Common use of Creation of floating charges Clause in Contracts

Creation of floating charges. Subject to the Existing Security Agreements and Clause 10 (Exceptions to the Security), each Obligor charges in favour of the Subordinated Security Trustee (for the Subordinated Security Trustee itself and as trustee for the Subordinated Secured Creditors) by way of first floating charge the whole of its undertaking and all its property, assets and rights whatsoever and wheresoever both present and future, subject always to all mortgages, fixed charges and assignments created by or pursuant to Clause 5 (Fixed Charges and Assignments in favour of the Borrower Security Trustee) and Clause 7 (Fixed Charges and Assignments in favour of the Subordinated

Creation of floating charges. Subject to the Existing Security Agreements and Clause 10 (Exceptions to the Security), each Obligor charges in favour of the Subordinated Borrower Security Trustee (for the Subordinated Borrower Security Trustee itself and as trustee for the Subordinated Borrower Secured Creditors) by way of first floating charge the whole of its undertaking and all its property, assets and rights whatsoever and wheresoever both present and future, subject always to all mortgages, fixed charges and assignments created by or pursuant to Clause 5 (Fixed Charges and Assignments in favour of the Borrower Security Trustee) and Clause 7 (Fixed Charges and Assignments in favour of the SubordinatedSubordinated Security Trustee), or by any Legal Charge or any other provision of this Deed or such Legal Charge.