EXHIBIT 10.37
TRANSLATION
SIAM CITY BANK PUBLIC COMPANY LIMITED
Contract for Pledge of Financial Instrument
Issued to Individual by Name
Made at Head Office
3 April 1997
We, J.M.T. Duty Free Co., Ltd., with offices at ▇▇▇/▇▇-▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇
Lumpini, Khet Phatumwan, Bangkok, hereinafter called the "▇▇▇▇▇▇▇" have made
this Contract for Pledge of Financial Instrument Issued to Individual by Name to
and given to Siam Commercial Bank Public Company Limited, hereinafter called the
"Bank" as evidence that the ▇▇▇▇▇▇▇ agrees to pledge and the Bank agrees to
accept the pledge of:
Passbook of Fixed Deposit Account No. 001-3-05998-4
Amount Baht 50,270,000.00
Fixed Deposit Certificate
Amount
Including the renewed Fixed Deposit Certificate with new number to be
issued in the future
Passbook of Savings Deposit Account No.
Amount
Passbook of Savings Deposit Account No.
Amount
Other
Amount
totalling Baht 50,270,000.00 (Fifty Million Two Hundred Seventy Thousand Baht)
which is "Financial Instrument Issued to Individual" issued by the Bank whereby
the Bank is the debtor of the said financial instrument. hereinafter called the
"Pledged Property", as follows:
1. The Pledgor has pledged the Pledged Property with the Bank as
collateral for overdraft; debts concerning loan, letter of credit,
trust receipt, issuance of letter of guarantee, ▇▇▇▇ discounting or
acceptance of ▇▇▇▇ discounting, aval, guarantee of promissory note, or
other debts concerning promissory note, guarantee, or all types of
debt of the Pledgor and/or hereinafter called the "Debtor" has at the
time of entering into this contract or to be incurred in the future
for a sum of Baht 7,900,000.00 (Seven Million Nine Hundred Thousand
Baht) and including all accessories in accordance with Section 748 of
the Civil and Commercial Code. The ▇▇▇▇▇▇▇ agrees to pay interest at
the current maximum rate announced by Siam Commercial Bank Public
Company Limited of 19% p.a
2. The ▇▇▇▇▇▇▇ guarantees that ownership/right of the pledged property
belongs to the ▇▇▇▇▇▇▇ without any encumbrance of right or
preferential right or right or encumbrance at the time of entering
into this contract.
3. On the date of entering into this contract, the ▇▇▇▇▇▇▇ has written
the statement of pledge on the Pledged Property and has submitted the
Pledged Property to the Bank for maintenance.
4. The ▇▇▇▇▇▇▇ agrees not to withdraw money from the Pledged Property,
except for withdrawal to perform obligation to the Bank only.
5. In case the right in the Pledge Property matures before the date of
performance of obligation of the ▇▇▇▇▇▇▇, the ▇▇▇▇▇▇▇ consents the
Bank to renew the period of due date of deposit account of the ▇▇▇▇▇▇▇
thereby it shall be deemed as the pledge under this contract
continuously.
6. If any problem arises regarding the ownership/right of the ▇▇▇▇▇▇▇ in
the Pledged Property or the ▇▇▇▇▇▇▇ and/or the Debtor is in default of
payment or the ▇▇▇▇▇▇▇ fails to comply with any clause of the
contract, the Bank has the right to immediately demand performance of
obligation by the ▇▇▇▇▇▇▇ and enforcement of the pledge.
7. As the Bank is the debtor of the Pledged Property and the ▇▇▇▇▇▇▇,
therefore the Bank and the ▇▇▇▇▇▇▇ agree that this contract shall also
serve as the notice of the pledge to the debtor of the financial
instrument in accordance with Section 752 of the Civil and Commercial
Code.
The ▇▇▇▇▇▇▇, having understood this contract entirely, hereunder sign his
name and affix seal (if any) as evidence in the presence of witnesses.
Sign..................................▇▇▇▇▇▇▇
J.M.T. Duty Free Co., Ltd.
by
Signed.............................Witness
Ms. Wanna Thongthieng
Signed ............................Witness
Mr. Suraphol Kaewpakdi