We, the undersigned acting as guarantors for the loan requested, understand and agree jointly and severally that all loan interests and deposits with TULAGA Sacco Society Ltd. owned by us are hereby pledged as security for the said loan or such part of it as may be granted. In case of default in repayment by the loanee the Treasurer is hereby authorized to deduct any balance interest and cost appertaining to the aforementioned loan from the securities hereby pledged.