AGREEMENT LETTER

Name     : Kirana Mulyacantika

NIM       : 1214210168

Lecturer : Prof. Dr. Faisal Santiago, SH, MM

Subject   : Business Law on Agreement Letter

TIME DEPOSIT MORTGAGE

The undersigned: -----------------------------------------------------------------------------------------------

I.                   Mr. Budi Namayastana, entrepreneur, residing in North Jakarta, Indonesia, the holder of ID card number 12120001234, issued by the local authorities, on March 23 2015, in this case acting for his own, heirs, beneficiaries (FIRST PARTY) will later be referred as: --------------------------------PLEDGOR/DEBTOR-------------------------

II.                PT. BANK MANDIRI (PERSERO), --------------------------------------------------------located in Jakarta, in this case represented by: Muchtar Hari, employee ID number 90092122, resides in Jakarta, as the Branch Head of PT. BANK MANDIRI (PERSERO) Branch Jakarta Mega Kuningan.

In this case acting as his position mentioned earlier and therefore is legitimately act for and in the name of PT. BANK MANDIRI (PERSERO) based on Power of Attorney number 111 dated September 14 2014, which was issued before Notary Galuh SH, in Jakarta, to later be referred as: --------------BANK-------------------------

The parties have agreed to make a submission agreement in Liens of Deposits under the following terms and provisions: ------------------------------------------------------------------------------

ARTICLE 1

1.      PLEDGOR pledge to BANK as BANK accepts the mortgage of the PLEDGOR in form of 1 (one) Time Deposit Slip issued by PT Bank Mandiri (Persero) Branch Jakarta Mega Kuningan with Gyro Number: A 055672 worth Rp. 500.000.000,00 (five hundred Million Rupiah) on his own behalf with a period of 3 (three months) which extended automatically (Automatic Roll Over). ---------------------------------------------------------------------------------------

2.      This agreement is also applied as the BANK receipt from PLEDGOR on Time Deposit Slip which is used in Paragraph 1 of this article. --------------------------------------------------------------------------

3.      As long as Deposit are submitted in liens of deposits, every benefit in form of interest from the Deposit mentioned earlier remain as the property and will be enjoyed by PLEDGOR---------------------------------------------------------------------------------------------

ARTICLE 2

Based on Article 1, thereby PLEDGOR grants an irrevocable Authority to the BANK to: --------

1.      Extend the term, if the Deposit submitted in Liens of Deposit has reached its maturity. ---

2.      Liquefy the Time Deposit Slip mentioned earlier to pay all or part of DEBTOR’s debt to BANK if DEBTOR didn’t fulfill his debt which rooted in Credit Agreement Number PK/0003/MDR-MK/III/2015 dated March 23 2015 including its addendums as well as debts resulted from other Credit Agreement nor any other facilities which are possible to be made and signed at a later time. If it turns out there is still more left after deducting the costs, the excess cash will be handed back to the DEBTOR.-----------------------------------

ARTICLE 3

If DEBTOR succeed in fulfilling his entire obligation to pay the debt to the BANK which rose or based on Credit Agreements proofed by statement from the BANK, then automatically the submission of collateral agreement in lien ends void and the deposit mentioned earlier solely become the property of the PLEDGOR of the Deposit Slip referred. ----------------------------------

ARTICLE 4

Every costs resulted from this Agreement are wholly charged to the PLEDGOR/DEBTOR. ----

ARTICLE 5

About this Agreement and every of its consequences the parties have decided a general and unchanged legal domicile in Kantor Badan Urusan Piutang dan Lelang Negara (BUPLN) in South Jakarta. -------------------------------------------------------------------------------------------------

Thus, this mortgage agreement was signed in Jakarta on March 23 2015, made 3 copies, 2 of them are original copies with sufficient stamp, each has the same legal force before the court, one original copy for the BANK and the other original copy for the PLEDGOR. -------------------

   PLEDGOR/DEBTOR                                                PT BANK MANDIRI (PERSERO)

                 Stamp

                 Rp6000,-

   Mr. Budi Namayastana                                                                 Muchtar Hari

                                                                                                            Branch Head

1. witness : Galuh, SH