Captivision Inc 6-K/A, filed Dec 22, 2023
Captivision Inc. (CPTAF)
About this 6-K/A
Captivision Inc filed this 6-K/A on December 22, 2023.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K/A
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2023
Commission File Number: 001-41869
Captivision Inc.
(Exact name of registrant as specified in its charter)
298-42 Chung-buk Chungang-ro Chung-buk,
Pyeong-taek, Gyounggi, Republic of Korea
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
EXPLANATORY NOTE
This Form 6-K/A amends the Form 6-K dated December 12, 2023 solely for the purpose of adding Exhibits 10.1, 10.2 and 10.3. Except as described above, this amendment does not amend any information set forth in the original Form 6-K.
EXHIBIT INDEX
* Previously filed.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Captivision Inc. |
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By: |
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/s/ Gary Garrabrant |
Name: |
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Gary Garrabrant |
Title: |
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Executive Chairman |
Date: December 21, 2023
Exhibit 10.1
The Bank must explain the important contents of this agreement to the applicant and provide a copy of the Basic Terms and Conditions of Bank Credit Transactions and this agreement. |
[stamp:] Korean Government Stamp Duty KRW 350,000 Head of Namdaemun Tax Office Postage Paid No. 14 of 2014 |
[revenue stamp] |
Self-identity verification and seal comparison |
Associate |
Supervisor |
Assistant Manager |
Branch Manager |
[initials] |
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[initials] |
[initials] |
Credit Loan Transaction Agreement (for Corporate Entities)
[stamp:] 211-87-65996
Glam Co., Ltd. Kim Kyung-Rae
298-42, Cheongbukjungang-ro, Cheongbuk-eup, Pyeongtaek-si, Gyeonggi-do, South Korea
Manufacturing LED (advertising light source device), etc.
November 28, 2023
Approval No.
Client Name: Glam Co., Ltd.
Date paid: Nov. 28, 2023
To Hana Bank Corp.,
Applicant /s/ Keong Rae Kim
I hereby acknowledge that the “Basic Terms and Conditions of Bank Credit Transactions (including the related receiving transaction terms and conditions in case of corporate, bankbook loans, and current loans)” apply to credit transactions with Hana Bank Co., Ltd. (hereinafter referred to as the “Bank”) in accordance with the conditions below. I approve and confirm each of the following provisions.
Article 1 Transaction Terms
The transaction terms are as follows.
(If there are multiple transaction methods, listen to the explanation from the Bank employee and mark “ V ” within the corresponding “ ☐ ”.)
Credit Loan Items (Credit Loan Type) |
Loans for working capital/general funds |
Classification of Transaction |
☐ Loan Limit ☑ Individual |
Credit Loan (Limit) Amount |
KRW 1.5 billion |
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Credit Loan Commencement Date |
☑ Loan execution (limit agreement) day ☐ Month Day 20__ |
Credit Loan Maturity Date |
☑ From loan execution (limit agreement) day, one year____ month ☐ Month Day 20__ |
Interest Rate, etc. |
☐ Fixed |
☐ Base rate ( ) + ( ) % ☐ Until credit loan maturity date, annual % |
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☑ Variable |
☑ Base rate (3M CD) + (1.759) % [Variable cycle: ( 3) Months] ☐ Others ( ) |
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Delay Compensation Rate |
The delay compensation rate is determined by adding a (3)% overdue additional rate to the interest rate determined in Article 1 with a maximum of (15)% per annum. |
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Method to Calculate Interest, Fees and Delay compensation |
Except as otherwise specified, a year is considered to have 365 days (366 days in leap years) and is calculated in units of 1 day. However, foreign exchange transactions follow international customs and commercial practices. |
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Early Repayment Fee |
☑ Subject to fee ☐ Not subject to fee |
☑ The early repayment fee is calculated as the amount of the early repayment loan x the early repayment interest rate x (number of days remaining on the loan ÷ loan period). It applies up to (3) years (including the extension of period) from the initial loan date. ※ Early repayment interest rate: ( 1.2) % ☐ Others ( ) |
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Loan Limit Agreement Fee |
☐ Subject to fee ☑ Not subject to fee |
☐ Credit limit agreed amount × ( )% × agreement period ÷ 365 days (366 days in leap years, 360 days for foreign currency loans) |
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Fee for Not Using Agreed Limit
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☐ Subject to fee ☑ Not subject to fee |
☐ Unused amount of the loan limit (i.e., loan limit average balance – credit average balance during the operation period) x ( ) % x Operating period ÷ 365 days (366 days for leap years, 360 days for foreign currency loans) |
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Credit Loan Execution Method
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☑The full amount is paid on the credit commencement date. ☐ The Bank confirms the use of the funds and the required amount based on supporting documents or goods in kind and classifies them. ☐ It carries out requests made by the person who meets certain requirements. ☐ Other ( ) |
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Repayment Method |
☑It is repaid in full at the maturity date of the credit loan period. ☐ It will be deferred for ( ) years and ( ) months from the date of credit loan commencement, and repayment will be made in installments every ( ) months from ( ) year, ( ) month, and ( ) day. ☐ Repayment is made in installments [☐ equal principal, ☐ equal principal and interest] on the ( ) day of every month. ☐ Repay freely, but repay in full in one lump sum on or before the maturity date of one revolving period, and in full on the maturity date of the credit loan period. (For bankbook loans and overdraft loans) ☑ Others (Equal repayment of loan principal, quarterly repayment of KRW 5 million, repayment cycle of 3 months) ※ Please note that account deposits made through automated devices or electronic financial media after closing banking hours may not be processed for repayment on the same day. |
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Interest Payment Timing and Method |
☐ The first interest is paid in advance on the credit loan commencement date, and subsequent interest is paid in advance on the last day of calculation of the paid interest. ☐ Payment is made in advance by the day before the bill is due. ☑The initial interest is paid within (1) month from the credit loan commencement date, and subsequent interest is paid within (1) month from the day following the last day of calculation of the interest paid. ☐ Payment is made on the principal repayment date or monthly savings payment date. ☐ Payment is made on the ( ) day of every month. ☐ Payment is made on the expiration date of the credit loan period. ☐ Payment is made on the monthly settlement date determined by the Bank. (For bankbook loans and overdraft loans)) ☐ Interest is paid in base rate fluctuation cycles from the credit loan origination date. (For loans using ISDA Compounded RFR of 1 month or longer)) ☐ Others ( ) ※ Please note that account deposits made through automated devices or electronic financial media after closing banking hours may not be processed for repayment on the same day. |
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① In the case of limit transaction credit loans, the one-time revolving period and the credit loan period of each individual loan can be set and operated within the agreed period, and the period must be as determined by the Bank.
② If I wish to use an individual loan within the limits of the credit loan category, I agree to submit an application in the form set by the Bank. However, this agreement must be applied even when submission of a separate application can be omitted as determined by the Bank.
③ For installment loans, the interest rate on each loan execution date is applied to each case.
Article 2 Changes in Loan Interest Rates
① When applying the interest rate stipulated in Article 1 as a variable interest rate, it can be applied in conjunction with the market interest rate or benchmark interest rate. In this case, the applicable interest rate is applied as follows.
a. The 91-day CD circulation yield is the rate of return announced by the Korea Financial Investment Association.
b. The distribution yield of financial bonds is the yield from the consolidated table of three bond rating companies among the yields notified by the Korea Financial Investment Association,
c. The short-term COFIX interest rate is the interest rate announced by the Korea Federation of Banks.
d. 1-month, 3-month, and 6-month BSBYs are the US dollar term interest rates announced by Bloomberg.
e. 1-month and 3-month TERM SOFRs, and 6-month TERM SOFR are the US dollar risk-free term interest rates announced by the US Chicago Mercantile Exchange (CME).
f. 1-month, 3-month, 6-month, and 12-month TIBORs are the JPY transaction interest rates between Japanese financial institutions announced by the Federation of Banks of Japan (Japanese Yen Tibor).
g. Compounded RFR is the risk-free term interest rate for each currency calculated and announced by Bloomberg according to the post-compounding methodology established by ISDA to replace LIBOR.
h. 1-month, 3-month, 6-month, and 12-month EURIBORs are the EUR transaction rates between European banks announced by the European Money Markets Institute (EMMI).
② In the event of loans linked to the market interest rate or benchmark interest rate in Paragraph 1, the interest rate calculated according to the application method below will be used as the base rate, plus the additional rate in Article 1, and the changed interest rate will be applied without separate notice.
1. In the case of linked loans using the interest rates from a to f of item 2 of Paragraph ① above, the latest market interest rate or benchmark interest rate announced on the business day immediately preceding the first loan equivalent date (if there is no first loan equivalent date, the last day of the relevant month) for each variable cycle specified in Article 1.
2. In the case of linked loans using the interest rate in g of item 2 of Paragraph ① above, the benchmark interest rate on which the interest rate compounding start date is 5 business days prior to the first loan equivalent date (if there is no first loan equivalent date, the end of the month) for each variable cycle set forth in Article 1.
3. In the case of linked loans using the interest rate in h of item 2 of Paragraph ① above, the latest market interest rate or benchmark interest rate announced 2 business days prior to the first loan equivalent date (if there is no first loan equivalent date, the last day of the relevant month) for each variable cycle set forth in Article 1.
benchmark interest rate must follow the application method below.
[partial seal] [partial seal]
③ In the event of applying the base interest rate of the interest rate in Article 1 as the Bank's internal base rate, the internal transfer price (FTP) determined by adding or subtracting a spread, etc. that reflects the characteristics of each fund from the market interest rate or benchmark interest rate determined by the Bank as the representative interest rate for each period.
