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General Pledge Agreement1. Grant of Security Interest. [Names], both residing at [address] (Borrowers), grant to [name], with offices at [address] (Lender), a security interest in the following instruments, documents of title, securities, bonds, notes, and general intangibles: [description of collateral] (Collateral). 2. Description of Obligation Secured. The security interest granted by this Instrument secures an indebtedness owed by Borrowers to Lender in the principal sum of ........ dollars ($........) with interest at the rate of ........ percent (........%) per annum, payable on [date], evidenced by a promissory note of [date], signed by Borrower, and delivered to Lender on that date. 3. Delivery of Collateral to Lenders. Borrowers will deliver the Collateral to Lender no later than [number] days from the date of this Instrument together with stock powers signed in blank by Borrowers and all other properly signed instruments that may be needed by Lender to sell or transfer the Collateral or any part of it. Pending delivery of the Collateral, Borrowers will hold the Collateral in trust for Lender, separate and distinct from Borrower's other property. 4. Borrowers to Help Maintain Valid Security Interest in Lender. Borrowers shall do such acts as Lender may reasonably require from time to time to maintain a valid security interest in the Collateral in Lender, free of all other liens and claims, to secure payment of Borrowers' indebtedness to Lender. 5. Notice of Disposition of Collateral. If any notification of an intended disposition of any of the Collateral is required by law, such notification shall be deemed reasonably and properly given if mailed at least [number] days before the disposition, postage prepaid, addressed to Borrowers at the address shown in Paragraph 1. 6. Governing Law. Borrowers and Lender's rights, duties, and obligations under this Instrument shall, unless otherwise required by the laws of [state], be governed by the provisions of the Uniform Commercial Code of [state], as in effect from time to time. [dated] [signature] Borrower [signature] Borrower
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