Document:

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                                                                 Exhibit 10.5(b)

                         BANCO NACIONAL DE CREDITO, S.A.
                                 PROMISSORY NOTE

The equivalent I US$1,000,000.00                       Maturity Date____________

I (we), PriceSmart Dominicana, S.A., hereby declare, that I (we) owe and will
pay to the order of BANCO NACIONAL DE CREDITO, S.A., domiciled in Ave. John F.
Kennedy esq. Tiradentes, Santo Domingo, Dominican Republic the sum of ONE
MILLION with 00/100 Dollars, currency of the United States of America, sum that
I (we) have received from the mentioned Bank in the condition as a loan, to my
(0ur) entire satisfaction, to finance imports under letters of credit or
supplier credit, and that I (we) am (are) bound to cancel it.

I (we) am (are) bound to pay the Bank interests on the owed sum at the LIBOR
RATE WITHIN SIX MONTHS plus 4.25% (Four point twenty-five percent) annually.
This interest rate may be increased or decreased, one or more times, by the
Bank. The interests will be calculated on the total of the sum of the
above-mentioned loan, and it will be in effect up to the date when the
obligation is cancelled. I (we) agree that the matured and unpaid interests on
their respective dates will be capitalized and they will earn the same interests
as those established for the capital.

In the case of repayment of the total or of a part of the indicated sum, before
the date of maturity of this promissory note, we authorize the Bank, to collect
a commission for penalty of two percent (2%), calculated on the sums paid in
advance.

Default of only just one monthly payment will convert this Credit into one of
expired term, whereby the total payment may be required. Likewise, the
expiration of this document will be accelerated in the case that an order for
sequestration or lien is dictated on any of my (our) assets, in the case of
death of one of us, injunction, Judiciary or out of court agreement of
creditors, suspension of payments, insolvency or declaration of bankruptcy
against me (one of us), and so on, due to default of any if the obligations that
I (we) acquire.

I (we) certify that the amount of this loan will be dedicated to operation for
mercantile matters. All expenses of this operation, including those for
judiciary or out of court collection and legal fees, if any, will be by my (our)
exclusive account.

I (we) certify that I (we) waive the domicile, upon protest, upon the
presentation of this document, the notice that it has been dishonored, to the
benefit of division and exclusion, upon any requirement called for in the case
of arrears to make the payment, for the proceeding of executory process and, as
of now, I (we)

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exonerate the Bank from the obligation of paying a security in relation with any
execution or proceeding regarding this obligation.

Likewise, I (we) manifest that I (we) know and take on all and each one of the
obligations, terms and conditions stipulated in this document. In witness
whereof I (we) sign this document in the city of Santiago, Dominican Republic,
on the ____ ( ) day of the month of _____________ of the year _____.

Debtor: PriceSmart Dominicana, S.A.       Authorized Signatures: NOT LEGIBLE
             (Rubber Stamp)                                     ---------------<PAGE>

[LOGO]                    BANCO NACIONAL DE CREDITO, S.A.
                                     PAGARE

El equivalente en US$1,000,000.00                   Vencimiento:______________

Yo (nosotros), PriceSmart Dominicana, S.A., por el presente documento declaro
(amos), que debo (debemos) y pagare (pagaremos solidariamente) a la orden de
BANCO NACIONAL DE CREDITO, S.A., domiciliado en la Ave. John F. Kennedy esq.
Tiradentes, Santo Domingo, Republica Dominicana la suma de UN MILLON CON
00/100 dolares moneda de curso legal de los Estados Unidos de America, suma
esta que he (hemos) recibido de dicho Banco en calidad de prestamo, a mi
(nuestra) entera satisfaccion, para financiar importaciones bajo cartas de
credito o credito de suplidor, y que me (nos) obligo (obligamos) a pagarla.

Me (nos) obligo (obligamos solidariamente) a pagarle al Banco intereses sobre
la suma adeudada a la tasa de LIBOR A SEIS MESES mas 4.25% (Cuatro punto
veinticinco porciento) anual. Esta tasa de interes podra ser aumentada o
disminuida, una o mas veces, por el Banco. Los intereses se calcularan sobre
el total de la suma del prestamo arriba mencionado, y se causaran hasta el
dia en que esta obligacion sea cancelada. Convengo (convenimos) en que los
intereses vencidos y no pagados en sus respectivas fechas se capitalizaran y
devengaran los mismos intereses fijados para el capital.

En caso de repago del total o de una parte de la indicada suma, antes de la
llegada de la fecha de vencimiento de este pagare, autorizamos al Banco, a
cobrar una comision por penalidad de un dos por ciento (2%), calculado sobre
las sumas pagadas por anticipado.

