Document:

UOB RADANASIN BANK

                  Agreement for Pledge of Rights under Deposit

                                                      Made at UOB Radanasin Bank
                                                      Public Company Limited

                                                             20 June 2000

By  means  of  this  agreement,  we,  King  Power  Duty  Free  Co.,  Ltd.,  Thai
nationality,  with offices at 26th-27th  Floor,  Siam Tower,  989,  Rama I Road,
Pathum Wan Sub-district,  Pathum Wan District,  Bangkok Metropolis,  hereinafter
called the "Pledgor"  hereby make this  agreement and submit it to UOB Radanasin
Bank  Public  Company  Limited,  hereinafter  called the "Bank" to show that the
pledgor  agrees to pledge the rights under deposit and the bank agrees to accept
the pledge of rights under deposit with the evidence of rights being :
-Signed-  (Seal of King Power Duty Free Co., Ltd.)

   ( / )  Passbook for Fixed Deposit, Account No. 099-71043     Baht 6,000,000.-

the total rights under deposit Baht 6,000,000.-  (Six Million Baht Only),  which
is the  evidence  the bank has issued as  "evidence  of rights  under  deposit,"
whereby  the bank is the  debtor  of the  pledgor  according  to this  evidence,
hereinafter called the "Pledged Property" as follows :

1.     The  Pledgor  has  pledged  the  rights  under  deposit  as appear in the
       evidence  of  rights  which  is the  pledged  property  with  the bank as
       collateral for the overdraft, loan, debts related to guarantee, letter of
       credit,  trust  receipt,  sale at a discount or  acceptance of discounted
       promissory  notes,  aval/guarantee  of  promissory  notes or  other  debt
       related to the promissory  notes,  debt related to letter of guarantee or
       other  debts  the  pledgor   and/or  King  Power  Duty  Free  Co.,  Ltd.,
       hereinafter  called the "debtor" have with the bank before or at the time
       of entering into this agreement or the future and of one or several types
       or at different times, and in whichever amount of the debts,  hereinafter
       called the "primary  debt," and being the guarantee for unlimited  amount
       and all accessories thereof as stipulated in Section 748 of the Civil and
       Commercial  Code. The pledgor agrees to pay the maximum interest rate for
       general  customers as announced by the bank under the Notification of the
       Bank of Thailand on Procedure for Commercial Banks Regarding Interest and
       Discount,  which at the time of entering into this agreement was fixed at
       12.25% p.a.,  and is subject to change as announced by the bank from time
       to time,  hereinafter called the "maximum interest rate." However,  if it
       appears  that  the  pledgor  and/or  the  debtor  is in  default  of  the
       conditions under this agreement,  the pledgor consents to pay interest at
       the maximum  interest rate for default  customers that the bank announced
       under  the  Notification  of  the  Bank  of  Thailand  on  Procedure  for
       Commercial  Banks Regarding  Interest and Discount,  which at the time of
       entering  into this  agreement was fixed at 18.00% p.a. and is subject to
       change as  announced  by the bank from time to time  instead  of the said
       maximum  interest rate,  and if the money that is the pledge  property is
       insufficient to perform the  obligations,  the pledgor shall be liable to
       perform the obligations to the bank in full.

<PAGE>

       As the pledge under this  agreement is the pledge for  collateral  of the
       primary  debt and/or the  accessories  thereof of the pledgor  and/or the
       debtor or all types as described above which may incur in the future, the
       pledgor and the bank agree that for as long as the pledged property is in
       possession of the bank, though there may be no outstanding debt, it shall
       be deemed that this  agreement  is not  revoked and remains  valid as the
       pledge for  collateral of the above  primary debt and/or the  accessories
       thereof which may incur in the future of the pledgor and/or the debtor.

       Moreover, in case of debt restructuring, the pledgor consents to transfer
       the  pledge of rights  submitted  as  collateral  for this debt to be the
       pledge for collateral of the new debt as well.

2.     On the signing  date of this  agreement,  the pledgor  has  recorded  the
       pledge on the pledged  property  and  submitted  the same to the bank for
       retention.

3.     The pledgor  agrees not to exercise  the right to withdraw the money from
       the pledged  property,  except for  performance of the obligations to the
       bank,  or at the bank's  discretion to permit the pledgor to withdraw the
       deposit for the amount the bank deems appropriate.

