Guarantee to Bank for Overdraft by Shiva.

Guarantee to Bank for Overdraft

To

The . . . . . . . . . . . . . . . . . . Bank

In consideration of your agreeing to grant to the . . . . . . . . . Co. Ltd., . . . . . . at our request, a credit overdraft to the extent of Rs . . . . . . . . ., we, the undersigned being the Directors of the said Company, hereby guarantee to you the payment of all moneys which shall at any time be due from the said Company to you on the balance of their account with you not exceeding Rs . . . . . . . . . . . . . . (such balance to include all interest, commission and other charges and expenses which you may in the course of your business charge in respect of any advance or discount made to the said Company or on their account or for keeping the said account with you) and we hereby agree as follows:

(1) that this guarantee shall be a continuing guarantee to the extent at any time or times hereafter of any sum or sums of money for the time being due upon such general balance within the limit aforesaid;

(2) that this guarantee shall be in force and subsisting whether the whole of the said sum or Rs . . . . . . . . . shall be actually advanced by you or not; and

(3) that you may grant time or other indulgence to or compound with the said Company without affecting this guarantee:

PROVIDED always and we hereby covenant that: (1) we shall respectively be liable on this guarantee only to the extent of the sums set opposite to our respective names in the Schedule hereto, and (2) that if during the continuance of this guarantee any of us shall die or shall cease to be a Director of the said Company and if the said Company shall be unable to substitute a guarantor or guarantors in his or their place who shall be satisfactory to you, then the said Company may pay to you the amount which in the said Schedule shall be set opposite to the name or names of the person or persons who shall so die or cease to be a Director or Directors as aforesaid and such payment shall be accepted by you in full satisfaction of all claims against such person or persons in respect of this guarantee.

Dated etc.

The Schedule

A.B. . . . . . . . . . . . . . . . . . .  Rs.

C.D. . . . . . . . . . . . . . . . . . .  Rs.

E.F. . . . . . . . . . . . . . . . . . . . Rs.