Assignment of loan monies due from a company as security for liabilities of company to bank
To
_________________ Bank Limited.
In consideration of your granting [or continuing to grant] banking facilities to [company] having its registered office at __________ (hereinafter called the company) I, the undersigned hereby assign to you by way of continuing security for all liabilities absolute or contingent at any time outstanding of the company to you the sum of Rs. _________ at present owing by the company to me (ii) all future monies that may be owing by the company to me
and I agree that you may at any time determine, enlarge or vary any credit to the company or vary release or exchange any other security at any time held by you for the liabilities of the company and I hereby authorise you at any time during the continuance of this security to enter into any compromise in respect of or to compound in such way as you may think fit the liability of the company to me hereinbefore described and I hereby authorise you to vote in respect of the said liability at any meeting of the creditors of the company and to prove therefor on my behalf whether or not the company is in liquidation.
Date the _______ day of _________.
[Signature of assignor]
