PLEDGE
OF PERSONAL PROPERTY
This Pledge of
Personal Property (the “Agreement”) is made and effective
[s-EffDate] between:
[s-Company]
(“Pledgor”), a corporation organized and existing under the laws
of the State of [s-State] with its main location at:
[s-Address]
And
[s-PledgeeName]
(“Pledgee”), a corporation organized and existing under the laws
of the State of [state] with its main location at:
[s-PledgeeAddress]
FOR VALUE RECEIVED,
the Pledgor hereby deposits and pledges with the Pledgee, the
[Guaranty description] collateral security described below to secure
payment of the following debt:
[Describe debt]
The following
personal property [collateral] described as:
[s-DescriptionPersonalProperty]
It is understood and
agreed that:
1. Pledgee may
assign or transfer said debt and the pledged collateral hereunder.
2. Pledgee shall
have no liability for loss, destruction or casualty to the collateral
unless caused by his own negligence.
3. The undersigned
shall pay any and all insurance it elects to maintain on the pledged
collateral and any personal property, excise or other tax or levy.
4. The undersigned
warrants that it has good title to the pledged collateral, authority
to pledge same and that it is free of any adverse lien, encumbrance
or claim.
5. In the event of
default of payment of the debt or breach of this pledge agreement,
the Pledgee or holder shall have full rights to foreclose on the
pledged collateral and exercise its rights as a secured party
pursuant to Article of [identify code/law applicable]; said rights
being cumulative with any other rights the Pledgee may have against
the undersigned.
IN WITNESS WHEREOF,
the parties have signed and sealed these presents the day and year
first above written.
PLEDGOR PLEDGEE
______________________________ _______________________________
Authorized
Signature Authorized Signature
______________________________ _______________________________
Print Name and
Title Print Name and Title
______________________________ _______________________________
Date Date
