Deed of Charge Over Credit Balances

walesrob

Sorry if this might be in the wrong place.

Anyone know what "Deed of Charge Over Credit Balances" means, in respect of a small company? Heres the full text following:

The charge creates a fixed charge over all the deposit(s) referred to in the schedule to the form mg01 (including all or any part of the money payable pursuant to such deposit(s) & the debts represented thereby) together with all interest from time to time accruing thereon. It also creates an assignment by the chargor for the purposes of & to give effect to the security over the right of the chargor to require repayment of such deposit(s) & interest thereon. Barclays bank plc re ******** limited business premium account. Account number *********


Its all double dutch to me, can someone please put it in plain english :question:

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kingstreet

The bank has the right to lift any cash in your accounts if it fancies reducing your borrowings at any time.