④ In the event of applying the base rate of the interest rate in Article 1 as the receiving interest rate, whenever the interest rate of the receiving product provided as collateral changes, this will be used as the base interest rate, the additional rate in Article 1 will be added, and the changed interest rate will be applied without separate notice.
Hana Bank Corp
3-06-1103(22-1) (Revised 2023.01) (Retention period: 10 years from completion date) Reviewed by compliance officer No. 2022-Product-229
⑤ The early repayment interest rate for linked loans using the above Compounded RFR, will be applied with the interest rate plus the additional rate in Article 1 by taking the benchmark interest rate as the base rate when the day before 5 business days prior to the date equivalent to the change cycle prior to the early repayment date (if the previous equivalent date is a holiday, the previous business day) is the start date of interest rate compounding.
<Post-compounding Example> 1/10/2022: When executing a loan agreement using 3-month Compounded RFR, for the interest rate applied on 4/10/2022, the post-compounded interest rate during the period of 1/3/2022 which is a date 5 business days prior to 1/10/2022 to 4/3/2022 is applied. |
Article 3 Early Repayment Fee
① If I wish to repay the loan I received from the Bank before the agreed loan due date (including the extended due date if the due date has been extended, hereinafter the same must apply), I must pay the early repayment fee under Article 1.
② Calculation of loan remaining days, etc. must be completed as follows.
1. Loan remaining days refer to the number of days from the repayment date to the day before the agreed loan due date, regardless of the repayment method, and is obtained by subtracting the number of elapsed days (the number of days from the first loan date to the repayment date) from the loan period.
2. The loan period is calculated as the number of days from the initial loan date to the agreed upon loan due date, but is set at 3 years (days) even if it exceeds 3 years.
3. The early repayment fee is applied within 3 years (including term extension) from the initial loan date.
③ In the following cases, the early repayment fee will be waived.
1. In the event that the loan remaining period is less than 1 month
2. In the event of exchanging foreign currency loans for other currencies (including KRW)
3. In the event of unavoidable early repayment due to the promotion of national projects for public interest, such as public expropriation of collateral items.
4. In the event of repayment of a deposit-secured loan (referring to a loan that is handled entirely within the effective collateral value range determined by the Bank using bank deposits, savings, installments, money trust beneficiary rights, etc. as collateral)
5. In the event of repayment of policy loan before the due date
6. In the event that the Bank recovers the loan before the due date due to loss of overdue profit, offset, corporate restructuring work (work-out), etc.
7. In the event of death of debtor or natural disaster
Article 4 Delay Compensation
① If interest, installment repayment, or installment repayment principal is not paid on the due date, delay compensation for the amount due will be paid from the next day.
② If the obligation is not fulfilled on the expiration date of the credit loan period or the benefit of the period as stipulated in Article 7 of the Basic Terms and Conditions of Bank Credit Transactions is lost (including the occurrence of the obligation to repurchase discounted bills pursuant to Article 9 of the Basic Terms and Conditions of Bank Credit Transactions), the delay compensation for the amount due will be paid from the next day.
③ In the case of a limit credit loan, delay compensation will be paid for the amount exceeding the limit due to overpayment, interest costs, etc. from the day after the limit is exceeded.
Article 5 Confirmation of total borrowing amount and notification of installment repayment date
① In the event of loans executed in installments, the total amount of the liability is confirmed after final execution, and the method of confirmation is based on the installment repayment date schedule, receipts, and other supporting materials.
② In the event of loans repaid in installments excluding savings loans and benefits, the Bank must prepare a schedule for installment repayment for the confirmed total amount of liability and notify it to the debtor.
Article 6 Reduction/Suspension
① In the event of loan limit transactions and loans issued in installments, when it is determined that specific reasons specified in the following items occur due to rapid changes in the national economic or financial situation or a significant deterioration of my credit status, etc., causing a significant disruption to the credit transaction, the Bank may reduce the loan (limit) amount under Article 1 or suspend credit loan execution despite the transaction period by notification. In this case, the I as the debtor must immediately repay the amount exceeding the limit due to the reduction.
1. Specific reasons for rapid changes in national economic and financial circumstances
a. In the event that the credit rating of the country or bank falls by two or more levels and a significant risk is expected in the Bank's financing.
b. In the event that circumstances such as requesting emergency funds from international organizations occur due to foreign exchange liquidity crisis, etc.
c. In the event of requesting a liquidity adjustment loan from the Bank of Korea for reasons such as insufficient solvency of the Bank
d. In the event of other sudden changes in the national economic or financial situation similar to the above reasons.
2. Specific reasons, such as significant deterioration of the person's credit status
a. In the event that my credit rating has dropped significantly (level 2 or higher, etc.)
b. In the event that normal credit transactions are difficult due to a change in the person in charge of management.
c. In the event that the external auditor's accounting audit results show an audit opinion of inadequate or rejected opinion.
d. In the event that news that is expected to result in a significant decline in one's credit status is confirmed to be true in credible mass media such as newspapers and TV.
e. In the event that a legal dispute arises, such as an investigation that may affect the person's credit rating or a lawsuit that may have a significant impact on business.
f. In the event of loss of profits within the deadline stipulated in Article 7 of the Basic Terms and Conditions of Bank Credit Transactions (for corporations)
g. In the event that other reasons similar to those listed above occur.
② If the reasons specified in Paragraph 1 are resolved and normal credit transactions are possible, the Bank will immediately resolve the reduction/suspension.
Article 7 Loan Limit Agreement Fee
① When agreeing to limit transaction credit, we agree to pay the limit agreement fee stipulated in Article 1. However, if it is decided to pay the unused fee within the agreed limit set forth in Article 1, the loan limit agreement fee will not be paid in duplicate.
② In the case of increasing the limit amount under Article 1, an additional loan limit agreement fee will be paid for the limit increase amount for the remaining days from the limit increase date to the agreement date.
③ If the agreed limit is changed (reduced, terminated, canceled, suspended) at the customer's request or due to reasons attributable to the customer as stipulated in the Basic Terms and Conditions of Bank Credit Transactions (for businesses) and this Agreement, the loan limit agreement fee will not be refunded.
Article 8 Fees for Not Using the Agreed Limit
① In the case of limit transaction credit, a fee for not using the agreed limit set forth in Article 1 will be paid.
② Calculation of credit average balance during operation period, etc. is as follows.
1. The credit average balance during the operating period for overdraft loans and bankbook-type limit transaction loans is the average balance for each day from the business day following the settlement date of the previous month to the settlement date of the current month.
Daily Balance = Closing Balance + {Intraday Highest Balance –
(Greater of the Opening Balance and Closing Balance)}
2. The credit average balance during the operating period for limit transaction loans other than the loans specified in Item 1 is the average balance for each day from the day following the final payment date of unused fees to the payment date.
3. Average balance of agreed limit is the average balance of the agreed limit during the operation period.
③ The payment timing and payment method for fees not used within the agreed limit are as follows.
Hana Bank Corp
3-06-1103(22-1) (Revised 2023.01) (Retention period: 10 years from completion date) Reviewed by compliance officer No. 2022-Product-229
1. For overdraft loans and bankbook-type limit transaction loans, the loan principal is added within the loan limit agreement amount on the day following the settlement date, agreement cancellation date, and maturity extension date. However, if the balance is a deposit, it will be deducted from the deposit.
2. If even a portion of the fee is not covered due to insufficient loan limit agreement amount, the shortfall amount will be repaid immediately or deposited into the relevant parent account for repayment, and the deposited funds will be used as a priority for repaying the insufficient fee.
3. In addition to the loans under Item 1, limit transaction loans without interest charges will be paid on the individual loan execution date, limit maturity extension date, and agreement cancellation date within the limit.
4. If there is a delay in payment of fees for not using the agreed limit, the Bank may take measures such as suspending additional credit.
Article 9 Agreement on Bankbook and Overdraft Loans
① In the event that there is a liability under this agreement, the funds deposited in the general bank account and checking account (hereinafter referred to as the “parent account” and the amount of securities are excluded from these funds until settlement, and the deposited securities, etc. are subject to this agreement and said to have been transferred to the Bank as collateral for the liability) will automatically be used to repay the loan.
② In the event that a request is made for payment in excess of the balance to the parent account or a request is made for automatic payment of regular payments or various charges, the loan amount must be paid or automatically paid through the parent account.
③ Interest and delay compensation must be deducted from the parent account or added to the loan within the credit limit amount specified in Article 1. If even part of the interest is not paid due to insufficient limit amount, the shortfall amount shall be repaid immediately or repaid to the relevant parent account. It is decided that the deposited funds will be used as a priority for repayment of accrued interest and delay compensation.
④ If there is a delay of 14 days from the date of payment of interest, the benefit of the period after the notification is lost in accordance with Article 7, Paragraph 2 of the Basic Terms and Conditions of Bank Credit Transactions (For Businesses), and delay compensation calculated at a pro rata rate determined for the full loan amount will be paid from the next day.
⑤ In the case of an overdraft loan, if I incur a debt to the Bank by paying a bill or check issued by myself pursuant to this agreement, such debt must be treated as a debt of indemnification and repaid in accordance with this agreement.
⑥ In the event of an overdraft loan, there must be no objection even if payment of bills or checks previously issued by myself is rejected due to reduction or suspension pursuant to Article 6.
