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PLEDGE OF PERSONAL PROPERTY



This Pledge of Personal Property (the "Agreement") is made and effective the [DATE],


BETWEEN:  [YOUR COMPANY NAME] (the "Pledgor"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at:[YOUR COMPLETE ADDRESS]


AND:  [PLEDGEE NAME] (the "Pledgee"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at:[COMPLETE ADDRESS]


FOR VALUE RECEIVED, the Pledgor hereby deposits and pledges with the Pledgee, the [DESCRIBE GUARANTY] collateral security described below to secure the payment of the following debt:

[DESCRIBE]


The personal property that is pledged as collateral includes the following:

It is understood and agreed that:

Pledgee may assign or transfer said debt and the pledged collateral hereunder.

Pledgee shall have no liability for loss, destruction or casualty to the collateral unless caused by his own negligence.

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.

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.














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 OR 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

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