In consideration of the said facility the letter of sanction along with terms & conditions were communicated to the defendants by the applicant bank through its sanction letter dt.17.06.14 and the same was duly accepted by the defendants by counter signing the same on 17.06.14. vide Act No: 1262 2230 0000 0460 4. In consideration of the said Facility, the 1st defendant has executed a Demand Promissory Note on 17.06.14 for a sum of Rs.75,00,000/- in favour of the Applicant Bank by promising to repay the loan amount on demand with interest at the rate of 13.75% Per annum with monthly rest or at such other rates & rests as may be revised by the Applicant Bank from time to time. Further, he has executed Letter of Continuity dt.17.06.14 in favour of the Applicant Bank containing several undertakings & acceptance with regard to security of pro-note, operation of accounts, charging of interest, liabilities of the defendants etc., and tendering the said pro-note as continuing security for the said facility and executed Hypothecation Agreement for Overdraft facility, Deed of Hypothecation of Current assets, Agreement of Hypothecation of Book Debts & agreement for extension of hypothecation dt.17.06.14 in favour of the Applicant Bank by hypothecating the goods, stocks etc., mentioned in the A' Schedule hereunder and by promising to repay the loan with interest at the rate of 13.75% per annum with monthly rests or at such other rates or rest as may be revised by the applicant bank from time to time