⑦ If necessary, if it is anticipated that I will suffer the significant disadvantage due to the refusal by the Bank to pay the bill or check, a bills or checks issued by myself before the maturity date of the credit loan period may be paid even after the period, and this agreement must also apply to the loan amount resulting therefrom.
Article 10 Burden of Stamp Duty
① The stamp duty resulting from the preparation of this agreement is 50% borne by myself as the debtor and the Bank respectively.
② If the Bank pays the stamp duty on my behalf pursuant to Paragraph 1, I will repay it immediately in accordance with Article 4 of the Basic Terms and Conditions for Bank Credit Transactions.
Article 11 Repayment Currency and Exchange Rate
The principal and interest of foreign currency loans can be repaid in the borrowing currency or KRW, and when repaid in KRW, the applicable exchange rate is based on the customer wire transfer selling rate on the day of repayment.
Article 12 Collateral/Insurance
Unless otherwise indicated by the Bank, I hereby agree to provide the facility constructed or installed with the credit executed under this agreement as collateral to the Bank along with the land/building on which it is installed and other facilities therein, if requested by the Bank, I agree to subscribe to insurance of a type and amount agreed upon by the Bank and to establish a pledge right for the Bank on the right to claim the insurance money.
Article 13 Establishment of Security Interest
① In order to secure the debt under this agreement, a pledge right has been placed on the deposits indicated below, and the certificate (bankbook) has been delivered to the Bank.
② The effect of the pledge right in Paragraph 1 extends to the principal and profit rights (including the amount accumulated after this agreement), the interest and profit rights incidental thereto, special incentives, statutory incentives, etc.
③ Even if deposits, etc. are extended, rewritten, renewed, divided, merged, increased, decreased, or become subject to interest, the effect of the pledge right is approved, and if the trust that is the object of the deposit is extended or automatically extended due to delinquency, it is also approved that the effect extends to the beneficial interest therein.
④ The Bank may, without exercising the pledge right under Paragraph 1, set off the Bank's claims and deposits indicated below or make provision for proxy refunds and repayments in accordance with the Basic Terms and Conditions of Bank Credit Transactions.
☐ (Indication of deposits, etc. that are the objective of pledge right
Type |
Certificate Name and Number |
Holder or consignor |
Amount (Agreed Amount) |
Until . . 20__ Accumulated Deposit Amount |
Certificate Date |
Payment Due Date |
Account Number |
Beneficiary |
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Article 14 Obligation to Maintain Repayment Capacity, etc.
① In order to maintain the ability to repay the debt resulting from this transaction agreement, I agree to maintain appropriate financial ratios as follows. If there is a separate financial structure improvement agreement, etc., it must be attached at the end of this transaction agreement and its contents must be considered as part of this transaction agreement.
Classification |
20. |
20. |
20. |
20. |
20. |
Debt Ratio Equity Ratio ( ) Ratio ( ) Ratio |
% % % %
%
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% % % %
%
%
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% % % %
%
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%
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% % % %
%
%
%
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% % % %
%
%
%
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Hana Bank Corp
3-06-1103(22-1) (Revised 2023.01) (Retention period: 10 years from completion date) Reviewed by compliance officer No. 2022-Product-229
② If I wish to perform any of the following actions, I will consult with the Bank in advance.
1. Merger, business transfer, and sale/lease of important assets
2. Investment in fixed assets other than those intended for use in accordance with this transaction agreement
3. Guarantee for another person's debt
4. Entering a new business or investing overseas
5. In the event that there is a risk of significant changes in management, such as applying for corporate structure improvement (Work Out) or privatization.
6. Transfer of important assets for issuance of asset-backed securities
③ I agree to respond if the Bank requests the following actions as it recognizes that the need for follow-up management of this transaction agreement is significant.
1. Sale of real estate and securities held
2. Investment by controlling shareholders
3. Paid-in capital increase or initial public offering
④ The provisions of Paragraphs 1 to 3 apply only when there is a separate special agreement for each Paragraph between myself and the bank.
Article 15 Submission of Materials, etc.
① I agree to submit the following data requested by the Bank every period based on Articles 17 and 19 of the Basic Terms and Conditions for Credit Transactions and other data necessary for follow-up management of credit as requested by the Bank.
1. Every quarter: Value-added tax return, total balance trial balance, debt status table, sales forecast table by seller and product, etc.
2. Every half-year: semi-annual settlement report, value-added tax return, total balance trial balance, debt status table, sales forecast table by seller and product, etc.
3. Every year: certified public accountant audit report (financial statements), consolidated financial statements, certified copy of corporate register, business registration certificate, shareholder list, articles of incorporation, earned income tax collection table, business plan, estimated financial statements (3 years), status of major clients, copies of various licensing and technology certification-related documents (KS, ISO, patent rights, etc.), labor-management dispute confirmation, other product manuals, industry reference materials, etc.
4. At any time: trial balance of total balance, debt status table, documents confirming use of funds, etc.
② I agree to submit the following data requested by the Bank in order to understand the company's foreign exchange risk status and management status when evaluating my credit.
1. Current status of foreign exchange risk management organization and management regulations
2. Foreign currency fund procurement and operation status
3. Foreign currency derivatives transaction status
Article 16 Sanctions for Misappropriation of Funds other than Their Intended Purpose
① If the loan is used for purposes other than the intended purpose, the benefit of the period is lost in accordance with the relevant provisions of the Basic Terms and Conditions of Bank Credit Transactions, and the credit loan is obligated to be repaid immediately.
② Credit loans subject to follow-up inspection of the use of funds will be subject to the same sanctions as in Paragraph 1 if a loan usage statement is not submitted within 3 months from the date of processing.
③ In the first case of misappropriation for purposes other than the intended purpose, the handling of new loans is restricted for up to 1 year from the date of repayment of the credit loan, and in the case of second detection, the processing of new credit loans is restricted for up to 5 years from the date of repayment of the loan.
[stamp:] 211-87-65996
Glam Co., Ltd. Kim Kyung-Rae
298-42, Cheongbukjungang-ro, Cheongbuk-eup, Pyeongtaek-si, Gyeonggi-do, South Korea
Manufacturing LED (advertising light source device), etc.
Article 17 Other Special Matters
In the case that Glam Co., Ltd. [110111-3236662] does not increase its capital by USD 8.5 million or repay more than KRW 5 billion in loans by January 2024, this is a special agreement under the condition of loss of profits for the facility fund loan period. |
Myself |
/s/ Keong Rae Kim |
I have clearly received a copy of the Basic Terms and Conditions of Bank Credit Transaction and this agreement and have received a sufficient explanation and understand the main contents. |
Myself |
/s/ Keong Rae Kim |
Hana Bank Corp
3-06-1103(22-1) (Revised 2023.01) (Retention period: 10 years from completion date) Reviewed by compliance officer No. 2022-Product-229
Exhibit 10.2
The Bank must explain the important contents of this agreement to the applicant and provide a copy of the Basic Terms and Conditions of Bank Credit Transactions and this agreement. |
[stamp:] Korean Government Stamp Duty
KRW 350,000
Head of Namdaemun Tax Office
Postage Paid
No. 14 of 2014
[stamp:] Approval No.: V2023001060745
Client Name: Glam Co., Ltd.
Date paid: Nov. 28, 2023
Revenue Stamp |
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Self-identity verification and seal comparison |
Associate |
Supervisor |
Assistant Manager |
Branch Manager |
[initials] |
|
|
[initials] |
[initials] |
Credit Loan Transaction Agreement (for Corporate Entities)
[stamp:] 211-87-65996
Glam Co., Ltd. Kim Kyung-Rae
298-42, Cheongbukjungang-ro, Cheongbuk-eup, Pyeongtaek-si, Gyeonggi-do, South Korea
Manufacturing LED (advertising light source device), etc.
November 20, 2023
To Hana Bank Corp.,
I hereby acknowledge that the “Basic Terms and Conditions of Bank Credit Transactions (including the related receiving transaction terms and conditions in case of corporate, bankbook loans, and current loans)” apply to credit transactions with Hana Bank Corp. (hereinafter referred to as the “Bank”) in accordance with the conditions below. I approve and confirm each of the following provisions.
Article 1 Transaction Terms
The transaction terms are as follows.
(If there are multiple transaction methods, listen to the explanation from the Bank employee and mark “ V ” within the corresponding “ ☐ ”.)
