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ACKNOWLEDGEMENT OF DEBT

BY

__________, of __________ (the "Debtor"),

IN FAVOUR OF

__________, of __________ (the "Creditor").

The Debtor and the Creditor are each a "Party" and together the "Parties".

RECITALS

NOW THIS ACKNOWLEDGEMENT WITNESSES as follows.

1. 1. ACKNOWLEDGEMENT OF LIABILITY

1.2 This acknowledgement is made by the Debtor in the Debtor's own hand and signature, of the Debtor's own free will, without coercion, and with full knowledge of its legal effect.

1. 2. EFFECT ON LIMITATION

2.3 Where the second option in clause 2.1 applies, the period of limitation for a suit to recover the debt described in the Recitals had already expired before this Acknowledgement was made, and the Debtor's undertaking in clause 3 below is given, and is intended to take effect, as an express promise in writing, signed by the Debtor, to pay a debt which the Creditor might have enforced but for the law of limitation, within the meaning of s.25(3) of the Indian Contract Act, 1872, and is accordingly a valid contract notwithstanding the absence of fresh consideration and notwithstanding that a suit on the original debt would by then have been barred.

1. 3. PROMISE TO PAY

1. 4. INTEREST

1. 5. REPAYMENT

5.4 Every payment made under this Acknowledgement shall be applied first towards interest accrued and unpaid, and the remainder towards the principal balance acknowledged in clause 1.1.

1. 6. DEFAULT

6.2 Nothing in this Acknowledgement, and no forbearance or extension of time given by the Creditor, waives the Creditor's right to recover the full amount then outstanding, or amounts to a fresh acknowledgement or promise except by a further instrument signed in the same way as this one.

1. 7. NO NOVATION; NO SECURITY CREATED

7.1 This Acknowledgement records and re-dates the existing debt described in the Recitals; it does not discharge that debt by substitution of a new obligation, and does not novate, in the absence of the Creditor's express written agreement to the contrary.

7.2 This Acknowledgement does not itself create, and is not to be treated as creating, any mortgage, pledge, hypothecation or other security interest over any property of the Debtor. Where security is intended, it shall be created by a separate instrument executed for that purpose.

1. 8. STAMP DUTY

1. 9. NOTICES

9.1 Notices under this Acknowledgement shall be in writing and delivered by hand against acknowledgment, or by registered post or reputed courier with proof of delivery, to the Debtor at __________ and to the Creditor at __________, or to such other address as a Party notifies in writing.

1. 10. DISPUTE RESOLUTION AND GOVERNING LAW

1. 11. GENERAL

11.1 This Acknowledgement is the entire agreement between the Parties about the debt described in the Recitals and supersedes all prior discussion about it, save for the underlying transaction recited in Recital A itself.

11.2 No amendment is effective unless made in writing and signed by both Parties.

11.3 If any provision is held invalid or unenforceable, the rest of this Acknowledgement continues in effect.

SIGNED AND DELIVERED by the DEBTOR
__________

Signature: ______________________________

SIGNED AND DELIVERED by the CREDITOR
__________

Signature: ______________________________

WITNESSES