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CHUBUKOV: Then why are you in evening dress, my precious? As if you’re paying a New Year’s Eve visit!
LOMOV: Well, you see, it’s like this. [Takes his arm] I’ve come to you, honoured Stepan Stepanovitch, to trouble you with a request. Not once or twice have I already had the privilege of applying to you for help, and you have always, so to speak... I must ask your pardon, I am getting excited. I shall drink some water, honoured Stepan Stepanovitch. [Drinks.]
CHUBUKOV: [aside] He’s come to borrow money. Shan’t give him any! [aloud] What is it, my beauty?
LOMOV: You see, Honoured Stepanitch... I beg pardon Stepan Honouritch... I mean, I’m awfully excited, as you will please notice... In short, you alone can help me, though I don’t deserve it, of course... and haven’t any right to count on your assistance...
Chubukov told Lomov that, from the way he was dressed, it appeared that Lomov was going to a New Year's Eve party. After listening to Chubukov, Lomov responded that he had come to bother Chubukov with his request and informed Chubukov that Lomov had received assistance from him numerous times, not just once or twice. After making this statement, Lomov became too excited to continue and apologised to Chubukov for it. As Lomov became excited when speaking with him, he drank some water to calm himself down.
Chubukov considered for a while that Lomov had approached him to borrow money and that he had told himself not to give Lomov any money. Chubukov pondered this and inquired of Lomov as to the cause of his visit.

Lomov became excited and nervous while expressing his concern towards Chubukov. He later apologised to Chubukov for being so excited. Then he told Chubukov that even though he didn't deserve it and had no right to ask for it, Chubukov was the only person who could aid Lomov in his situation.
Meaning of difficult words:
Eve The evening or day before a special day
Privilege An advantage that someone has over something
Assistance To provide help to someone to do something
Awfully Badly or unpleasantly
National Council of Educational Research and Training (2007). The Proposal - Anton Chekov (pp. 142-161). Published at the Publication Division by the Secretary, National Council of Educational Research and Training, Sri Aurobindo Marg, New Delhi.