ਆਪਣੀ ਜਾਣਕਾਰੀ ਭਰੋ

PLEDGE AGREEMENT

BETWEEN

__________, of __________, PAN __________ (the "Lender", which expression includes the Lender's heirs and legal representatives);

AND

__________, of __________, PAN __________ (the "Borrower", which expression includes the Borrower's heirs and legal representatives).

The Lender and the Borrower are each a "Party" and together the "Parties".

RECITALS

C. The Lender confirms that this loan is a personal, one-off transaction and not made in the course of a business of money-lending.

NOW THIS AGREEMENT WITNESSES AND THE PARTIES AGREE as follows:

1. 1. THE PLEDGE

1.1 The Borrower pledges the Pledged Item to the Lender as security for repayment of the Loan Amount, any interest, and the reasonable costs of keeping and, if needed, selling the Pledged Item (together, the "Secured Amount").

1.2 The Borrower hands over the Pledged Item to the Lender on the date of this Agreement. The Lender confirms receiving it, and the Parties have together checked it against the Schedule.

1.3 The Borrower confirms that the Pledged Item belongs to the Borrower, that it is free of any other pledge, charge, loan or claim, and that the Borrower is free to pledge it.

1. 2. REPAYMENT

2.2 Every payment shall be acknowledged by the Lender in writing.

1. 3. CUSTODY OF THE PLEDGED ITEM

3.2 The Lender shall not use, wear, drive, lend, pledge, sell or otherwise deal with the Pledged Item, except as clause 5 allows after a default.

3.4 The Lender shall tell the Borrower promptly in writing if the Pledged Item is lost, stolen or damaged.

1. 4. GETTING THE PLEDGED ITEM BACK

4.1 When the Borrower has paid the Secured Amount in full, the Lender shall return the Pledged Item to the Borrower in the same condition as received, fair wear aside, together with everything handed over with it, promptly and within three days.

4.2 The Borrower may repay at any time before the Lender sells the Pledged Item under clause 5 and so get it back.

4.3 On return, the Borrower shall give the Lender a written receipt for the Pledged Item.

1. 5. IF THE BORROWER DOES NOT REPAY

5.2 The Lender shall sell the Pledged Item at a fair price, by public auction or by private sale, and shall tell the Borrower in writing of the date and the price.

5.3 The Lender shall apply the sale money first to the costs of the sale, then to the Secured Amount, and shall pay any balance to the Borrower promptly.

5.4 If the sale money is less than the Secured Amount, the Borrower remains liable for the shortfall.

5.5 Apart from the sale in this clause, the Lender shall not keep the Pledged Item in place of the money owed unless the Borrower agrees to that in writing after the default.

1. 6. GENERAL

6.1 This Agreement is the whole agreement between the Parties on this pledge and may be changed only in writing signed by both Parties.

6.2 If any provision of this Agreement is held invalid or unenforceable, the rest of this Agreement continues in effect.

6.3 The Parties confirm that they have checked the current income-tax rules on cash payments for loans and that the mode of payment used complies with them.

1. 7. STAMP DUTY

1. 8. DISPUTES AND JURISDICTION

SCHEDULE — THE PLEDGED ITEM

SIGNED AND DELIVERED by the BORROWER (the pledgor)
__________
PAN: __________

Signature: ______________________________

SIGNED AND DELIVERED by the LENDER, who confirms receiving the Pledged Item
__________
PAN: __________

Signature: ______________________________

WITNESSES