_ Ko13H24 eS} en en no nents ann tu YFHCATION OF MOVABLE: Ff (1011 ENT OF Hts, 4,000,000/-) ‘The Manager, National Hank of Pakistan, Kelman Pla Branch, Lahuwe, Dur Sir, WHEREAS, we M's New Khan Road Runners Private Limited, 4 Private Jimited company incorporated under the Companies Ordinance 1944, and having ity registered office at C-1, LDA. Flats, Lansrence Road, Lahore throu Its undersigned authorized represen referred to as the “Company") have entered into Finance agrecment(s) executed exceuted from time to time (hereinafter referred to 98 the “Finance agreem forthe provision of certa Lnclities (hereinafter referred to ws the " 1 (hereinatier or to be 1") with your bank ince Facility") to AND WHEREAS, we have ngreed to create « hypotheeation charge In your favour over all our prese tnd future current assety movable pro ties ws specified sccure our obligations under the Finance agreements and repaymet of Finance fi NOW THEREFORE, WE AGREE AS FOLLOWS: |. Unless otherwise defined herein or the context otherwise requires terms used herein shall have the same meanings as alributed to them in the Finance agreements, Absolute discretion the Facility under and in terms of the Fi contin ng security for securing the payment und discharge liabilities now oF hereater due ‘any 0 ‘created, together with 20% thereto being liquidated damages, ideation of your having at our request provided or agreed to provide in your hnypothecate to you the present and future fixed movable assets specified in Schedule hereto (all of which are hereinafier referred to as the "Iypotheeated Assets ‘owing from or incurred by us upon any account or in ter whatsoever and arising under of pursuant to the Finance agreements whether accrued, accruing or contingent und whether alone or jotntly wi costs, fees, charges and expenses incurred in protecting or obi possession af the Hypothecated Asseis or in protecting, enforcing or real security of for any advice as to your legal postion in connection with the security here Schedule hereunder, 10 Wee apreements we hereby by way of 4 you of all moneys and others including all and maintain ing, Page Lops Scanned with CamScanner3. We shall hold as trustees and in trust for you the Fypotheeated Assets eomprised in this, security as your property and we shall not at any time so long a there shall be any amount due or owing by us to you on any account remove or cause or permit to be temoved from the premises specified in Schedule hereto or divert or deal with to your detriment or hypothecate or otherwise charge or encumber any of the Hypotheeated Assets or do or permit any act whereby the security herein expressed to be given shall be in any manner impaired or your interest therein shall be adversely or prejudicially effected in any manner. 4. We undertake punctually to pay all rates, taxes and other charges, for and in respect of the premises wherein the Hypothecated Assets are installed/stored and keep the same free from distress, and in the event of our being sub-tenants, the expression rents, rates, taxes and outgoings shall include rents, rates, taxes and outgoings payable to or by the principal lessor and distress levied by the principal lessor. 5. We undertake always to keep hypothecated and charged to you hereunder plantlequipmentmachinery so as to maintain always, either by payment in reduction of liability secured hereunder or by additions to the Hypothecated Assets, assets under your hypothecation and charge of adequate value. 6. The Hypothecated Assets shall be comprehensively insured and kept insured by us with an insurance company approved by you t0 the extent of the full market value of the Hypotheeated Assets, and the policies for such insurance shall be taken in your name as ‘co-loss payee and delivered forthwith to you and we undertake punetwally to pay the premia due for such insurances and to deliver the premia receipts to you and should we fail so to insure or keep insured the Hypothecated Assets and/or to deliver such policies, receipts, you shall be at liberty but not bound to effect any such insurances at our expense. 7. If we shall receive any sums under any insurance relating to the Hypotheeated Assets we shall pay the sums to you immediately on receiving the same and in the meantime, we shall hold the said sums as trustees and in trust for you. 8. We expressly agree and warrant that the security hereby constituted is and shall be a exclusive charge in your favour and that no other encumbrance of any kind has been or shall be created by us over or affecting the Hypothecated Assets or any part thereof. We hereby represent that the Hypothecated Assets at the date hereof are frce from all ‘encumbrances of whatsoever nature and that we have lawful authority to hypothecate the same. 9. You may in your discretion direct us to affix plates or other markings on the/- Hypothccated Assets to indicate that the said assets are charged to you and we shal promptly at our own cost and expense follow such instructions. We shal always keep the Hypothecated Assets distinguished and specifically appropriated to this security to be dealt with only in accordance with your directions. 10. We shall make and furnish to you such statements in respect of the Hlypothecated Assets and such fully detailed description thereof as you may from time to time require, You may at your discretion employ the services of any independent surveyor to verily the value of the Hypothecated Assets and the cost of such valuation shall be borne by us. 11. We shall ensure that your authorized officers/agents/nominees are allowed to enter the 1 premises after giving us a 7 days notice where the Hypothecated Assets are placed in, order to inspect and examine the said Hypothecated Assets as and when required by yo ‘we shall provide all our assistance to facilitate such inspections. Page 2 of $ Scanned with CamScanner12, We shall indemnify you against all damages, costs, elainns, demands and wcthons made {upon you by reason of any loss, injury or damage suffered by any person fron the ase of the Hypothecated Assets, 13. We shall ensure that the Hypottieated Assets ate properly maintained and serviced and used by skilled personnel in aveontanve with the Instructions’ recommendations of the rmanaficturers, We heteby’ undertake to inform you forthwith in the event of any damage to the Hypothecated Assets, V4 In the event of the eceurrene agreements or 1 of any event of default ay specified In the Finance ianeial Institutions (Reeovery of Finance) Ordinance 2001 or any present or fiture legislation promulgated oF to be promulgate in Pakistan or any present or future construction/interpretation