Credit Loan Items (Credit Loan Type) |
Loans for corporate facility/general funds |
Classification of Transactions |
☐ Loan Limit ☑ Individual |
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Credit Loan (Limit) Amount |
KRW 5.5 billion |
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Credit Loan Commencement Date |
☑ Loan execution (limit agreement) day ☐ Month Day 20__ |
Credit Loan Maturity Date |
☐ From loan execution (limit agreement) day, 3 years ____months ☐ Month Day 20__3 |
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Interest Rate, etc. |
☐ Fixed |
☐ Base rate ( ) + ( ) % ☐ Until credit loan maturity date, annual % |
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☑ Variable |
☑ Base rate (3m CD) + (2.08) % [Variable cycle: ( 3) Months] ☐ Others ( ) |
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Delay Compensation Rate |
The delay compensation rate is determined by adding a (3)% overdue additional rate to the interest rate determined in Article 1 with a maximum of (15)% per annum, |
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Method to Calculate Interest, Fees and Delay compensation |
Except as otherwise specified, a year is considered to have 365 days (366 days in leap years) and is calculated in units of 1 day. However, foreign exchange transactions follow international customs and commercial practices. |
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Early Repayment Fee |
☑ Subject to fee ☐ Not subject to fee |
☑ The early repayment fee is calculated as the amount of the early repayment loan x the early repayment interest rate x (number of days remaining on the loan ÷ loan period). It applies up to (3) years (including the extension of period) from the initial loan date. ※ Early repayment interest rate: ( 1.2) % ☐ Others ( ) |
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Loan Limit Agreement Fee |
☐ Subject to fee ☑ Not subject to fee |
☐ Credit limit agreed amount × ( )% × agreement period ÷ 365 days (366 days in leap years, 360 days for foreign currency loans) |
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Fee for Not Using Agreed Limit
|
☐ Subject to fee ☑ Not subject to fee |
☐ Unused amount of the loan limit (i.e., loan limit average balance – credit average balance during the operation period) x ( ) % x Operating period ÷ 365 days (366 days for leap years, 360 days for foreign currency loans) |
Credit Loan Execution Method
|
☑The full amount is paid on the credit commencement date. ☐ The Bank confirms the use of the funds and the required amount based on supporting documents or goods in kind and classifies them. ☐ It carries out requests made by the person who meets certain requirements. ☐ Other ( ) |
|
Repayment Method |
☑ It is repaid in full at the maturity date of the credit loan period. ☐ It will be deferred for ( ) years and ( ) months from the date of credit loan commencement, and repayment will be made in installments every ( ) months from ( ) year, ( ) month, and ( ) day. ☐ Repayment is made in installments [☐ equal principal, ☐ equal principal and interest] on the ( ) day of every month. ☐ Repay freely, but repay in full in one lump sum on or before the maturity date of one revolving period, and in full on the maturity date of the credit loan period. (For bankbook loans and overdraft loans) ☐ Others ( ) ※ Please note that account deposits made through automated devices or electronic financial media after closing banking hours may not be processed for repayment on the same day. |
|
Hanabank Corp
3-06-1032(4-1) (Revised December 2022) (Retention period: 10 years from the date of completion)
Reviewed by compliance officer No. 2022-Terms and Conditions-161 (2022.11.16)
Interest Payment Timing and Method |
☐ The first interest is paid in advance on the credit loan commencement date, and subsequent interest is paid in advance on the last day of calculation of the paid interest. ☐ Payment is made in advance by the day before the bill is due. ☑The initial interest is paid within (1) month from the credit loan commencement date, and subsequent interest is paid within (1) month from the day following the last day of calculation of the interest paid. ☐ Payment is made on the principal repayment date or monthly savings payment date. ☐ Payment is made on the ( ) day of every month. ☐ Payment is made on the expiration date of the credit loan period. ☐ Payment is made on the monthly settlement date determined by the Bank. (For bankbook loans and overdraft loans)) ☐ Interest is paid in base interest rate fluctuation cycles from the credit loan origination date. (For loans using ISDA Compounded RFR of 1 month or longer)) ☐ Others ( ) ※ Please note that account deposits made through automated devices or electronic financial media after closing banking hours may not be processed for repayment on the same day. |
① In the case of limit transaction credit loans, the one-time revolving period and the credit loan period of each individual loan can be set and operated within the agreed period, and the period must be as determined by the Bank.
② If I wish to use an individual loan within the limits of the credit loan category, I agree to submit an application in the form set by the Bank. However, this agreement must be applied even when submission of a separate application can be omitted as determined by the Bank.
③ For installment loans, the interest rate on each loan execution date is applied to each case.
Article 2 Changes in Loan Interest Rates
① When applying the interest rate stipulated in Article 1 as a variable interest rate, it can be applied in conjunction with the market interest rate or benchmark interest rate. In this case, the applicable interest rate is applied as follows.
1. Market interest rate or benchmark interest rate refers to the 91-day CD distribution yield for KRW-denominated loans, the period-specific distribution yield for AAA-rated financial bonds, and the short-term COFIX interest rate. In the case of foreign currency loans, it refers to interest rates by period announced by authorized institutions in each country such as 1-month, 3-month, 6-month BSBYs, 1-month, 3-month, and 6-month TERM SOFRs, 1-month, 3-month, 6-month, and 12-month TIBORs, Compounded RFR, and 1-month, 3-month, 6-month, 12-month EURIBORs, etc.
2. Each market interest rate or benchmark interest rate must follow the application method below.
a. The 91-day CD circulation yield is the rate of return announced by the Korea Financial Investment Association.
b. The distribution yield of financial bonds is the yield from the consolidated table of three bond rating companies among the yields notified by the Korea Financial Investment Association,
c. The short-term COFIX interest rate is the interest rate announced by the Korea Federation of Banks.
d. 1-month, 3-month, and 6-month BSBYs are the US dollar term interest rates announced by Bloomberg.
e. 1-month and 3-month TERM SOFRs, and 6-month TERM SOFR are the US dollar risk-free term interest rates announced by the US Chicago Mercantile Exchange (CME).
f. 1-month, 3-month, 6-month, and 12-month TIBORs are the JPY transaction interest rates between Japanese financial institutions announced by the Federation of Banks of Japan (Japanese Yen Tibor).
g. Compounded RFR is the risk-free term interest rate for each currency calculated and announced by Bloomberg according to the post-compounding methodology established by ISDA to replace LIBOR.
h. 1-month, 3-month, 6-month, and 12-month EURIBORs are the EUR transaction rates between European banks announced by the European Money Markets Institute (EMMI).
② In the event of loans linked to the market interest rate or benchmark interest rate in Paragraph 1, the interest rate calculated according to the application method below will be used as the base rate, plus the additional rate in Article 1, and the changed interest rate will be applied without separate notice.
1. In the case of linked loans using the interest rates from a to f of item 2 of Paragraph ① above, the latest market interest rate or benchmark interest rate announced on the business day immediately preceding the first loan equivalent date (if there is no first loan equivalent date, the last day of the relevant month) for each variable cycle specified in Article 1.
2 In the case of linked loans using the interest rate in g of item 2 of Paragraph ① above, the benchmark interest rate on which the interest rate compounding start date is 5 business days prior to the first loan equivalent date (if there is no first loan equivalent date, the end of the month) for each variable cycle set forth in Article 1.
3. In the case of linked loans using the interest rate in h of item 2 of Paragraph ① above, the latest market interest rate or benchmark interest rate announced 2 business days prior to the first loan equivalent date (if there is no first loan equivalent date, the last day of the relevant month) for each variable cycle set forth in Article 1.
③ In the event of applying the base interest rate of the interest rate in Article 1 as the Bank's internal base rate, the fund transfer price (FTP) will be applied as the base interest, which is determined by adding or subtracting a spread, etc. that reflects the characteristics of each fund from the market interest rate or benchmark interest rate determined by the Bank as the representative interest rate for each period.
④ In the event of applying the base rate of the interest rate in Article 1 as the receiving interest rate, whenever the interest rate of the receiving product provided as collateral changes, this will be used as the base interest rate, the additional rate in Article 1 will be added, and the changed interest rate will be applied without separate notice.
⑤ The early repayment interest rate for linked loans using the above Compounded RFR, will be applied with the interest rate plus the additional rate in Article 1 by taking the benchmark interest rate as the base rate when the day before 5 business days prior to the date equivalent to the change cycle prior to the early repayment date (if the previous equivalent date is a holiday, the previous business day) is the start date of interest rate compounding,
<Post-compounding example> 1/10/2022: When executing a loan agreement using 3-month Compounded RFR, for the interest rate applied on 4/10 /2022, the post-compounded interest rate during the period of 1/3/2022 which is a date 5 business days prior to 1/10/2022 to 4/3/2022 is applied. |
Article 3 Early Repayment Fee
① If you wish to repay the loan you received from the Bank before the agreed loan due date (including the extended due date if the due date has been extended, hereinafter the same must apply), you must pay the early repayment fee under Article 1.
② Calculation of loan remaining days, etc. must be completed as follows.
1. Loan remaining days refer to the number of days from the repayment date to the day before the agreed loan due date, regardless of the repayment method, and is obtained by subtracting the number of elapsed days (the number of days from the first loan date to the repayment date) from the loan period.
2. The “loan period” is calculated as the number of days from the initial loan date to the agreed upon loan due date, but is set at 3 years (days) even if it exceeds 3 years.
3. The early repayment fee is applied within 3 years (including term extension) from the initial loan date.
③ In the following cases, the early repayment fee will be waived.
1. In the event that the loan remaining period is less than 1 month
2. In the event of exchanging foreign currency loans for other currencies (including KRW)
3. In the event of unavoidable early repayment due to the promotion of national projects for public interest, such as public expropriation of collateral items.
4. In the event of repayment of a deposit-secured loan (referring to a loan that is handled entirely within the effective collateral value range determined by the Bank using bank deposits, savings, installments, money trust beneficiary rights, etc. as collateral)
5. In the event of repayment of policy loan before the due date
6. In the event that the Bank recovers the loan before the due date due to loss of overdue profit, offset, corporate restructuring work (work-out), etc.
7. In the event of death of debtor or natural disaster
Article 4 Delay Compensation
Hanabank Corp
3-06-1032(4-1) (Revised December 2022) (Retention period: 10 years from the date of completion)
Reviewed by compliance officer No. 2022-Terms and Conditions-161 (2022.11.16)
① If interest, installment repayment, or installment repayment principal is not paid on the due date, delay compensation for the amount due will be paid from the next day.
