Conversion of Floating Charge. The Indenture Trustee may at any time by notice to the Owner convert the floating charge hereby created into a fixed charge as regards any Assets specified in the notice which the Indenture Trustee shall consider to be in danger of being seized or sold under any form of distress, attachment, execution or other legal process or to be otherwise in jeopardy and (whether or not this security has become enforceable) may at any time appoint a Receiver (as defined in Section 7.1 hereof) thereof.
Appears in 3 contracts
Sources: Debenture Agreement (Golden State Petro Iom I B PLC), Debenture Agreement (Golden State Petro Iom I B PLC), Indenture (Golden State Petro Iom I B PLC)