of the same or any provision thereof by superior stan of any rules and regulation pertinent t0 th Default) and so often as stieh Event of Defiull shall happen and for continue, have the full free and unfettered right at our risk and expense concurrently oF separately as to the whole or any’ part of the Hypothceation Assets and s0 that the exercise power shall not prevent the exercise of any other powers hereby or in law conferred upon you: courts of law in c (Event 0 8) to appoint by writing signed by any of your manager, assistant manager, acting vers (with power {0 you fo anager oF geting assistant manager one OF More re Nn) as yo the Hypothecated Assets as you may from time to time di (not exceeding two peveent (2%) ofthe gross collection) as you may think reasonable and the receiver shall apply all money received by it Firstly in disel cost charges and expenses incurred by it as receiver, seconlly remuncration, thirdly in or towards payment of all monies owing, to you from us 1g and whether dhie or not, and fourthly, i thereafter there remain any aid 10 us andor, and to sell or otherwise dispose off the Hypothecated 60° remove or substitute them or any oF th ent to dernand, collect or recover ct, for such remuneration pe 0 payment of its however ari surplus it shall be b) to seize, take p Assets, or any part thereof at such time or times with oF without reserve, in whol in lots (and without regard to the amount actually due to you) and in such fashion whether by public auction oF private bargain and at such price ox priges as you may in your absolute discretion consider expedient, session 0 oF being liable for without being bound f0 exercise any of these pov ay loss in the exercise thereof and without prejudice to your rights and renedies of suit or otherwi and notwithstanding there may be pending uny suit or ather proceeding aid we unde to give you all facilities and assistance necessary or in your opinion expedient for edie ing the security including such possession or information as you may require, \ 15. In the event of the sale oF other disposition by you of the whole or any part of the Hypothecated Assets or the receipt by you of the whole or any part af the money due under all of any of the said insurances, the proceeds shall be app in the manner stated in clause 14(a) hereof, 16. For all the purposes of accounting hereunder we undertake 40 ueeept statements of accounts made out from your books by your principal accountant or manager with the production of any other voucher, documents, paper or evidence. 17. The security hereby constituted Is u continuing security for any money from time to tm due or owing from us however and whenever arising and accounts between yourselves and ourselves are not to be considered closed far the purpose of seeurity and the security i not to be considered exhausted by reason of such necounts being brought to eredit at Page 3 of S Scanned with CamScannerany time, This security shall cover the Facil shall terminate only if you give a written intimation of sts sereated to the relevant registration office under the provisions of 1984, However the bank shall sign the requisite form for va of repayment of the Faci 18, Nothing herein comained shall ext otherwise affect your rights and remedies against us under any ol document oF under the laws, 19, It is agreed that if you fail to enforce any of your rights hereunder an Event of Default and/or in the event of our breach or non-cor terms and conditions hereof, such failure shall not be treated as a waiver or abandon ‘of any such right Nothing herein contained shall prejudice your rights to hold the Hypothovazad Assets herein provided as security for any of our present or future indcbtedness and lisbilities to you oF to apply the proceeds thereof in satisfaction or part satisfaction of indebtedness and liabilities or to hold any other securities presently or hereatter proviget as security for any of our present or future indebeedness and liabilities secure bereundes, or to apply the proceeds thercof in satisfuetion oF part satisfaction of such insfebuadness or _ liabilities. 21. We hereby agree to indemnify and hold you hamuless against all lasses, damages, claims, liabilities, casts, charges and expenses which may arise or be sustained by you on aecount fof anything which you may do of omit to do under the tens hersof oF otherwise in relation to the security hereby created, 22, Until othenvise mutually agreed in writing the amount intended to be secured hereunder is Rs. 000,000/- (Rupees Right Million Only) together with all costs, charges, expenses, liquidated damages as well as costs incurred in entoncement ofthis security. 23, Any notice by way of request, demand or otherwise hereunder may be given by you to ks by registered post at our last known place of business as noted in writing to you and in proving service of such notice it shal be sufficient to prove that an envelope so addressed ‘and containing the notice was posted and your certificate to that effect shall be ‘conclusive, Such notice shall be deemed to have been received on the date when it woul P\0 be delivered in due course of post, relating to this letter including but not limited to the preparation, registration ant enforcement thereof and any formalities for pertceting the security hereby create, SCHEDULE (Weseription of Hypothecated Current Assets) ‘All Present arid future fixed! movable assets of the company, including but not Lnaited to all its Dusses, vehicles, transport spare parts, engines, engine parts Yres ete used placed Stornd? installed oF aitixed or to be used placed’storsd? installed or ailixed at any premises oF the comainy or any othe storage/work place owned administered by the company we hy angers else in its control any where in Pakistan and all stich aforesaid goods in the course oF transit and it routine usage, inelusing bat aot tinted to the following speeitte vehicle unalor vali change of the banks» Nye defs Scanned with CamScannerINE | CHASSIS MAKER 0541675 | Unes20i24 100985 | TOYOTA MODEL, ~ [REGISTRATION LAND) CRUISER 2015 IN WITNESS WHEREOF wo uve signed this Letter of Hypothecation at Lahore on the Ot" day of eptember 2020, Yours ily, Mh through 1 wuthortzed representallves NICH 35202-8253908) Designation: Chief Uxecutlve/Director WITNESSISt 1 Slynature: a ‘So: Muhammad Sharif CNICH 95201-1384 001-9. Wo: Mouse No. $15, SuceL No. 45,, Moballut Dougers Sadar Mazer, Labor Cant, Laoww few Khan Round Runners Private Linuited Slynnture: - Full Name: Agpee. le renr We args tre’ NICH BS eee YSANEY Wo; WPS IT Meta stave le deve b Mbsdfa ved thera Seley Lahore’ Hage Sap Scanned with CamScanner