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Agreement of Guarantee

Document Cited in Related
Vincent
Updated atMarch 2010

THISAGREEMENTOFGUARANTEE is made at Calcutta this................... day of............. 2000 between anil Kumar, son of........................, residing at.................. and Chirag Desai, son of.................., residing at.................... (hereinafter called the GUARNTORS which term shall unless the context otherwise requires include their heirs, successors, legal representatives and assigns) of the first part andModel Co-op Bank aBANK constituted under the BANKING Companies (Acquisition and Transfer of Undertakings) Act 1980 carrying on business, inter alia, at.......... (hereinafter called the BANK which term shall unless the context otherwise requires include its successors and assigns) of the second part.

In consideration of the BANK having agreed to grant, granting and/or continuing to grant credit facilities with limits which could be varied from time to time to the Borrower,DurenCompany Limited, a company registered under the Companies Act 1956 and carrying on business at................. at our request in, inter alia,

Overdraft in Current Account

Clean Cash Credit Account,

Cash Credit Hypothecation Account,

Cash Credit Pledge Account,

Letter of Credit Account,

Letter of Guarantee Account,

Deferred Payment Guarantee Account, or

In any other Account

from the BANK''s one or more branches on terms and conditions agreed upon or that might be agreed upon from time to time between the BANK and the borrower the GUARNTORS hereby agree and covenant with the BANK as follows:

  1. The GUARNTORS hereby guarantee jointly and severally to the BANK the due performance of all present and future obligations by the borrower towards the BANK and payment of all moneys due or that might become due from the borrower to the BANK in the said or other Accounts with interest at the rate chargeable by the BANK from time to time in the said Accounts with all costs, charges and expenses in default of the borrower remedying the breach or making payment after being demanded by the BANK.

  2. The GUARNTORS declare and agree that this guarantee shall be a continuing guarantee and shall not be considered as cancelled or in any way affected by the fact that at any time the borrower may not have any liability on any of the said Accounts or the borrower may have even a credit balance in the Account but shall continue to be a guarantee and remain in operation in respect of all subsequent transactions.

  3. The GUARNTORS hereby agree that the BANK shall be at liberty...

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