② If the obligation is not fulfilled on the expiration date of the credit loan period or the benefit of the period as stipulated in Article 7 of the Basic Terms and Conditions of Bank Credit Transactions is lost (including the occurrence of the obligation to repurchase discounted bills pursuant to Article 9 of the Basic Terms and Conditions of Bank Credit Transactions), the next day, the delay compensation for the amount due will be paid from the next day.
③ In the case of a limit credit loan, delay compensation will be paid for the amount exceeding the limit due to overpayment, interest costs, etc. from the day after the limit is exceeded.
Hanabank Corp
3-06-1032(4-1) (Revised December 2022) (Retention period: 10 years from the date of completion)
Reviewed by compliance officer No. 2022-Terms and Conditions-161 (2022.11.16)
Article 5 Confirmation of total borrowing amount and notification of installment repayment date
① In the event of loans executed in installments, the total amount of the liability is confirmed after final execution, and the method of confirmation is based on the installment repayment date schedule, receipts, and other supporting materials.
② In the event of loans repaid in installments excluding savings loans and benefits, the Bank must prepare a schedule for installment repayment for the confirmed total amount of liability and notify it to the debtor.
Article 6 Reduction/Suspension
① In the event of loan limit transactions and loans issued in installments, when it is determined that specific reasons specified in the following items occur due to rapid changes in the national economic or financial situation or a significant deterioration of my credit status, etc., causing a significant disruption to the credit transaction, the Bank may reduce the loan (limit) amount under Article 1 or suspend credit loan execution despite the transaction period by notification. In this case, I as the debtor must immediately repay the amount exceeding the limit due to the reduction.
1. Specific reasons for rapid changes in national economic and financial circumstances
a. In the event that the credit rating of the country or bank falls by two or more levels and a significant risk is expected in the Bank's financing.
b. In the event that circumstances such as requesting emergency funds from international organizations occur due to foreign exchange liquidity crisis, etc.
c. In the event of requesting a liquidity adjustment loan from the Bank of Korea for reasons such as insufficient solvency of the Bank
d. In the event of other sudden changes in the national economic or financial situation similar to the above reasons.
2. Specific reasons, such as significant deterioration of the person's credit status
a. In the event that your credit rating has dropped significantly (level 2 or higher, etc.)
b. In the event that normal credit transactions are difficult due to a change in the person in charge of management.
c. In the event that the external auditor's accounting audit results show an audit opinion of inadequate or rejected opinion.
d. In the event that news that is expected to result in a significant decline in one's credit status is confirmed to be true in credible mass media such as newspapers and TV.
e. In the event that a legal dispute arises, such as an investigation that may affect the person's credit rating or a lawsuit that may have a significant impact on business.
f. In the event of loss of profits within the deadline stipulated in Article 7 of the Basic Terms and Conditions of Bank Credit Transactions (for corporations)
g. In the event that other reasons similar to those listed above occur.
② If the reasons specified in Paragraph 1 are resolved and normal credit transactions are possible, the Bank will immediately resolve the reduction/suspension.
Article 7 Loan Limit Agreement Fee
① When agreeing to limit transaction credit, we agree to pay the limit agreement fee stipulated in Article 1. However, if it is decided to pay the unused fee within the agreed limit set forth in Article 1, the loan limit agreement fee will not be paid in duplicate.
② In the case of increasing the limit amount under Article 1, an additional loan limit agreement fee will be paid for the limit increase amount for the remaining days from the limit increase date to the agreement date.
③ If the agreed limit is changed (reduced, terminated, canceled, suspended) at the customer's request or due to reasons attributable to the customer as stipulated in the Basic Terms and Conditions of Bank Credit Transactions (for businesses) and this Agreement, the loan limit agreement fee will not be refunded.
Article 8 Fees for Not Using the Agreed Limit
① In the case of limit transaction credit, a fee for not using the agreed limit set forth in Article 1 will be paid.
② Calculation of credit average balance during operation period, etc. is as follows.
Daily Balance = Closing Balance + {Intraday Highest Balance –
(Greater of the Opening Balance and Closing Balance)}
2. The credit average balance during the operating period for limit transaction loans other than the loans specified in Item 1 is the average balance for each day from the day following the final payment date of unused fees to the payment date.
3. Average balance of agreed limit is the average balance of the agreed limit during the operation period.
③ The payment timing and payment method for fees not used within the agreed limit are as follows.
1. For overdraft loans and bankbook-type limit transaction loans, the loan principal is added within the loan limit agreement amount on the day following the settlement date, agreement cancellation date, and maturity extension date. However, if the balance is a deposit, it will be deducted from the deposit.
2. If even a portion of the fee is not covered due to insufficient loan limit agreement amount, the shortfall amount will be repaid immediately or deposited into the relevant parent account for repayment, and the deposited funds will be used as a priority for repaying the insufficient fee.
3. In addition to the loans under Item 1, limit transaction loans without interest charges will be paid on the individual loan execution date, limit maturity extension date, and agreement cancellation date within the limit.
4. If there is a delay in payment of fees for not using the agreed limit, the Bank may take measures such as suspending additional credit.
Article 9 Agreement on Bankbook and Overdraft Loans
① In the event that there is a liability under this agreement, the funds deposited in the general bank account and checking account (hereinafter referred to as the “parent account” and the amount of securities are excluded from these funds until settlement, and the deposited securities, etc. are subject to this agreement and said to have been transferred to the Bank as collateral for the liability) will automatically be used to repay the loan.
② In the event that a request is made for payment in excess of the balance to the parent account or a request is made for automatic payment of regular payments or various charges, the loan amount must be paid or automatically paid through the parent account.
③ Interest and delay compensation must be deducted from the parent account or added to the loan within the credit limit amount specified in Article 1. If even part of the interest is not paid due to insufficient limit amount, the shortfall amount shall be repaid immediately or repaid to the relevant parent account. It is decided that the deposited funds will be used as a priority for repayment of accrued interest and delay compensation.
④ If there is a delay of 14 days from the date of payment of interest, the benefit of the period after the notification is lost in accordance with Article 7, Paragraph 2 of the Basic Terms and Conditions of Bank Credit Transactions (For Businesses), and delay compensation calculated at a pro rata rate determined for the full loan amount will be paid from the next day.
⑤ In the case of an overdraft loan, if I incur a debt to the Bank by paying a bill or check issued by myself pursuant to this agreement, such debt must be treated as a debt of indemnification and repaid in accordance with this agreement.
⑥ In the event of an overdraft loan, there must be no objection even if payment of bills or checks previously issued by myself is rejected due to reduction or suspension pursuant to Article 6.
⑦ If necessary, if it is anticipated that I will suffer the significant disadvantage due to the refusal by the Bank to pay the bill or check, a bills or checks issued by myself before the maturity date of the credit loan period may be paid even after the period, and this agreement must also apply to the loan amount resulting therefrom.
Article 10 Burden of Stamp Duty
① The stamp duty resulting from the preparation of this agreement is 50% borne by myself as the debtor and the Bank respectively.
② If the Bank pays the stamp duty on my behalf pursuant to Paragraph 1, I will repay it immediately in accordance with Article 4 of the Basic Terms and Conditions for Bank Credit Transactions.
Article 11 Repayment Currency and Exchange Rate
The principal and interest of foreign currency loans can be repaid in the borrowing currency or KRW, and when repaid in KRW, the applicable exchange rate is based on the customer wire transfer selling rate on the day of repayment.
Article 12 Collateral/Insurance
Unless otherwise indicated by the Bank, I hereby agree to provide the facility constructed or installed with the credit executed under this agreement as collateral to the Bank along with the land/building on which it is installed and other facilities therein. If requested by the Bank, I agree to subscribe to insurance of a type and amount agreed upon by the Bank and to establish a pledge right for the Bank on the right to claim the insurance money.
Hanabank Corp
3-06-1032(4-1) (Revised December 2022) (Retention period: 10 years from the date of completion)
Reviewed by compliance officer No. 2022-Terms and Conditions-161 (2022.11.16)
Article 13 Establishment of Security Interest
① In order to secure the debt under this agreement, a pledge right has been placed on the deposits indicated below, and the certificate (bankbook) has been delivered to the Bank.
② The effect of the pledge right in Paragraph 1 extends to the principal and profit rights (including the amount accumulated after this agreement), the interest and profit rights incidental thereto, special incentives, statutory incentives, etc.
Hanabank Corp
3-06-1032(4-1) (Revised December 2022) (Retention period: 10 years from the date of completion)
Reviewed by compliance officer No. 2022-Terms and Conditions-161 (2022.11.16)
③ Even if deposits, etc. are extended, rewritten, renewed, divided, merged, increased, decreased, or become subject to interest, the effect of the pledge right is approved, and if the trust that is the object of the deposit is extended or automatically extended due to delinquency, it is also approved that the effect extends to the beneficial interest therein.
④ The Bank may, without exercising the pledge right under Paragraph 1, set off the Bank's claims and deposits indicated below or make provision for proxy refunds and repayments in accordance with the Basic Terms and Conditions of Bank Credit Transactions.
☐ Indication of deposits, etc. that are the objective of pledge right
Type |
Certificate Name and Number |
Holder or consignor |
Amount (Agreed Amount) |
Until . . 20__ Accumulated Deposit Amount |
Certificate Date |
Payment Due Date |
Account Number |
Beneficiary |
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Article 14 Obligation to Maintain Repayment Capacity, etc.
① In order to maintain the ability to repay the debt resulting from this transaction agreement, I agree to maintain appropriate financial ratios as follows. If there is a separate financial structure improvement agreement, etc., it must be attached at the end of this transaction agreement and its contents must be considered as part of this transaction agreement.
