Common use of Creation of Floating Charge Clause in Contracts

Creation of Floating Charge. Each Chargor, as beneficial owner, with full title guarantee, charges to the Security Trustee as security for the payment or discharge of all Secured Obligations, by way of first floating charge all its Assets, except to the extent that such Assets are for the time being effectively assigned by way of security by virtue of Clause 3.1 (Assignments) or charged by any fixed charge contained in Clause 3.2 (Fixed security), including any Assets comprised within a charge which is reconverted under Clause 4.4 (Reconversion), so that such Chargor shall not create any Security over any such Floating Charge Asset (whether having priority over, or ranking pari passu with or subject to, this floating charge) or take any other step referred to in Clause 7 (Negative pledge and other restrictions) with respect to any such Floating Charge Asset, and such Chargor shall not, without the consent of the Security Trustee, sell, transfer, part with or dispose of any such Floating Charge Asset (except by way of sale in the ordinary course of its business to the extent that such action is not otherwise prohibited by any Finance Document).

Creation of Floating Charge. Each The Chargor, as beneficial owner, with full title guarantee, charges to the Security Trustee as security for the payment or discharge of all Secured Obligations, by way of first floating charge all its Assets, except to the extent that such Assets are for the time being effectively assigned by way of security by virtue of Clause 3.1 (Assignments) or charged by any fixed charge contained in Clause 3.2 (Fixed security), including any Assets comprised within a charge which is reconverted under Clause 4.4 (Reconversion), so that such the Chargor shall not create any Security over any such Floating Charge Asset (whether having priority over, or ranking pari passu with or subject to, this floating charge) or take any other step referred to in Clause 7 6 (Negative pledge and other restrictions) with respect to any such Floating Charge Asset, and such Chargor it shall not, without the consent of the Security Trustee, sell, transfer, part with or dispose of any such Floating Charge Asset (except by way of sale in the ordinary course of its business to the extent that such action is not otherwise prohibited by any Finance Document).