EXHIBIT 10.33
(TRANSLATION)
AGREEMENT FOR PLEDGE OF RIGHT
TO PAYMENT UNDER INSTRUMENT
Made at Bangkok Metropolitan
Bank Public Company Limited
September 25,1996
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, Xxxxxx Sub-District,
Pathumwan District, Bangkok Metropolis hereinafter referred to as the "Pledgor",
and given to Bangkok Metropolitan Bank PublicCompany Limited, Head 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. 1955/96
(3-27769-9) dated September 25, 1996 , deposit entry No. , which having a
deposited amount of Baht 65,O00,000 (Sixty five million Baht) and yielding an
interest at the rate of 10.25 per cent per annum (if not withdrawn prior to its
maturity date) and which shall be mature on September 25, 1997 , 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 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 65,000,000 (Sixty five 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 making 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 Rank
(Seal)
Signed (Signature) Pledgor
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Signed Witness
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Signed Witness
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