4.     In case the pledgor has deposited any amount into the pledged property or
       an increase due to interest,  the pledgor  consents that the rights under
       the increased  deposit shall be the pledged property under this agreement
       as well, which shall not prejudice the right of the pledgee as stipulated
       in Section 761 of the Civil and Commercial Code.

5.     In case the rights  under the pledged  property  becomes due prior to the
       due date of performance of the obligations, the pledgor consents the bank
       to  withdraw  or accept  the money with  interest  and  holding  the same
       onwards,  or the bank to renew  validity  of the  deposit of the  pledgor
       further as to be  selected,  which shall be deemed the pledge  under this
       agreement continuously.

6.     As the bank is the debtor of the pledged  property  and also the pledgee,
       therefore the bank and the pledgor agree that this agreement shall be the
       notice of the pledge to the debtor of the rights under deposit.

7.     It is understood  clearly that the pledge under this agreement  shall not
       prejudice  the right of the bank to offset  the debts  without  having to
       notify the pledgor in advance though it is not the due date.

8.     In case  the  pledgor  has  obligations  in  whichever  type  under  this
       agreement  and/or  other  agreement(s)  with the bank and the pledgor has
       whichever  type of deposit  accounts with the bank and/or other money the
       pledgor is entitled to receive from the bank,  the pledgor  consents that
       the  bank is  entitled  to  deduct  from the said  money to  perform  the
       obligations  that the  pledgor  has with  the bank  immediately,  without
       having to notify the pledgor first.

<PAGE>

9.     If it appears that the pledgor and/or the debtor is in default of payment
       and/or is in  breach of any  agreement  and/or  fails to comply  with any
       clause  herein,  or there is a request for  business  reorganization,  or
       being sued for bankruptcy,  or is subject to receivership by court order,
       or dies or becomes  incompetence or  quasi-incompetence  or disappears or
       leaves the residence and cannot be found, or under any circumstances that
       may cause the bank to be unable to receive  repayment of the said primary
       debt under  Clause 1, and  whether  such debt is due or not,  the pledgor
       consents  the  pledgee to enforce  the pledge or proceed  with any action
       under this  agreement  immediately,  whereby  the  pledgor  agrees not to
       protests or disputes or cites the right of claim against the pledgee.

10.    All  correspondence,  collection letter,  notice or other documents to be
       forwarded to the pledgor, by registered or regular mail, or by messenger,
       if they have been  forwarded  to the above  address  herein,  it shall be
       deemed as having been  legitimately  forwarded  to the  pledgor,  without
       regard to whether there is a recipient or not, and though it could not be
       forwarded  due  to the  fact  that  such  address  has  been  changed  or
       demolished and the pledgor has failed to notify such change or demolition
       in writing to the bank, or due to the fact that such address could not be
       found,  it shall be deemed  that the pledgor  has  acknowledged  the same
       accordingly.

The pledgor,  having read and  understood  this  agreement and found it to be in
accordance  with their  intention,  hereunder sign their name and affix seal (if
any) on the date indicated above.

 (Seal of King Power Duty Free Co., Ltd.)             - signed -         Pledgor
                                             (Mr. Viratana Suntaranond)

                                                      - signed -         Witness
                                            (Miss Sutthida Sutthiprasoet)

                                                      - signed -         Witness
                                                (Bunsit Chawiwongwiwat)--------------------------------------------------------------------------------
IMPORTANT NOTICE

Dear Customer:

Please read this document carefully to understand its contents.  Should you need
any clarification or have any question, please feel free to contact our official
responsible  for  this  document  or seek  proper  advice  from any  advisor  or
consultant as you deem appropriate.

