 Drawdown Notice 
 Made at
                         
  

			
		  	Date                         

  

	To:	President 

 TMB Bank Public Company Limited 
 Re: Notice of Drawdown 
 Whereas, we
             (Borrower) has requested a loan from TMB Bank Public Company Limited in the amount of             
Baht (            ) under the Loan Agreement, dated             ; 
 We hereby notify TMB Bank Public Company Limited that we would like to draw down the Loan from the Bank for [specify purpose]
             in the amount of             
(            ) on              by the following method: 
  

	 	 ̈	By Bank’s check ordering payment and delivered to us in the amount of              Baht
(             Baht). 

  

	 	 ̈	By Bank’s check ordering payment to              and delivered to
             in the amount of              Baht
(             Baht). 

  

	 	 ̈	By crediting to our account at the Bank, Account Category             , Account No.
            ,              Branch, in the amount of
             Baht (             Baht). 

  

	 	 ̈	By crediting to the account of              at
             Bank,              Branch, Account Category
            , Account No.             , in the amount of
             Baht (             Baht). 

  

	 	 ̈	Other              in the amount of
             Baht (             Baht). 

 When the Bank has proceeded as mentioned above, it shall be deemed that we have received the money drawn down from the Bank in full, and this Drawdown
Notice is a part of the above-mentioned Loan Agreement. 
 Yours sincerely, 
 __________________________________ 
 ( ______________________ ) 
 Borrower 

 Annex 2 
 Drawdown Schedule

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