Full Bank ('Full') has agreed to allow the Company an overdraft on the Company's bank account by creating a charge over the book debts of the Company. Under the said charge, the Company is prohibited from charging or assigning debts, and is required to pay the proceeds of collection into an account in Full. But there are no restrictions on the Company's operation of the account. The Company's account is always overdrawn but it uses the proceeds of the debts as and when it is necessary. The said charge was executed on 1 June 2020. The company secretary of Full meant to register the charge but forgot to do so. The failure to register the charge was discovered on 1 November 2020. QGive a full account of the nature of the charge which the Company has created in favour of Full