Classification |
20. |
20. |
20. |
20. |
20. |
Debt Ratio Equity Ratio ( ) Ratio ( ) Ratio |
100% 100% 100% 100% |
100% 100% 100% 100% |
100% 100% 100% 100% |
100% 100% 100% 100% |
100% 100% 100% 100% |
② If I wish to perform any of the following actions, I will consult with the Bank in advance.
1. Merger, business transfer, and sale/lease of important assets
2. Investment in fixed assets other than those intended for use in accordance with this transaction agreement
3. Guarantee for another person's debt
4. Entering a new business or investing overseas
5. In the event that there is a risk of significant changes in management, such as applying for corporate structure improvement (Work Out) or privatization.
6. Transfer of important assets for issuance of asset-backed securities
③ I agree to respond if the Bank requests the following actions as it recognizes that the need for follow-up management of this transaction agreement is significant.
1. Sale of real estate and securities held
2. Investment by controlling shareholders
3. Paid-in capital increase or initial public offering
④ The provisions of Paragraphs 1 to 3 apply only when there is a separate special agreement for each paragraph between myself and the Bank.
Article 15 Submission of Materials, etc.
① I agree to submit the following data requested by the Bank every period based on Articles 17 and 19 of the Basic Terms and Conditions for Credit Transactions and other data necessary for follow-up management of credit as requested by the Bank.
1. Every quarter: Value-added tax return, total balance trial balance, debt status table, sales forecast table by seller and product, etc.
2. Every half-year: semi-annual settlement report, value-added tax return, total balance trial balance, debt status table, sales forecast table by seller and product, etc.
3. Every year: certified public accountant audit report (financial statements), consolidated financial statements, certified copy of corporate register, business registration certificate, shareholder list, articles of incorporation, earned income tax collection table, business plan, estimated financial statements (3 years), status of major clients, copies of various licensing and technology certification-related documents (KS, ISO, patent rights, etc.), labor-management dispute confirmation, other product manuals, industry reference materials, etc.
4. At any time: trial balance of total balance, debt status table, documents confirming use of funds, etc.
[stamps:] 211-87-65996
Glam Co., Ltd. Kim Kyung-Rae
298-42, Cheongbukjungang-ro, Cheongbuk-eup, Pyeongtaek-si, Gyeonggi-do, South Korea
Manufacturing LED (advertising light source device), etc.
[seals]② I agree to submit the following data requested by the Bank in order to understand the company's foreign exchange risk status and management status when evaluating my credit.
1. Current status of foreign exchange risk management organization and management regulations
2. Foreign currency fund procurement and operation status
3. Foreign currency derivatives transaction status
Article 16 Sanctions for Misappropriation of Funds other than Their Intended Purpose
① If the loan is used for purposes other than the intended purpose, the benefit of the period is lost in accordance with the relevant provisions of the Basic Terms and Conditions of Bank Credit Transactions, and the credit loan is obligated to be repaid immediately.
Hanabank Corp
3-06-1032(4-1) (Revised December 2022) (Retention period: 10 years from the date of completion)
Reviewed by compliance officer No. 2022-Terms and Conditions-161 (2022.11.16)
② Credit loans subject to follow-up inspection of the use of funds will be subject to the same sanctions as in Paragraph 1 if a loan usage statement is not submitted within 3 months from the date of processing.
③ In the first case of misappropriation for purposes other than the intended purpose, the handling of new loans is restricted for up to 1 year from the date of repayment of the credit loan, and in the case of second detection, the processing of new credit loans is restricted for up to 5 years from the date of repayment of the loan.
Article 17 Other Special Matters
In the case that Glam Co., Ltd. [110111-3236662] does not increase its capital by USD 8.5 million or repay more than KRW 5 billion in loans by January 2024, this is a special agreement under the condition of loss of profits for the facility fund loan period. |
Myself |
/s/ Keong Rae Kim |
I have clearly received a copy of the Basic Terms and Conditions of Bank Credit Transaction and this agreement and have received a sufficient explanation and understand the main contents. |
Myself |
/s/ Keong Rae Kim |
This agreement is provided through procedures in accordance with laws and internal control standards.
Hanabank Corp
3-06-1032(4-1) (Revised December 2022) (Retention period: 10 years from the date of completion)
Reviewed by compliance officer No. 2022-Terms and Conditions-161 (2022.11.16)
(For Bank Storage)
Self- Identity Verification |
Associate |
Assistant Manager |
Branch Manager |
[initials] |
|
[initials] |
[initials] |
Hanabank Corp
3-06-1103(22-1) (Revised 2023.01) (Retention period: 10 years from completion date) Reviewed by compliance officer No. 2022-Product-229
Exhibit 10.3
Corporate Loan Product Description Document
/s/ SBI
KTNET Official Certification Center
Compliance Officer Reviewed Document No. 2013 - 635 [July 17, 2023]
◈ This loan product description document has been prepared to protect the rights and interests of financial consumers and improve their understanding of loan products in accordance with the Act on the Protection of Financial Consumers and related regulations, and through the bank's internal control procedures so that the main contents of the loan product can be easily understood.
◈ If you as the customer sign or leave a written record showing that you understood the contents explained herein although you did not properly understand them, it may be difficult to seek relief for your rights in relation to the contents in the future.
- You as the customer must confirm and understand the following information before applying for the product. -
Q1. How are corporate loans classified per fund use purpose?
Working Capital Loans |
Facility Fund Loans |
▶ Funds for purchasing business facilities (including land) such as factories, etc., rental deposits, etc. ▶ Funds for borrowings and repayments, etc. |
▶ Funds for new construction, expansion, renovation and facility repairs ▶ Funds for purchasing business facilities (including land) such as factories, etc., rental deposits, etc. ▶ Funds for acquiring corporate entities (stock acquisition, asset & liability acquisition, merger of company, etc.) ▶ Funds for purchasing, installation, and self-manufacturing funds for mechanical equipment. |
Q2. Is it possible to use corporate loans for purposes other than the corporate loans?
→ The use of corporate loan funds is strictly limited to purposes other than the intended purpose. If loan funds are misused, not only must the loan amount be immediately repaid in full, but also new loans in the future may be restricted.
→ You as the customer can apply for a corporate credit for which the loan interest rate has been calculated by a savings bank, and loans to which the interest rate determined by a separate agreement, etc. is applied, may be excluded from the objects eligible for exercising the right to request an interest rate reduction.
▶ In the event that the loan is delinquent, disadvantages such as interest payment overdue on the loan principal and registration of delinquent information may occur ◀
For further details, please refer to [6. Disadvantages in relation to the interest payment overdue on the loan principal] in this product description document.
→ Please contact our Internet homepage (http://www.sbisb.co.kr) or our customer center (1566 -2000).
→ If a dispute occurs, you as the customer may request help from the Financial Supervisory Service's e-Financial Consumer Service Center (http://www.fcsc.kr) or its main telephone number (☏1332 without an area code).
Product Name
|
SBI Residential Loan (Business Entity) |
Repayment Method |
☑ Lump-sum at maturity date □ Equal repayment of loan principal □ Equal repayment of loan principal and interest |
|
Applicable Interest rest |
9.37% |
Base rate (3.97) + yearly rate (5.4)% |
Loan Amount |
KRW 870 Million |
Interest Rate Application Method |
☑ Variable □ Fixed □ Mixed |
Loan Period |
After Loan processing, 12 Months |
|
Early Repayment Fee |
☑ Subject to fee □ Not subject to fee |
Preservation of Claims |
☑ Collateral □ Credit □ Other |
|
For General Financial Consumers |
□ Yes ☑ No |
※ Commercial corporate entities, associations, and organizations with 5 individual members are accredited financial consumers, thereby not being subject to the obligation to provide explanation under the Act on the Protection of Financial Consumers. However, if you as the customer request to be treated as a general financial consumer, the loan product document along with the product description will be provided. |
||
When executing a loan agreement, the amount that you as the customer must separately pay besides the repayment of principal and interest (loan principal + interest) includes [fees, etc. below]. The exact amount can be determined after underwriting the loans, and please consult with the financial company representative after the underwriting review. |
Early Repayment Fee: Early repayment loan amount × ( 2 ) % × (Number of days remaining on the loan ÷ Loan period)
☞ It applies up to (3) years from the date of first loan processing.
※ The early repayment fee is the amount responsible by you as the customer when the loan is repaid before the loan repayment date arrives.
Stamp Duty: KRW ( 0 )
※ Stamp duty is a tax paid upon executing a loan agreement under the Stamp Tax Act, and the tax amount is applied differently depending on the loan amount.
Loan Amount |
KRW 50 Million or Less |
Exceeding KRW 50 Million, But KRW 100 Million or Less |
Exceeding KRW 100 Million, But KRW 1 Billion or Less |
Exceeding KRW 1 Billion |
Stamp Duty Amount |
Tax Exempt |
KRW 70,000 |
KRW 150,000 |
KRW 350,000 |
Responsible by the Customer |
- |
KRW 35,000 |
KRW 75,000 |
KRW 175,000 |
Responsible by the Corporation |
- |
KRW 35,000 |
KRW 75,000 |
KRW 175,000 |
Costs Responsible by the Customer
Classification |
Amount Responsible by the Customer |
Reduction/cancellation of existing mortgage lien set-up registration |
Cost incurred per case (usually KRW 50,000 per case)
|
Change of address of existing mortgage lien set-up registration
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1 case: KRW 30,000 2 or more cases: KRW 10,000 added per case |
Confirmation letter (if there is no registration certificate) |
Paralegal fee: KRW 30,000 |
Purchase cost of national housing bond
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1% of the highest mortgage bond amount X Daily bond discount rate (based on the date of mortgage lien set-up) * Example) If KRW 100 million is set as of July 30, 2021, KRW 43,750 will be charged. ※ Detailed amounts can be checked on the National Housing Fund website, etc. |
Costs Responsible by the Savings Bank
※ However, if the loan application is canceled by you as the customer or reasons for refusal occur during the review process, you as the customer will be responsible for bearing the costs.