CITIBANK, N.A. BANGKOK BRANCH
--------------------------------------------------------------------------------

                             LOAN FACILITY AGREEMENT

This agreement is made on   15 November 2000   by and between :

(1)      King Power Duty Free Co.,Ltd. a limited company  incorporated under the
         laws of the Kingdom of Thailand with its  registered  office located at
         989 Siam Tower  Building,  26th-27th  Floor,,  Rama I Road,  Pathum Wan
         Sub-district,   Pathum  Wan  District,  Bangkok  Metropolis,   Thailand
         (hereinafter referred to as the "Borrower") ; and

(2)      CITIBANK N.A.,  BANGKOK BRANCH, a bank  incorporated  under the laws of
         the United  States of America and having a registered  branch office at
         82 North Sathorn Road, Bangrak,  Bangkok 10500,  Thailand  (hereinafter
         referred to as the "Lender") The parties hereto agree to the following

1.       THE FACILITIES
         The Lender agrees to make available a loan facility (the "Facility") to
         the  Borrower in a total  cumulative  principal  amount  eligible to be
         drawndown  at  the  sole  discretion  of  the  Lender  of  up  to  Baht
         30,000,000.-  (  Thirty  million  baht  only  )   Notwithstanding   the
         foregoing,  the Lender may cancel or suspend  the  availability  of the
         Facility at any time upon notice to the Borrower.  Subject to the terms
         and  conditions of this  Agreement,  the Lender agrees to make advances
         (hereinafter  called the "Advances") under the Facility to the Borrower
         only for the purchase of...............................................
         when the Borrower submits the documents specified in Clause 2 hereof.

2.       CONDITIONS PRECEDENT

         2.1      The Borrower  shall not be entitled to request for drawdown of
                  the first  Advance under this  Agreement  unless and until the
                  Lender shall have received and is satisfied with the following
                  documents :
                  (a)      an updated Affidavit of the Borrower, which shows the
                           status of the Borrower and its authorized directors;
                  (b)      an updated  Memorandum of Association and Articles of
                           Association  of the Borrower,  which are certified to
                           be  correct  and  true  by the  Borrowers  authorized
                           directors;

<PAGE>

                  (c)      satisfactory evidence of the due authorization of the
                           Borrower of the transactions  contemplated herein and
                           of  the  authority  of  the  persons  executing  this
                           Agreement to sign, deliver, and execute and documents
                           to  be  executed  or  endorsed  by  the  Borrower  as
                           required by the terms of this Agreement;
                  (d)      satisfactory  evidence  of the timely  payment of all
                           charges  and stamp  duties  necessary  to ensure  the
                           legality, validity, enforceability, and admissibility
                           in evidence of this Agreement and all other documents
                           required by the terms of this Agreement; and
                  (e)      all other documents or instruments as required by the
                           Lender.

         2.2      In addition to Clause 2.1, the Lender's obligations to advance
                  each   subsequent   Advance  is   subject  to  the   following
                  conditions:-
                  (a)      The Lender shall have received  satisfactory evidence
                           which  shows that there has been no adverse  material
                           change in the  business  or  financial  status of the
                           Borrower.
                  (b)      The  representations  and  warranties of the Borrower
                           set forth in this Agreement shall be correct and true
                           as of the  date  the  Advance  is made and as if they
                           were  made on such  date;  and  there  shall not have
                           occurred,  or be  continuing,  any  Event of  Default
                           specified in this Agreement,  or any event which with
                           the  giving of notice or  passing  of time,  or both,
                           would constitute an event requiring  prepayment or an
                           Event of Default.
                  (c)      The  Lender  shall  have   received   the   following
                           documents   together   with  the   Borrower   written
                           confirmation as to the authenticity of all signatures
                           thereon:

                           (1)                   the promissory note in the form
                           shown in Schedule A for all  amounts to be  drawndown
                           plus applicable interest;

                           (2)                   the receipt for each Advance in
                           the form shown in Schedule B;

                           (3)                   all other documents  which  the
                           Lender or its counsel shall have requested.

3.       DRAWDOWN

         The Facilities shall be available for drawing down within  ............
         ......months  from the date  hereof.  Any  amount of the  Facility  not
         drawndown  within the said period  shall not be  available  for drawing
         down,  unless  the  Lender  at its sold  discretion  agree to allow any
         further  drawing  down.  In order to make a drawdown the Borrower  must
         provide to the Lender at least five (5) business days prior to the date
         of drawdown

                  (a)      promissory note (the  "Promissory  Note") in the form
                           of Schedule A hereto;
                  (b)      a receipt  of the amount  drawndown  to the Lender in
                           the form shown in Schedule B.
The Borrower hereby irrevocably  authorizes and instructs the Lender
to deposit all proceeds from the Loan  drawndown  hereunder only into an account
opened and maintained by the Borrower at Citibank N.A., Bangkok Branch.

