Policy on The Fulfillment of Creditors Rights
Before entering any credit agreement, The Company will consider the benefits and the
needs of the credit facility and measures the ability of The Company to fulfill the creditor’s
rights.
In the occasion that The Company makes a credit agreement with the creditor and utilizes
the credit facility, then The Company is obligated to:
- Always try to execute and fulfill all the obligations and responsibilities to thecreditor.
- Utilize the facility in an accountable and efficient manner.
- Conduct the obligation in timely manner in accordance with the agreement between The Company and the creditor and with the prevailing laws and regulations.
- Provide material information regarding the relationship to the creditor to the
investors, potential investors, and public fairly, correctly, and accurately.
- The creditor has the right to receive the principal payment, the interest, and/or any fee and provision related to the credit agreement in timely manner.
- The creditor has the right to receive the interim financial report and audited annual financial report as promised to each creditor.
- The creditor has the right to request explanation of substantive information and facts about The Company, especially ones related to The Company’s ability to fulfill its debt obligations.
- The creditor has the right to receive announcement regarding the change in the structure of the boards and the majority shareholders and also regarding dividend payment bigger than 50% of The Company’s net profit.
- The creditor has the right to approve or decline if The Company decides to expand its business beyond the Acts of Association or if The Company decides to divert its shares to its subsidiaries which in turn will affect the The Company’s Consolidated Financial Report.
- The Company has the obligation to pay the principal payment, the interest, and/or any fee and provision related to the credit agreement to the creditor in timely manner.
- The Company has the obligation to utilize the loan facility in accordance with the purpose of the utilization of credit that is agreed.
- The Company has the obligation to preserve the covenant agreed with the creditor.
- The Company has the obligation to provide reports, announcement, or other creditor’s rights according to the agreement with the creditor.
- The Company has the obligation to provide information to the creditor accurately and in timely manner.