To: KASIKORNBANK Public Company Limited ("Bank") From: BP-CASTRUL (THAILAND) LIMITED CSponsor")
Date: 18 Fcbruary 20 I 0
Re: Offering Letter dated 1l l< ebruary 2010 issued by the Bank and accepted by the
Sponsor, as amended from time to time, ( Offering Letter")
The Sponsor refers to the Offering Letter, This is the Guarantee as referred to in the Offering Letter. Unless defined otherwise hereinterms used in the Offering Letter shall have the same meaning in this Guarantee.
1. Definition
"Guaranteed Amount" means in relation to a Buyer. an amount which is equal to 20 per cent of the total principal amount of all Credit Facilities provided and made available by the Bank to that Buyer. or such other amount agreed by the Sponsor and the Bank in accordance with any Guaranteed Amount Request executed by the Sponsor and the Bank from time to time.
"Guaranteed Amount RL"'uest" means a letter substantially in the form set out in Annex A (Form of Guaranteed Amount Requesl) hereto or such other form mutually agreed between the Sponsor and the Bank.
"Maximum Aggregate Liability" means Baht 120,000,000 or such other amount agreed by the Sponsor and the Bank in accordance with any Guaranteed Amount Request executed by the Sponsor and the Bank from time to time.
2. Cuarantee and Indemnities
(a) Subject to paragraph (d)the Sponsor irrevocably and unconditionally guarantees (without prejudice to the Bank's right against each Buyer) to the Bank the due and punctual payment by each Buyer of each Buyer's obligations and liabilities to the Rank, which are due and payable under the relevant Finance Documents, in the aggregate principal amount in relation to a Buyer up to the respective Guaranteed Amount applicable lo that Buyer. plus all interest accrued with respect to the Guaranteed Amount and any commissions. charges. costs and expenses chargeable by the Bank with respect to the Guaranteed Amount which arc due and payable by each such Buyer under the respective Finance Documents. For the avoidance of doubt. the Sponsor's guarantee obligations do not extend to include any interestcommissions, charges. costs and expenses that have accrued on any principal amount outstanding under the relevant Finance Documents aficr the date on which the Sponsor has met its guarantee obligations under any demand relating to such
amount.
(b) Subject to paragraph (d). the Sponsor undertakes with the Bank that if any Buyer docs not pay any amount when due under or in connection with the respective Finance Documents. the Sponsor shall on demand pay that amount to the Bank as if it was the principal obligor. provided that the amount that the Sponsor is obliged to pay to the Bank in relation to a Buyer shall not be more than the Guaranteed Amount applicable to that Buyer, plus all interest accrued thereon, commissions, charges, costs and expenses chargeable by the Bank