Classification |
Amount Responsible by the Savings Bank |
New mortgage lien set-up costs
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Registration and license tax + local education tax + registration application paralegal fee * Example) Based on loan amount of KRW 200 million (maximum bond amount of KRW 220 million) Registration tax of KRW 440,000 + education tax of KRW 88,000 + registration fee of KRW 15,000 + paralegal fee of KRW 199,000 = KRW 742,000 |
Appraisal fee for appraisal
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It varies depending on the type, address, appraised value, etc. of the real estate provided as collateral. * Example) Approximately KRW 940,000, based on appraised value of a single-family home in Seoul of KRW 900 million (fee of KRW 884,000 + actual cost of KRW 56,000) |
Browsing and on-site investigation of move-in households |
It varies depending on the address of the real estate provided as collateral. * Example) KRW 15,000 for general areas, KRW 22,000 for remote areas |
Collateral Trust Fee: When obtaining a real estate collateral loan using a collateral trust, the savings bank will be responsible for the costs related to collateral trust maintenance and registration transfer to the trust company.
Loan Limit Agreement Fee: Loan limit agreement amount X ( ) %
Unused Loan Limit Agreement Fee: Unused limit X ( ) % X Operating period ÷ 365 (366 days in leap years)
Other Fees (Costs): Item ( ) Amount ( ) %, KRW
▣ Expenses arising from the debtor's default of obligations must be responsible by the debtor in accordance with Article 4 of the Basic Terms and Conditions of Credit Transactions.
▣ Other costs for which the bearer is not clear are responsible 50% each by you as the customer and the savings bank.
▣ In the event of withdrawal of a loan agreement, the debtor must be responsible for paying taxes and public charges such as stamp duty and registration costs for setting up a mortgage lien borne by the savings bank in accordance with Article 46 of the Act on the Protection of Financial Consumers and related regulations. The savings bank will return the loan limit agreement fee and unused loan limit agreement fee, etc., responsible by the debtor.
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Fixed Interest Rate |
Variable Interest Rate |
Mixed Interest Rate |
Operation Type |
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Characteristics |
The interest rate determined at the time of loan execution remains the same until the loan maturity date. |
The loan interest rate fluctuates according to changes in the loan base interest rate at certain intervals (3/6/12 months, etc.) |
A method of combining fixed and variable interest rates |
Advantages |
No interest rate increase during periods of rising market interest rates
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Interest burden can be reduced during periods of falling market interest rates |
It is an intermediate form between fixed and variable interest rates and |
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can be operated according to the financial consumer's financial plan. |
Disadvantages |
It is disadvantageous in comparison with variable interest rates as there is no effect of interest rate reduction during periods of falling market interest rates.
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Interest burden increases during periods of rising market interest rates. ※ In order to limit interest increases during periods of rising interest rates, there are also products that have the upper limit level of interest rates set in advance. |
Loan Base Rate |
Additional Rate (or Spread) |
= Final Interest Rate |
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Risk Premium |
Costs such as risk management expenses |
Target Profit Rate |
⊕⊖ Discretionary Interest Rate for Addition/Subtraction |
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The loan base rate refers to the interest rate that serves as the basis for changes in the loan rate of variable interest rate loans, and savings banks use published interest rates such as COFIX financial bond and CD interest rates as the loan base rate.
The additional rate (or spread) refers to the interest rate that a savings bank voluntarily adds to the loan base rate by considering the costs incurred in processing the loan and is composed as follows. - Risk premium: The difference between the actual funding rate of a savings bank and the loan base rate, etc. - Cost factors: Expected loss costs depending on customer credit rating and type of collateral, business operating costs (labor costs: computer processing costs), taxes (education tax, etc.) and quasi-tax charges (guarantee agency contribution fees, etc.), etc. - Target profit rate: Rate of return set by a savings bank - Discretionary interest rate for addition/subtraction adjustment: Reduction interest rate for ancillary transactions (salary account, account opening: card performance, deposit receipt performance, etc.), discretionary adjustment interest rate, etc.
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Equal Repayment of Loan Principal and Interest |
Equal Repayment of Loan Principal
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Lump-sum Repayment at Maturity Date
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“A method of repaying the sum of loan principal and interest in the same amount every month” |
“A method of repaying the loan principal in the same amount every month” |
“A method in which only interest is charged without repayment of the loan principal during the agreement period” |
▶ The total monthly repayment amount is the same, and the repayment portion of the loan principal gradually increases. |
▶ Interest is calculated on the remaining loan principal, lowering the monthly repayment amount. |
▶ Since the entire loan principal must be repaid at the maturity date, the repayment burden may increase. |
▶ There is an immediate installment repayment method in which the principal is repaid immediately, and a deferred installment repayment method in which the principal is repaid after only paying interest for a certain period of time. |
▶ There is an immediate installment repayment method in which the principal is repaid immediately, and a deferred installment repayment method in which the principal is repaid after only paying interest for a certain period of time. |
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※ This is a simple calculation example to help understanding, and the actual payment principal and interest may vary depending on the interest rate application method, repayment cycle, etc.
Loan Period |
Principal (in KRW) |
Interest (in KRW) |
Repayment Amount (in KRW) |
Remaining Loan Amount (in KRW) |
Year 1 |
18.1 million |
5 million |
23.1 million |
81.9 million |
Year 2 |
19 million |
4.1 million |
23.1 million |
62.9 million |
Year 3 |
19.95 million |
3.15 million |
23.1 million |
42.95 million |
Year 4 |
20.95 million |
2.15 million |
23.1 million |
22 million |
Year 5 |
22 million |
1.1 million |
23.1 million |
0 |
Total |
100 million |
15.5 million |
115.5 million |
- |
Loan Period |
Principal (in KRW) |
Interest (in KRW) |
Repayment Amount (in KRW) |
Remaining Loan Amount (in KRW) |
Year 1 |
20 million |
5 million |
25 million |
80 million |
Year 2 |
20 million |
4 million |
24 million |
60 million |
Year 3 |
20 million |
3 million |
23 million |
40 million |
Year 4 |
20 million |
2 million |
22 million |
20 million |
Year 5 |
20 million |
1 million |
21 million |
0 |
Total |
100 million |
15 million |
115 million |
- |
Loan Period |
Principal (in KRW) |
Interest (in KRW) |
Repayment Amount (in KRW) |
Remaining Loan Amount (in KRW) |
Year 1 |
0 |
5 million |
5 million |
100 million |
Year 2 |
0 |
5 million |
5 million |
100 million |
Year 3 |
0 |
5 million |
5 million |
100 million |
Year 4 |
0 |
5 million |
5 million |
100 million |
Year 5 |
100 million |
5 million |
105 million |
0 |
Total |
100 million |
25 million |
125 million |
- |
※ Since the provision of collateral is an important legal act that may result in loss of your property, please be sure to carefully check the contents of the separate mortgage lien (pledge right) set-up agreement. |
Security Interest |
Target Loan Product |
Target Collateral |
Procedure for Establishing Securing Rights |
Mortgage lien |
Real estate collateral loan |
Real estate provided as collateral |
▶ Registration of mortgage on collateralized real estate |
Pledge right |
Deposit-secured loan |
Savings deposits provided as collateral |
▶ Establishing pledge right on savings deposits |
Established Security Interest |
Example of Loan Product |
Execution of Security Interest |
Mortgage lien |
Real estate collateral loan |
▶ After auctioning (selling and exchanging for money) the collateral in accordance with the Civil Execution Act, the auction proceeds are repaid with priority over other creditors. |
Pledge right |
Deposit-secured loan |
▶ Savings banks cancel target savings deposits to make up for repayment of loans. |
A. Burden of Overdue Interest
◈ The overdue interest rate is applied as [agreed interest rate + additional rate for overdue payments].
• The maximum additional rate for overdue payments is 3% per annum, and can be differentiated depending on the overdue period or applied as a single interest rate. • The maximum overdue interest rate is (12.37)% per annum. |
◈ When you as the customer must have to pay overdue interest
① In the event that payment is not made on the date agreed to pay interest
② In the event that the principal is not repaid on the agreed date
③ In the event the installment repayment amount is not repaid on the date scheduled for repayment
④ In the event of falling under the obligation to repay debt before the deadline set in Article 7 of the Basic Terms and Conditions of Credit Transactions
⑤ In the event that a limit transaction loan in the form of a bankbook loan is not paid at least part of the interest due to insufficient loan limit amount
※ Please note that in the event that an overdue interest rate is applied due to overdue interest payments, the overdue interest rate will be applied to the loan balance until the overdue interest is paid in full, even if the overdue interest is partially paid.