<PAGE>

The Lender  shall open and  maintain  on its books an account in the  Borrower's
name showing each Advance made under this Agreement,  payments made, computation
and  payment of  interest,  and other  amounts  due or  already  paid under this
Agreement,  Such Advance account shall be conclusive and binding on the Borrower
as to the amount due to the Lender at any time,  except in the case of  manifest
error in computation.

4.       INTEREST

         (a)      The   Borrower   agrees  to  pay   interest  on  each  Advance
                  outstanding  (based on the actual number of days elapsed and a
                  365 days year) at the floating rate of the  prevailing  Market
                  Rate quoted by Lender at the date of  drawdown  which shall be
                  indicated on each  Promissory  Note on the drawdown date. Such
                  interest shall be payable in arrears on the Repayment Date (as
                  defined in Clause 6) of each Advance.
         (b)      The  Borrower  agrees  that any  change in the  interest  rate
                  change to the  Borrower  from time to time shall be binding on
                  the Borrower as and from the date of such change.
         (c)      The Borrower  agrees that the Lender may change the applicable
                  interest rate hereunder upon written  notice.  Any such change
                  shall be effective  for all Advance  hereunder  after the date
                  the Lender gives such notice.
         (d)      If the  Borrower  defaults  in the  payment of any sum payable
                  under or pursuant to this Agreement, the Borrower shall pay to
                  the Lender at the maximum  default  interest  rate as the Bank
                  may from time to time notify to the Bank of Thailand.

Any interest overdue for not less than one year be compounded on a daily basis.

The above default interest at the rates mentioned above shall accrue from day to
day and shall be  calculated  on the basis of the actual number of days elapsed.
The certificate of the Lender as to the rate and amount of any interest  payable
under this  Clause  shall be  conclusive  and binding  upon the  Borrower in the
absence of manifest error.

5.       METHOD OF PAYMENT

         (a)      All sums payable to the Lender under this  Agreement  shall be
                  payable,  in Baht, and in immediately  available  funds at the
                  Bangkok  Branch of the Lender on the day when such  payment is
                  due.  All  amounts  paid or  remitted  to the Lender  shall be
                  applied  against  amounts  then  due and  payable  under  this
                  Agreement in the order that the Lender deems appropriate.

         (b)      Whenever any payment hereunder is due, or whenever any payment
                  date would  otherwise  occur,  on a day which is not a Banking
                  Day, such payment  shall be made,  and such payment date shall
                  occur, on the next  succeeding  Banking Day, unless the result
                  of such  extension  would  cause such  payment to be made,  or
                  cause  such  payment  date to  occur,  in the  next  following
                  calendar month, in which event such payment shall be made, and
                  such  payment  date  shall  occur  on the  first  Banking  Day
                  preceding the scheduled payment date .

         (c)      The Borrower hereby  authorizes the Lender to apply and/or set
                  off  amounts  held in the  name of the  Borrower  in  whatever
                  currency  on deposit or account  with the Lender or any of its
                  branches whether or not matures in reduction of amount due and
                  payable hereunder.

         (d)      The  Borrower  may not satisfy any payment  obligation  to the
                  Lender  by way of  set-off  against  claims,  if  any,  of the
                  Borrower or of any third party against the Lender.

<PAGE>

6.       REPAYMENT

         The Borrower  shall repay the full amount of the Loan  hereunder to the
         Lender  within 365 calendar days from the date of the execution of this
         agreement. (hereinafter called the "Final Payment Date")

7.       PREPAYMENT

         The Borrower may prepay any Advance in whole or in part  together  with
         accrued interest at any time. Any amount prepaid shall not be available
         for reborrowing.                                               -Signed-
                                                                        -Signed-
8.       EXPENSES AND STAMP DUTY

         The Borrower shall  reimburse the Lender,  on demand,  for all expenses
         incurred by the Lender,  including but not limited to fees and expenses
         of counsel in connection with the preparation,  negotiation, execution,
         administration  and  enforcement  of  this  Agreement,  and  all  other
         document required by the terms of this Agreement.

