EXHIBIT 10.34
(TRANSLATION)
AGREEMENT FOR PLEDGE OF RIGHT
TO PAYMENT UNDER INSTRUMENT
Made at Bangkok Metropolitan
Bank Public Company Limited
October 24,1996
THIS AGREEMENT is made by J. M.T DUTY FREE CO. LTD., having residence or
office located at Xx. 000/00-00. Xxxx, Xxxxxxxxx Xxxx, Xxxxxxx Sub-District,
Pathumwan District, Bangkok Metropolis hereinafter referred to as the "Pledgor",
and given to Bangkok Metropolitan Bank Public Company Limited, Suan Mali Main
Office hereinafter referred to as the "Bank", to evidence that the Pledgor has
agreed to pledge and the Bank has agreed to accept the pledge of the right to
payment under the Fixed Deposit Receipt issued by the Bank to the Pledgor, No.
0-00000-0 dated deposit entry No. , which having a deposited amount of Baht
28,000,000 (Twenty eight million Baht) and yielding an interest at the rate of
11.00 per cent per annum (if not withdrawn prior to its maturity date) and which
shall be mature on the right to payment under the aforesaid Fixed Deposit
Receipt shall be hereinafter referred to as the "Pledged Property", with the
terms as follows:
Clause 1. The Pledgor has pledged the Pledged Property to the Bank to
secure all types of indebtedness including accessories thereof, as provided
under Section 748 of the Civil and Commercial Code, e.g. interest at the rate of
19.00 per cent per annum and etc., owed by the Pledgor or to the Bank, whether
such indebtednesses incurred or to be incurred prior to, at or after the date
hereof, within the limited of Baht 28,000,000 (Twenty eight million Baht).
Clause 2. On the date hereof, the Pledgor has endorsed the particulars of
the pledge in the Pledged Property and delivered, for possession by the Bank.
the deposited amount and the Pledged Property.
Clause 3. As long as the Pledgor and/or still has or have any indebtedness
outstanding with the Bank, the Pledgor agrees not to exercise the right, even
upon its maturity, to withdraw or commit any act which shall prejudice the right
of the Bank in the Pledged Property except only for the withdrawal of the same
for making payment of the indebtedness herein secured to the Bank.
Clause 4. In case the Pledgor and/or is or are in default of payment of the
indebtedness, the Pledgor consents for the Bank to deduct any amount from the
Pledged Property for payment of such indebtedness to the Bank.
Clause 5. The Bank is the debtor under the Pledged Property and also the
pledgee thereof. The Bank and the Pledgor, therefore, agree to treat this
Agreement as the makin~ of a notice of pledge to the debtor under the
instrument.
The Pledgor has thoroughly read and understood the content hereof, found
that it is in accordance with its intention, thus signed or signed with the seal
affixed and delivered the same to the Bank.
Signed (Signature) Pledgor
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(J.M.T.Duty Free Co., Ltd.)
Signed Witness
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Signed Witness
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