THIS CONFIDENTIALITY AGREEMENT (“Agreement”), dated as of 6th May 2015, is between
Prosperity Development Co., Ltd., (hereinafter referred to as the “Company” or “Amburaya”) a Thai-registered corporation with its registered office at 16, Soi 5 Sukhumvit Road, Khlong Toey, Wattana, Bangkok 10110 Thailand and its associated entities, affiliates and designees (“Disclosing Party”); and
Advance Finance Public Company Limited, (“Receiving Party”) a Thai-registered corporation with the registered office at 40th Floor, CRC Tower, All Season Place, 87/2 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Thailand.
Whereas,
A. the Receiving Party desires to evaluate an opportunity to provide financing to the Disclosing Party in respect of an opportunity for the Disclosing Party to acquire or establish a property fund to acquire a portfolio of hotels and resorts in Thailand (the “Transaction”).
B. the Disclosing Party will disclose to Receiving Party certain confidential technical, business and other information, which the Disclosing Party has either prepared or received from third parties and thereby owes a duty of confidentiality to, and therefore requires the Receiving Party to treat as confidential and restrict their usage of all such Confidential Information (as defined below) in strict accordance with the terms and conditions of this Agreement.
C. the Receiving Party is interested in evaluating the Transaction and possibly participating in providing funding for the Transaction.
NOW, THEREFORE, the parties agree as follows
1. Confidentiality.
1.1 This Agreement and the information concerning the Transaction are strictly confidential and the Receiving Party shall disclose the terms hereof only to its management and legal advisors and potential investors solely for the purpose of evaluating investment in the Property. The Receiving Party and its officers, directors, partners, employees, agents, or representatives (collectively, the “Representatives”) agree not to disclose to any person whatsoever or to use the confidential information of the Disclosing Party or the Transaction (which shall mean written or oral information that is non-public, confidential and proprietary in nature; the “Confidential Information”) for any purpose during the term of this Agreement or at any time thereafter for any reason whatsoever other than in connection with the evaluation of the Transaction on behalf of the Disclosing Party.
1.2 Without limiting the above, with respect to the Confidential Information, the Receiving Party agrees and undertakes to: (a) instruct and require all of its employees and agents and potential investors to maintain the confidentiality of such information; and (b) exercise at least the same degree of care to safeguard the confidentiality of such information as the Receiving Party exercises to safeguard the confidentiality of its own proprietary information.
2. Excluded Information. The following information shall not be treated as Confidential Information under this Agreement:
2.1 Public Information. Information published or otherwise available to the public other than by a breach of this Agreement.
2.2 Prior Knowledge. Information known to the recipient prior to the recipient’s receipt of the same from the other Party, and the Receiving Party can document this fact.
2.3 Mutual Agreement. Information which the parties agree in writing may be disclosed
2.4 Required by Law. Information which is, on the advice of legal counsel, required to be disclosed by law or by legal process; provided, however, that if the Disclosing Party is required to disclose Confidential Information hereunder, Investor shall immediately notify the Receiving Party of the same and fully cooperate with the Receiving Party in attempting to obtain a protective order or other judicial relief for the protection of the Confidential Information.
3. Destruction and Deletion of Confidential Information. Upon the termination of this Agreement for any reason whatsoever OR upon the written request of the Disclosing Party, the Receiving Party will (a) destroy all tangible copies of the Confidential Information and any information derived therefrom, and (b) delete such parts of the Confidential Information as may be contained in the Receiving Party’s databases, computer files and systems, and other electronic storage media. The Receiving Party shall confirm in writing by the authorized signatory/ies of the Receiving Party that it has fully complied with this obligation, and this clause shall survive the termination of this Agreement.
4. Non-Circumvention. The Receiving Party acknowledges and agrees that it will maintain the Confidential Information and will not, directly or indirectly, including through the commission of any act or the omission of any act, attempt to (a) circumvent the terms of this Agreement, (b) contact any party having any interest in the Transaction, or (c) use the Confidential Information for any purpose other than evaluating the Transaction. The Receiving Party shall not use the Confidential Information for its own benefit or competitive use or any other use, nor make the Confidential Information available for use by, or use it for the benefit of, any other party, whether or not for consideration.
5. Injunctive Relief. The Receiving Party acknowledges and agrees that the Confidential Information comprises significant financial and business information belonging to the Disclosing Party and that its disclosure or use in violation of the terms of this Agreement would cause irreparable damage to the Disclosing Party. The Receiving Party agrees that the Disclosing Party shall have the right to complete and immediate injunctive relief against any violation of this Agreement without the need or obligation to posting any bond or other security of any kind with the courts.
6. Arbitration in Thailand. Any and all disputes arising under this Agreement shall be fully and finally settled by binding arbitration in the English language in Bangkok under the then current rules of the Thai Arbitration Institute (“TAI”) before an independent arbitrator agreeable to both parties. If the parties are unable to agree upon the selection of the arbitrator, the TAI shall appoint an independent arbitrator of international repute having participated in at least five international arbitrations. The arbitrator shall have the authority to issue injunctive relief. The Party substantially prevailing in the arbitration shall be entitled to an award for all attorneys’ fees, court and arbitration costs, expert witness fees, travel expenses, and enforcement and appellate costs incurred with enforcing this Agreement.
7. Authority to Contract. Each Party executing this Agreement represents and warrants that he/she has the requisite authority and power to sign and bind their respective Party, and that upon execution by both Parties this Agreement shall become legally binding and enforceable.
8. No Obligation to Disclose. Nothing contained in this Agreement shall be construed as requiring us to disclose, rather any such disclosure shall be made in our sole discretion
This Agreement does not oblige either the Disclosing Party or the Receiving Party to enter into any further agreements or to proceed with or participate in the Transaction.
9. No Assignment. This Agreement may not be assigned by the Receiving Party, in part or whole, without the Disclosing Party’s written consent, which may be withheld.
10. Entire Agreement. This Agreement contains the entire understanding of the Parties with respect to the subject matter hereof and supersedes all prior agreements or understanding. This Agreement shall not be modified except in writing signed by both Parties.
11. Governing Law. This Agreement and all questions and disputes arising hereunder shall be governed by the substantive laws of Thailand, excluding choice of law provisions.
12. Duration. This Agreement shall expire twenty four (24) months from the date hereof or until the Confidential Information is no longer confidential, whichever is later.