         The Borrower shall pay the stamp duty required for this Agreement.

9.       COLLATERAL AND CROSS COLLATERALIZATION

Upon request by the Lender,  the Borrower shall as soon as  practicable  create,
register  or  otherwise  perfect  collateral  in favor of the Lender in the form
and/or the amount  acceptable to the Lender to sufficiently  cover the Borrowers
obligations  under this Agreement.  Any and all collateral  given or to be given
under this  Agreement  or in any document  contemplated  herein shall be a cross
collateral  creating a security interest for any and all, actual and contingent,
current and future debts owed to the Lender and/or Citicorp  Leasing  (Thailand)
Ltd.  ("CLT") and/or any and all subsidiaries and affiliates of Citibank N.A. by
the Borrower and/or the collateral provider.  The Borrower and/or the collateral
provider hereby agrees that it shall as soon as practicable  execute and deliver
to the Lender and/or CLT all documents and do all acts and things, including but
not limited to registration with officials in charge if required,  necessary for
making and rendering such collateral valid,  binding and enforceable,  and shall
from time to time enter  into any  amendment  or  supplement  to this  Agreement
and/or the said  collateral  document as may be requested  by the Lender  and/or
CLT.

10.      REPRESENTATIONS AND WARRANTIES

         The Borrower represent and warrants to the Lender that :

         (a)      The Borrower is a company  duly  established,  registered  and
                  validly existing under the laws of Thailand.  The Borrower has
                  full power and authority to own its property and assets and to
                  carry on its  business  as it is now being  conducted,  and to
                  borrow and perform its  obligations  under this  Agreement and
                  under the  documents  to be  executed by it as required by the
                  terms of this Agreement.

         (b)      The Borrower has full power and has taken all  appropriate and
                  necessary   corporate  actions  to  authorize  the  execution,
                  delivery and  performance  of this Agreement and the documents
                  to be executed or endorsed by it as called for by the terms of
                  this  Agreement  and  the   representatives  of  the  Borrower
                  executing  this  Agreement and the documents to be executed or
                  endorsed by terms as called for by the term of this  Agreement
                  are fully authorized to do so.

<PAGE>

         (c)      This  Agreement  constitutes,  and each of the documents to be
                  executed  or  endorsed  by the  Borrower  as called for by the
                  terms of this  Agreement  when  executed  and  delivered  will
                  constitute,  the legal,  valid and binding  obligations of the
                  Borrower  enforceable  in  accordance  with their  terms.  The
                  execution,  delivery and performance of this Agreement and the
                  documents  called for by the terms of this  Agreement  and the
                  payment of all  amounts  due on the dates and in the  currency
                  provided  for  herein and  therein  (i) will not  violate  any
                  provision of law or other  governmental  directive  having the
                  force  of law,  (ii)  will  not  contravene  any  governmental
                  guideline or policy  statement  applicable to the Borrower but
                  not having the force of law,  (iii) will not conflict with the
                  Memorandum and Articles of  Association of the Borrower,  (iv)
                  will  not  conflict  with  or  result  in  the  breach  of any
                  provision of any agreement or instrument by which the Borrower
                  or any of its  properties  or assets in bound and (v) will not
                  constitute  a default  or an event  which  with the  giving of
                  notice or the passing of time,  or both,  would  constitute  a
                  default under any such agreement or instrument.
         (d)      The Borrower's has made all, if any filings and  registrations
                  with,  and has obtained all  consents and  approvals  of, such
                  governmental  authorities  and public  officers in Thailand as
                  are  necessary  or  advisable  to  ensure  the due  execution,
                  delivery,    performance,    validity,    effectiveness    and
                  enforceability  of this Agreement and the documents called for
                  by the terms of this Agreement.
         (e)      The Borrower's  obligations under this Agreement rank at least
                  pari passu in priority of payment  with all other  obligations
                  of the Borrower.
         (f)      The  Borrower  is  not  in  default  under  any  Agreement  or
                  instrument  by which  it is or will be  bound,  there  has not
                  occurred  any event which with the giving of notice or passing
                  of time or both would  constitute  a default  thereunder,  and
                  there is no  litigation  or  administrative  investigation  or
                  proceeding pending or threatened against the Borrower.
         (g)      There  are  no  proceedings  before  any  court  or  panel  of
                  arbitrators or any government  agency or  administrative  body
                  pending or  threatened  against the Borrower that if adversely
                  determined would materially impair the financial  condition or
                  operations  of the  Borrower or the ability of the Borrower to
                  pay, when due, the principal of and interest on the Advances.

