PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2010 AND 2009 AND FOR THE NINE MONTHS PERIOD THEN ENDED Continued
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4. Storage Tanks Rental Contract Tanks Rental
On December 19, 2006, the Company and the Overseas Buyer the Buyer entered into a Tanks Rental Contract, whereas the Company rented its 3 storage tanks which are located in Lampung
with capacity of 5,000 metric tons each. The tanks rental period covers 3 years which will be effective when the tanks are ready to be used. Based on the Tanks Rental Contract, the buyer
should make the payment of US 1,620 thousand at least 14 days after the date of the Tanks Rental Contract. The Company has already received the said rental payment in 2006, however the
tanks became ready for use only in 2008 Note 16.
5. PT CIMB Niaga Tbk CIMB loan from PT Bank Lippo Tbk prior to merger with PT Bank
Niaga Tbk in 2008 which changed its name to PT Bank CIMB Niaga Tbk The Company obtained loan facilities from CIMB, as follows:
1 LC Facility Sightusance LC or SKBDN for a maximum of 180 days in Rupiah and US currency which has a maximum credit facility of US 20,000 thousand. The Company is
charged with 0.125 commission per transaction based on the amount of LC issued and 1 per annum on the acceptance of LC.
2 Bank Guarantee facility with a maximum limit of Rp 20,000,000 thousand. The Company is charged with 0.75 commission based on the amount of bank guarantee issued.
The LC facilities were used for purchasing coals and fertilizer, meanwhile the bank guarantee facility is used as guarantee for payment of purchases of the fuel from third parties
The non-cash loan facilities from CIMB are secured with personal guarantees of Santoso Winata and Widarto. The Company is required to deposit 10 margin for every LCs and bank guarantee
issued.
The LC facilities will mature on June 9, 2010, while the bank guarantee will mature on October 9, 2010; both have been extended up to June 9, 2011.
6. PT Bank Rakyat Indonesia Persero
