Letter of Guarantee

Guarantee by third person

To

 MUSLIM CMMERCIAL BANK LTD.

IN CONSIDERATION of your agreeing on my/our joint and several request to allow an overdraft to ______________________________________________________________

of _____________________________________________________________________

hereinafter called “the customer”) I / WE the undersigned

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Do Hereby Jointly And Severally Agree with and Guarantee you as follows, that is to say:

1.    I /WE will pay to you on demand all money which now is or may during the operation of this agreement by owing to you from the customer or remain unpaid on the general balance of the Customer’s account with  you including advances., over drafts and all indebtedness and liabilities whatsoever in respect where of the customer may be or have been liable to you charges for commission and other banking expenses, interest, at  percent above the Bangladesh Bank rate for Demand Loans obtaining from time to time with a minimum rate the Customer to you and charged in account on the last working day of each month or otherwise in accordance with your practice although the relationship of banker and Customer may have ceased and all costs, charges and expenses which you may incur in enforcing or seeking to enforce any security for or obtaining or seeking to obtain payment of all or any part of the money hereby guaranteed or otherwise in respect of this agreement.

2.         All moneys received from or on account of the Customer or from any other person or estate or from the realization of any security or otherwise for the purpose of being applied in reduction of the moneys in the first paragraph above mentioned shall be treated for all purposes as payment in gross and as appropriated or attributable to any specific part or item of the said moneys even if appropriated thereto by the person otherwise entitled so to appropriate. All securities nor or at any time held by you shall be treated as securities for the said general balance. I /WE make on claim to such securities or any part thereof or any interest therein unless and until I /We have said all moneys due from me/ us under this guarantee and you shall have received the full amount of such general balance.

  1. Should the Customer become insolvent or enter into liquidation you may prove against the Customer’s assets or in the liquidation for the whole amount outstanding against the Customer on such general balance and on money or dividend so received by you shall be treated as received  in respect of this guarantee or otherwise in relation to me /us but the full amount hereby guaranteed shall be payable by me/ us but you shall have received from all  sources hundred paisas  in the Taka on the ultimate  balance outstanding against the customer. After you have received such ultimate  balance in full any claim on my/ our part to any  excess or any me/us and any other persons laying thereto.
  2. This guarantee shall be a continuing guarantee to the extent of TK.                For the purpose of securing not merely an equivalent amount but (subject always to the said limit of Tk. (                   ) the whole of the  moneys or general balance in the first paragraph hereof mentioned notwithstanding any such payments receipts or  dividends as are herein before mentioned with interest on the sum claimable from  me/us at the rate aforesaid from the date of my/our receiving  demand for payment thereof from which date you may at you discretion refuse further credit to the Customer and close the Customer’s account.
  3. This guarantee shall be without prejudice to and shall not be effected nor shall I /We or any of us be released or exonerated by any of the matters following:

i)                    And securities negotiable or  otherwise including other guarantee which you may now or at any time hereafter hold from the Customer or any other person or in respect of any  money hereby guaranteed.

ii)                  The variation exchange renewal release or modification of any such securities or  the refusal or neglect to complete enforce or assign any judgement specially or order security or instrument negotiable or otherwise and whether satisfied by payment or not.

iii)                Any time given or extended to the Customer and/ or any other person or persons including myself/ any of ourselves and the parties to any negotiable or other security instrument guarantee or contract or any other indulgence granted to or compromise composition or agreement made with the customer and /or any  other person or persons whether with or without my/ our consent or notice to me/us.

  1. This guarantee shall not be determined or affected by the death of me/ any one or more of us but shall in all respects and for all purposes be binding  and operative until determined as to future transactions by fourteen  days notice in writing  given to you by me/us or any of us or the legal  representative of me/ any of  his who may be dead. During the pendency of such notice you may subject always to the aforesaid limit of my/ our liability hereunder fulfil any requirements of the Customer based on agreements express or implied prior to the receipt of  such notice and any money there by due or remaining  unpaid or at after the expiration of such notice shall from part of the aforesaid general balance.
  2. This guarantee shall not determined or in any way prejudiced by any  absorption of or by your bank or any amalgamation thereof or therewith but shall  ensure and be available  for past and subsequent advances and all other purposes for and by the absorbing or amalgamated company or  concern.
  3. Any notice  by way of request  demand or of otherwise hereunder may be d given by you to me/us  personally or may be addressed  to me/ us and left or posted to me/ us at my / our  then or last known place of  business  in            and if sent by  post  in shall be demand to have been given at time when it  would be delivered  on due course  of post  and in  proving  such notice hence given by post in shall be  sufficient  to prove that  the envelop containing the notice was  posted and a certificate signed by your Manager or  any  other principal officer that envelop was  so  posted shall be conclusive.

 It given by a limited

Company add Signed

by

and

two of the Directors of

Ltd. acting for and on

behalf of the Company

by virtue of a resolution

of the Directors passed

The day of

 DATED the _________________________ day of ______________________ one thousand nine hundred and _____________________________

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