11.      COVENANTS

The Borrower  covenants to the Lender  effective from the date of this Agreement
until the  Borrower  pays all sums due  hereunder in full as follows :-

         (a)      Each Advance shall be utilized by the Borrower exclusively for
                  the purpose specified under Clause 1 thereof.
         (b)      The Borrower  shall  maintain its corporate  existence in good
                  standing,  and  conduct  its  business  in  accordance  and in
                  compliance with all applicable laws, regulations, governmental
                  directives, guidelines and policies applicable to it.

<PAGE>

         (c)      The   Borrower   shall  pay  and   discharge   all  taxes  and
                  governmental  charges upon it, or against any of its property,
                  prior to the date after which penalties attach for the failure
                  to pay,  except to the extent that the Borrower is contesting,
                  in good faith,  its  obligations to pay such taxes or charges,
                  with adequate  reserves  having been set aside for the payment
                  of such taxes or  charges.  The  Borrower  shall  make  timely
                  filings of all tax returns and  governmental  reports required
                  to  be  filed  or  submitted  under  any  applicable  laws  or
                  regulations.
         (d)      The  Borrower  shall  continue  in full  force and  effect all
                  governmental filings,  registrations,  consents and approvals,
                  and pay all  applicable  stamp duties and taxes,  necessary or
                  advisable from time to time in connection  with this Agreement
                  and the documents  called for by the terms of this  Agreement,
                  and shall make or obtain any additional  governmental filings,
                  registrations, consents and approvals that become necessary or
                  advisable hereafter.
         (e)      The  Borrower  shall  ensure that its  obligations  under this
                  Agreement  rank and will rank at least pari passu in  priority
                  of payment and all other  respects with all other  obligations
                  of the Borrower.
         (f)      The Borrower shall not merge or consolidate  with or acquire a
                  substantial  part of the assets or capital  stock of any other
                  company or sell,  lease,  transfer or otherwise dispose of any
                  significant  portion of its property or assets,  except in the
                  ordinary course of business.
         (g)      The Borrower shall ensure that all the  collateral  created or
                  to  be  created   under  this   Agreement   or  any   document
                  contemplated  herein  shall at all times be  perfect  and rank
                  first as collateral in favour of the Lender and/or CLT and the
                  Borrower  and/or the  security  provider  shall not create any
                  other security  interest or collateral right over the property
                  which is the subject matter of the collateral created or to be
                  created  under this  Agreement  or any  document  contemplated
                  herein.

12.      EVENTS OF DEFAULT

If any of the following  events (an "Event of Default") shall occur,  the Lender
may, by providing  notice to the  Borrower,  declare the  outstanding  principal
amount of all  Advances,  together  with  accrued  interest  and all other  sums
payable hereunder, to be immediately due and payable,  whereupon the above shall
become immediately due and payable without demand, protest, or further notice of
any kind, and without the consent,  decree or authorization of any court, all of
which are expressly  waived by the Borrower.

         (a)      The Borrower  fails to pay the  principal,  interest,  fees or
                  other  charges  which the  Borrower is obligated to pay to the
                  Lender under this Agreement, as they are due.
         (b)      Any  representation  or warranty of the  Borrower set forth in
                  this Agreement,  or in any document  required by the terms and
                  conditions  of this  Agreement,  proves to have  been  untrue,
                  incorrect  or  misleading  when made or  renewed,  or  becomes
                  untrue at any subsequent time.
         (c)      The  Borrower  violates any covenant set forth in Clause 10 of
                  this  Agreement,  or fails to  perform or  violates  any other
                  provision of this Agreement.
         (d)      Any  permission,   power  of  attorney,  consent  or  approval
                  necessary  in  connection  with this  Agreement,  or any other
                  documents required by the terms of this Agreement,  is revoked
                  a restricted.
         (e)      Any performance of the Borrower under this  Agreement,  or any
                  necessary documents under this Agreement, becomes illegal.

