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previous years, provided that such average difference in rent shall not be less than net revenue for
the previous year plus progressive rate of five percent of net revenue received by the Fund after the
breach of agreement for use of entrance and exit by Trinity Complex Juristic Person Condominium
or such agreement being terminated in any circumstance.
In this regard, during the period that Trinity at Silom Co., Ltd. is a party to the lease agreement for
land, Glow Trinity Silom Building and FF&E with the Fund, if Trinity Complex Juristic Person
Condominium breaches the agreement for use of entrance and exit within three years
commencing from the beginning of lease period for land, Glow Trinity Silom Building and FF&E,
the compensation under the agreement for use of entrance and exit shall be calculated from
average rent of the year prior to the year which the breach is undertaken, provided that the average
rent shall not be less than net revenue for the previous year plus progressive rate of five percent of
net revenue. After Trinity Assets Co., Ltd. has constructed the automobile elevator or new entrance
and exit to replace the private road of Trinity Complex Juristic Person Condominium, if the Fund is
of the opinion that Glow Trinity Silom Building remains unable to operate as a normal business or it
is shown to the Fund that Trinity Assets Co., Ltd. fails to comply with its obligations for construction
of the new entrance and exit within the specified period, Trinity Assets Co., Ltd. agrees to
repurchase the land, Glow Trinity Silom Building and FF&E including Glow Trinity Silom Arcade from
the Fund in an amount as appraised by the Appraisal Company, provided that such amount shall
not be less than the total Initial Investment Amount by the Fund minus amortization value per annum
commencing from the initial investment year until the year in which the repurchase of land, Glow
Trinity Silom Building and FF&E and Glow Trinity Silom Arcade occurred as the formula shown
below:
Initial Investment Amount x [1 (the number of investment year x 1%)]
Remark: in the case where theFund invests in the Initial Investment Property
less than 1 year, the sale value shall be proportionately calculated from the
remaining period of that year. The Management Company shall procure the
appraisal of the Initial Investment Property and the date of the appraisal shall
not be more than six months prior to the date of disposition of the Initial
Investment Property.
With this regards, the repurchase in the case where the Fund is in opinion that Glow Trinity Silom
Building being unable to be operated in normal practice, the Fund will sell the land, Glow Trinity
Silom Building and its FF&E and Glow Trinity Silom Arcade to Trinity Assets Co., Ltd. This
transaction shall not be considered as a normal practice for selling the property of the Fund
according to the rules and regulations under the relevant securities laws.
Information Memorandum of Trinity Property Fund 53