B. Other Disadvantages
A. Right to Withdraw Subscription
B. Right to Cancel Illegal Agreement
C. Right to Request an Interest Rate Reduction
Target eligible for the right to request an interest rate reduction ■ Yes □ No
D. Right to Request Data Browsing
□ Yes ☑ No
※ After changing the order of debt settlement allowance, the re-change in the order of costs, principal, and interest is possible only when there is an explicit expression of intention from the savings bank or when it is possible to reinstate the benefits of the period by repaying the amount of overdue amount (interest and principal) in full, and you as the customer must visit an operation branch office to apply for a re-change in the order of debt settlement allowance.
※ For specific debt adjustment application methods, procedures, and effects, please contact the person in charge of the savings bank.
(1) |
The use of business loans for purposes unrelated to business activities, such as funds for purchasing a house, is restricted, and violators will not only be required to repay the loan immediately but may also be restricted from taking out new loans in the future. Have you checked this matter? |
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⇨ ☑ Yes □ No |
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(2) |
In the event that you as the customer repay the agreed loan amount early within 3 years from the date the loan agreement was established, an early repayment fee may be charged. Have you received any relevant explanation from the savings bank employee? |
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⇨ ☑ Yes □ No |
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(3) |
If the debt is not repaid even though the loan repayment period has arrived, or the benefit of the period has been lost, the savings bank may dispose of the collateral and use it to repay the loan, and in this case, you as the customer may lose ownership of the collateral. Would you apply for this product despite these risks? |
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⇨ ☑ Yes □ No |
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※ Please be sure to confirm following information before signing the agreement and sign (seal) it.
Customer Confirmed On: December 1, 2023 Glam Co., Ltd. (Signature/Sealed)
If a financial consumer has a grievance (complaint) after applying for a product, he or she can contact the call center (1566-2000) or the Internet website (http://www.sbisb.co.kr). If a dispute occurs, you can ask for help from the Financial Supervisory Service (by calling ☏1332 without an area code).
※ [Appendix] Guide to Related Terminology for Explaining the Loan Product
Terminology |
Explanation |
Individual Transaction |
It refers to a transaction in which the loan amount agreed upon between the customer and the savings bank is paid all at once on the date of the loan execution. |
Loan Limit Transaction |
It refers to a transaction in which the customer pays the amount desired by the customer at any time during the loan period within the range of the loan amount agreed upon between the customer and the savings bank. |
Seizure |
It refers to a court action that prohibits the disposal (sale, transfer, etc.) of the debtor's specific property, and is used by the creditor to convert the debtor's property into money to cover debt repayment. |
Compulsory Execution |
It refers to a measure taken by the court to compulsorily convert a debtor's specific assets into money for the purpose of repaying the creditor's debt. |
Security Interest |
This refers to the right to convert the collateral provided by the grantor (collateral owner) into money if the debtor does not fulfill the obligation on the payment due date, such as a mortgage lien or pledge right. |
Mortgage Lien |
If the debtor does not fulfill the obligation on the payment due date, the creditor has the right to receive payment preferentially by selling (auctioning) the collateral provided by the grantor (collateral owner). This is generally used when the collateral is real estate. Even if a mortgage lien is established, the grantor (collateral owner) can take possession of the collateral without losing ownership of it, but if the creditor sells (auctions) the ownership, the collateral owner loses ownership. |
Pledge Right |
If the debtor does not fulfill the obligation on the payment due date, the creditor has the right to directly claim the collateral provided by the grantor (collateral owner) and receive priority repayment. Generally, collateral is a movable property or a right (deposits, savings, bonds, etc.) used in this case. Even if a pledge right is established, the grantor (collateral owner) does not lose ownership, but if the creditor takes possession of the collateral and the creditor makes a claim, the collateral owner loses ownership. |
Collateral Transfer |
It refers to an agreement that transfers ownership of collateral owned by the grantor (collateral owner) to the creditor for the purpose of providing collateral for the debtor's secured loan. If the debtor fulfills the obligation within the payment due date, the ownership of the collateral is restored, but if the debtor does not fulfil the obligation, the creditor retains possession of the collateral. |
Collateral Trust |
It refers to one of the forms of secured loans in which a grantor (owner) trusts (transfers ownership) the property to a trustee (trust company), receives a beneficiary certificate from the trustee (trust company), and provides it as collateral to obtain a loan. If the debtor fulfills the obligation within the payment due date, the trust contract is canceled, and the grantor recovers ownership of the trust property. However, if the debtor does not fulfill the obligation, the trustee sells (public auctions) the trust property and uses it to repay the debt to the creditor. |
Terminology |
Explanation |
Subrogation Settlement |
It refers to an act in which a third party repays the debtor's debt on behalf of the debtor, and the third party (subrogation performer) who made the repayment on behalf of the debtor acquires the right to indemnification (the right to demand repayment of the debt from the debtor on behalf of the existing creditor) against the debtor. |
Debt Assumption |
It refers to an agreement that transfers the debt from the existing debtor (old debtor) to a third party (new debtor) while maintaining the identity of the debt. Generally, it is used when a debtor who has received a secured loan sells the collateral to a third party (buyer) and also wants to transfer the secured loan to the third party (buyer). |
Debt Transfer |
It refers to an agreement to transfer a claim from an existing creditor (old creditor) to a third party (new creditor) while maintaining the identity of the claim. A typical example is the form in which a debtor, who is a lessee, transfers (provides as collateral) the rental deposit return claim held by the lessor (old creditor) to a savings bank (new creditor) and receives a loan. |
Benefit (Loss) of the Period |
It refers to the benefits that the parties receive as a result of the existence of a period in the contents of the agreement. According to the loan transaction agreement, the debtor can use the loan amount without repaying it until the agreed loan period, so there is a benefit of the period. However, if a reason specified in the basic terms and conditions of credit transactions occurs, the creditor (savings bank) may make the debtor lose the benefit of the period, and if the benefit of the period is lost, the debtor will be liable for overdue interest on the loan principal. |
Credit Information |
It is a concept that collectively refers to personal identification information (name, resident registration number, etc.), credit transaction information (loan information, etc.), credit rating information (delinquency information, etc.), credit capability information (financial information, etc.), and public information (delinquency information, etc.). |
Credit Rating |
It refers to an indicator that a personal credit rating company (CB company) quantifies credit rating from 1 to 1000 points based on credit information about an individual. When evaluating a loan, financial institutions use credit scores as a criterion for the borrower's ability to repay. |
Loan-To-Value (LTV) |
It refers to the ratio of the loan amount to the collateral value. The collateral recognition ratio standards are set by financial authorities or savings banks' internal regulations for each type of collateral and are used when calculating the loanable amount. |
Debt-To-Income (DTI) |
It refers to the ratio of debt* to annual income. * Residential mortgage loans are calculated as annual principal and interest repayments, and other debts are calculated as annual interest repayments The debt-to-income ratio standard is set by the financial authorities and is applied when a household loan is received using a house located in a specific area (speculative area, etc.) as collateral. |
Debt-Service-Ratio (DSR) |
It refers to the ratio of debt* to annual income. * Principal and interest repayment amount of all loans The debt-service-ratio standard is set by the financial authorities and is calculated when receiving a household loan. |
Rental Deposit Right |
It refers to the right of a lessee to use and profit from real estate owned by the lessor during the period of the lease after paying the deposit to the lessor, and to receive payment preferentially over other creditors. |
Credit Loan (□ Extension of Loan Period, □ Change of Conditions) Application Form
SBI Savings Bank (Front)
I hereby apply to change the transaction conditions (including replacement and exemption of joint guarantors) of the following credit loan borrowed from your savings bank as follows.
Borrowing Date |
Credit Loan Item |
Credit Loan Limit (in KRW) |
Agreement Date |
Applicable Interest Rate (%) |
Remarks (Account Number, Guarantee Details, etc.) |
12/5/2019 |
General fund loan |
920,000,000 |
12/5/2023 |
6.84 |
02829712131337 |
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Classification |
Before Change |
After Change |
Date of agreement |
12/5/2024 |
12/5/2024 |
Interest rate fluctuation cycle |
6 |
6 |
Applicable interest rate |
6.84 |
9.37 |
Repayment method |
Lump-sum repayment at maturity date |
Lump-sum repayment at maturity date |
Interest payment period and method |
Payment made every month on the loan date |
Payment made every month on the loan date |
Change of guarantor(s) and collateral |
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Others |
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Reason for Change: Extension of maturity date |
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December 1, 2023
Entity Glam Co., Ltd. Address G-Smart Co., Ltd., 298-42 Cheongbukjungang-ro, Cheongbuk-eup, Pyeongtaek-si, Gyeonggi-do, Korea
Collateral Provider /s/ Lee Ho-Joon Address #2201, Building 265, 135 Olympic-ro, Songpa-gu, Seoul (Jamsil-dong, Richant)
Collateral Provider __________________________________________________________________________________ Address __________________________________________________________________________________
Collateral Provider __________________________________________________________________________________ Address __________________________________________________________________________________
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(Note) 1. If the applicable interest rate changes due to extension of the loan agreement period, the details of the interest rate change must also be included in the change in conditions.
2. If the change in conditions involves replacement (exemption) of the guarantor, both the new and old joint guarantors must sign (seal), but write “new” or “old” in front of the joint guarantor so that the new and old joint guarantors can be distinguished. In this case, “Exemption” in the After-Change column must be written.
3. In the case of replacement (exemption) of the guarantor, the type of guarantee, coverage limit, etc. must be entered in the Remarks column of the loan details for which you wish to change the conditions. In the case of adding a guarantor, “Addition of guarantor” must be written in the Reason-for-Change column.
4. Changes in conditions of loan limit transactions must be operated through an additional agreement (for change in loan limit transaction conditions).
SBI Savings Bank