<PAGE>

         (f)      The  Borrower  fails  for any  reason to make  payment  of any
                  indebtedness  or perform any of its  obligations to the Lender
                  and/or CLT and/or any and all  subsidiaries  and affiliates of
                  Citibank N.A.  under any other  agreement or document,  or any
                  other  creditor  when due,  or if any  indebtedness  under any
                  agreement  or  document  binding  on the  Borrower  is validly
                  declared or  otherwise  becomes  due and payable  prior to its
                  specified  maturity  date at any time from the signing date of
                  this  Agreement  and the  failure  is not cured with seven (7)
                  calendar days.
         (g)      Any  proceeding  before  a  court,  panel  of  arbitrators  or
                  government  agency  or  administrative  body is  commended  or
                  threatened  against  the  Borrower  or if any  property of the
                  Borrower is seized or has lien put against it.
         (h)      If any event occurs or circumstance  arises including  changes
                  in the Borrower's financial condition,  operating environment,
                  management  or  ownership  which in the  opinion of the Lender
                  would materially  affect ability of the Borrower to perform or
                  comply with its obligations herein to the Lender.
         (i)      The Borrower (i) becomes  insolvent at the sole opinion of the
                  Lender or is unable  to pay its debts  when due,  or admits in
                  writing its inability to pay its debts when due, or (ii) makes
                  an assignment for the benefit of other  creditors,  or makes a
                  compromise  with  at  least  two of its  creditors,  or  (iii)
                  institutes   any   bankruptcy,   insolvency,   reorganization,
                  arrangement,  dissolution,  liquidation or similar  proceeding
                  relating to it.
         (j)      It becomes  unlawful  for the Lender to maintain  the Facility
                  hereunder.
         (k)      If at any time the top ten existing major  shareholders of the
                  Borrower has lost, reduced or waived their right to the direct
                  shareholding  and  ownership in the  Borrower  company to less
                  than 50% of the companys issued share capital.

13.      SOLE AGREEMENT

         This Agreement and the documents referred to herein shall supersede any
         prior  expressions  of  intent or  understanding  with  respect  to the
         subject matter hereto.  This Agreement may only be amended by a writing
         signed by all the parties hereto.

14.      WAIVER

         (a)      For  the  implementation  of  this  Agreement,   and  all  the
                  documents  required under this Agreement,  the Borrower waives
                  its rights and privileges  under the Civil and Commercial Code
                  as  necessary  to give effect to the terms and  conditions  of
                  this Agreement.
         (b)      A  failure  or  delay by the  Lender  to  exercise  any of its
                  rights,  powers,  or privileges  under this Agreement,  or any
                  document   required  by  the  terms  and  conditions  of  this
                  Agreement,  shall not operate as a waiver  thereof,  nor shall
                  any  single or  partial  exercise  of such  right,  power,  or
                  privilege  preclude  any  further  exercise  thereof or of any
                  other right, power or privilege.  The remedies herein provided
                  are cumulative  and not exclusive of any remedies  provided by
                  law.

15.      ASSIGNMENT

         This  Agreement  shall be  binding  on and inure to the  benefit of the
         Borrower and the Lender and/or CLT and their respective successors, but
         the rights of the Borrower  under this Agreement are personal to it and
         may not be  assigned  either in whole or in part by the  Borrower.  The
         Lender  and/or CLT may at any time upon written  notice to the Borrower
         assign or transfer all or any of its rights or  obligations  under this
         Agreement,  or  sub-participate  its interest  under this  Agreement in
         whole or in part.

<PAGE>

16.      SET-OFF

         The Lender shall be entitled (but shall not be obliged) at any time and
         without notice to the Borrower to combine,  consolidate or merge all or
         any of the accounts of Borrower  anywhere  whether  singly owned by the
         Borrower or jointly owned with any other person and may transfer or set
         off any sums in credit in such accounts in or towards  satisfaction  of
         any of the  liabilities  of the Borrower  hereunder  whether  actual or
         contingent,  primary or  collateral  notwithstanding  the fact that the
         credit balance on such account and the liabilities hereunder may not be
         expressed in the same currancy,  and the Lender is hereby authorized to
         effect any necessary  conversions  at the Lender's own rate of exchange
         then prevailing.