El incumplimiento de una sola mensualidad convertira este Credito en uno de
plazo vencido, pudiendose exigir inmediatamente su pago total. De igual
forma, se acelerara el vencimiento de este documento en el caso en que se
dictase mandamiento de secuestro o embargo sobre cualesquiera de mis
(nuestros) bienes, en caso de muerte de cualesquiera de nosotros,
interdiccion, convenio judicial o extrajudicial de acreedores, suspension de
pagos, insolvencia o declaratoria de quiebra contra mi (uno de nosotros), y
en fin, por incumplimiento de cualesquiera de las obligaciones que mediante
este instrumento asumo (asumimos).

Hago (hacemos) constar que el importe de este prestamo lo dedicare
(dedicaremos) a operaciones de caracter mercantil. Todos los gastos de esta
operacion, inclusive de los de cobranza judicial o extrajudicial, y
honorarios de abogados, si los hubiere, sera por mi (nuestra) cuenta
exclusiva.

Hago (hacemos) constar que renuncio (renunciamos) al domicilio, al protesto,
a la presentacion de este documento, al aviso de que este ha sido
desatendido, al beneficio de division y excision, a cualquier requerimiento
exigido en caso de mora para hacer el pago, a los tramites de juicio ejecutivo
y, desde ahora, relevo (relevamos) al Banco de la obligacion de prestar
fianza en relacion con cualquier ejecucion o juicio referente a esta
obligacion.

De igual forma manifiesto (manifestamos) que conozco (conocemos) y asumo
(asumimos) todas y cada una de las obligaciones, terminos y condiciones aqui
estipuladas. En fe de lo expresado firmo (firmamos) el presente documento en
la ciudad de Santiago, Republica Dominicana, a los ___________ (________)
dias del mes de __________ del ano ________.

              [SEAL]
DEUDO PRICESMART DOMINICANA, S.A.      Firma(s) autorizada(s) /s/ [ILLEGIBLE]
                                                              -----------------
                                                               [ILLEGIBLE]<PAGE>

                                                                 Exhibit 10.5(d)

                         BANCO NACIONAL DE CREDITO, S.A.
                                 PROMISSORY NOTE

The equivalent I US$1,000,000.00                       Maturity Date____________

I (we), PriceSmart Dominicana, S.A., hereby declare, that I (we) owe and will
pay to the order of BANCO NACIONAL DE CREDITO, S.A., domiciled in Ave. John F.
Kennedy esq. Tiradentes, Santo Domingo, Dominican Republic the sum of ONE
MILLION with 00/100 Dollars, currency of the United States of America, sum that
I (we) have received from the mentioned Bank in the condition as a loan, to my
(0ur) entire satisfaction, to finance imports under letters of credit or
supplier credit, and that I (we) am (are) bound to cancel it.

I (we) am (are) bound to pay the Bank interests on the owed sum at the LIBOR
RATE WITHIN SIX MONTHS plus 4.25% (Four point twenty-five percent) annually.
This interest rate may be increased or decreased, one or more times, by the
Bank. The interests will be calculated on the total of the sum of the
above-mentioned loan, and it will be in effect up to the date when the
obligation is cancelled. I (we) agree that the matured and unpaid interests on
their respective dates will be capitalized and they will earn the same interests
as those established for the capital.

In the case of repayment of the total or of a part of the indicated sum, before
the date of maturity of this promissory note, we authorize the Bank, to collect
a commission for penalty of two percent (2%), calculated on the sums paid in
advance.

Default of only just one monthly payment will convert this Credit into one of
expired term, whereby the total payment may be required. Likewise, the
expiration of this document will be accelerated in the case that an order for
sequestration or lien is dictated on any of my (our) assets, in the case of
death of one of us, injunction, Judiciary or out of court agreement of
creditors, suspension of payments, insolvency or declaration of bankruptcy
against me (one of us), and so on, due to default of any if the obligations that
I (we) acquire.

I (we) certify that the amount of this loan will be dedicated to operation for
mercantile matters. All expenses of this operation, including those for
judiciary or out of court collection and legal fees, if any, will be by my (our)
exclusive account.

I (we) certify that I (we) waive the domicile, upon protest, upon the
presentation of this document, the notice that it has been dishonored, to the
benefit of division and exclusion, upon any requirement called for in the case
of arrears to make the payment, for the proceeding of executory process and, as
of now, I (we)

<PAGE>

exonerate the Bank from the obligation of paying a security in relation with any
execution or proceeding regarding this obligation.

Likewise, I (we) manifest that I (we) know and take on all and each one of the
obligations, terms and conditions stipulated in this document. In witness
whereof I (we) sign this document in the city of Santiago, Dominican Republic,
on the ____ ( ) day of the month of _____________ of the year _____.

Debtor: PriceSmart Dominicana, S.A.       Authorized Signatures: NOT LEGIBLE
             (Rubber Stamp)                                     ---------------

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