The Charge over Bank Account is given by the Account Holder to a Lender as security for a loan / facility provided by the Lender:
1 The Account Holder with full title guarantee hereby assigns absolutely by way of mortgage to the Lender all its right, title and interest in and to the Deposit as a continuing security for the payment and discharge of the Secured Amounts.
2 If at any time the Secured Amounts shall have been paid and discharged in full and the Lender shall be under no commitment, obligation or liability of any kind (present or future, actual or contingent) in relation to the Facility Agreement, the Lender will at the request and cost of the Account Holder re-assign the Deposit to the Account Holder or otherwise discharge the security hereby constituted.
3 The Deposit shall be deemed to be assigned as primary and not collateral security and the Account Holder's liability shall not be discharged or impaired by:-
(a) the dealing with, existence or validity of any other guarantee or security taken by the Lender in relation to the Facility Agreement or the Secured Amounts or any enforcement of or failure to take, perfect or enforce any such security;
(b) any amendment to or variation of the Facility Agreement or any security relating to the Facility Agreement or the Secured Amounts;
(c) any release of or granting of time or any other indulgence to the Account Holder, the Borrower or any third party; or
(d) any other act, event or omission which would or might but for this clause operate to impair or discharge the security constituted by, or the Account Holder's liability under, this Charge including any act, omission or thing which would or might afford an equitable defence to a surety.
4 The security hereby created shall become enforceable immediately on service of a demand for payment of any of the Secured Amounts and at any time thereafter, the Lender may call for payment to it of the Deposit and thereafter apply all or any part of the Deposit [together with any interest thereon in respect of any period after the security has become enforceable] towards the discharge of the Secured Amounts in such manner as it deems fit PROVIDED THAT where the Secured Amounts (or any part thereof) are in a currency or currencies (the original currency) different from that of the Deposit (or any part thereof) (the other currency), the Lender may apply the Deposit (or any part thereof) in purchasing the original currency at the rate of exchange on the date the Deposit is applied towards the discharge of the Secured Amounts; and for the purposes of this clause, rate of exchange means the rate at which the Lender is able on the relevant date to purchase the original currency with the other currency.
5 The Lender is hereby irrevocably authorised and empowered to give a valid discharge in relation to the Deposit (or any part of it) to the Bank.
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