17.      GOVERNING LAW AND ADJUDICATION

         (a)      This  Agreement  shall be  governed  by,  and  interpreted  in
                  accordance with, the laws of Thailand .

         (b)      For  the  implementation  of  this  Agreement,   and  all  the
                  documents  required under this Agreement,  the Borrower hereby
                  selects  and  chooses  the Civil  Court or any other  court in
                  Bangkok to be the court having  jurisdiction over any dispute,
                  or the Court where the Borrower's Memorandum of Association is
                  registered,  or any court in Thailand having jurisdiction over
                  the Borrower's assets, immovable as well as movable.

18.      NOTICES

         Any  notice  hereunder  shall  be  in  writing,  and  shall  be  either
         personally delivered or transmitted by postage prepaid registered mail,
         telex or telefax to the parties at the following addresses :

To the Borrower :
      King Power Duty Free Co., Ltd.   989 Siam Tower Building, 26th-27th Floor,
                                       Rama I, Pathum Wan, Pathum Wan,
                                       Bangkok Metropolis

To the Lender : CITIBANK,  N.A.  BANGKOK  BRANCH 82 North  Sathorn  Road,  Silom
Bangrak, Bangkok.

Either party may change its address for purposes  hereof by notice to the other.
Except as otherwise provided in this Agreement notices shall be effective (i) if
personally  delivered,  on the date of delivery,  (ii) if transmitted by postage
prepaid  registered  mail,  on the date seven days after  delivery,  or (iii) if
transmitted by telex or telefax,  on the date of  transmission,  whichever shall
first occur.

<PAGE>

19.      MISCELLANEOUS

         (a)      The  obligations  of the Borrower to repay each Advance and to
                  pay interest  thereon is a primary  obligation of the Borrower
                  and no invalidity,  irregularity  or  unenforceability  of any
                  underlying  Accepted  Invoice  shall  affect,  impair  or be a
                  defense to the Borrower's payment obligations hereunder.

         (b)      The Borrower  hereby  agrees that the Lender may disclose such
                  information  relation to this  transaction as may from time to
                  time be  requested  by any Thai  governmental  authority or as
                  otherwise required by law.

         (c)      If one or more  provisions  in this  Agreement  is or  becomes
                  void, illegal, or unenforceable by law, the validity, legality
                  and  enforceability  of all remaining  clauses shall not be in
                  any way affected or impaired.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by the
duly authorized representatives.

The Borrower : King Power Duty Free Co., Ltd.

By   :          -Signed-     Director     By :..................Director  (SEAL)
      (Mr. Viratana Suntaranond)

The Lender

CITIBANK, N.A. BNAGKOK BRANCH

By  :         -Signed-          Name:................./ Title :.................
        (Vichai Kitcharanant)

 ..................................Witness            -Signed-           Witness
(                                  )         (Hathyakanta Techakamphousha)

 ....................................      Schedule A     Promissory Note No.....
                                        Promissory Note  Bangkok, Thailand

                                                    Date :......................

<PAGE>

On...................................., we,............................Co.,Ltd.,
promise to pay Citibank N.A., Bangkok Branch, a sum of Baht.....................
(...........................................)   plus   interest  at  a  rate  of
 .............%  per annum at its office in Bangkok,  Thailand.  Presentment  for
payment,  notice of protest, demand and notice of dishonor are hereby waived. In
the event of  commencement  of suit to enforce payment of this note, we agree to
pay attorneys fees.

Co., Ltd........................................

By..............................................  Authorized Signatory

Name............................................  Title.................. (SEAL)

By .............................................  Authorized Signatory

Name............................................  Title.................. (SEAL)

                                   Schedule B

                                     Receipt

This is to certify that we,.....................Co., Ltd., as the Borrower, have
duly received Baht.................(Baht......................) on  the  date of
 ......................., from Citibank N.A., Bangkok Branch (the "Lender").  The
said amount is an Advance under the Loan Facility Agreement dated...............
between us and the Lender.

Co., Ltd.......................................

By.............................................  Authorized Signatory

Name...........................................  Title................... (SEAL)

By ............................................  Authorized Signatory

Name...........................................  Title...................

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}]]