Common use of Floating Charge Clause in Contracts

Floating Charge. (a) Funding 1 charges by way of a first floating charge all of its undertaking and all of its property and assets (including, without limitation, its uncalled capital) other than any property or assets at any time otherwise effectively charged or assigned by way of fixed charge or assignment under this Clause 3 (but excepting from the foregoing exclusion all of Funding 1's undertaking, property and assets situated in Scotland or the rights to which are governed by Scots law, all of which are charged by the floating charge hereby created). (b) Except as provided below, the Funding 1 Security Trustee may, by notice to Funding 1 (and so far as permitted by applicable law), convert the floating charge created under this Clause 3 into a fixed charge as regards any of Funding 1's assets subject to the floating charge specified in that notice, if: (i) an Intercompany Loan Event of Default is outstanding; (ii) the Funding 1 Security Trustee considers those assets or any part thereof to be in danger of being seized or sold under any form of distress, attachment, execution, diligence or other legal process or to be otherwise in jeopardy; and/or (iii) a circumstance occurs which the Funding 1 Security Trustee considers to (or to be likely to) prejudice, imperil or threaten Funding 1 Security. (c) Except as provided below, the floating charge created by this Clause 3 will automatically (so far as permitted by applicable law) convert into a fixed charge as regards: (i) all of Funding 1's assets subject to the floating charge, upon the service of an Intercompany Loan Acceleration Notice; and/or (ii) any assets of Funding 1 subject to the floating charge, if those assets (contrary to the covenants and undertakings contained in Funding 1 Agreements): (A) are or become subject to a Security Interest in favour of any person other than the Funding 1 Security Trustee; or (B) are or become the subject of a sale, transfer or other disposition, immediately prior to that Security Interest arising or that sale, transfer or other disposition being made. (d) The floating charge created by this Clause 3 may not be converted into a fixed charge solely by reason of: (i) the obtaining of a moratorium; or (ii) anything done with a view to obtaining a moratorium, under Section 1 of the Insolvency ▇▇▇ ▇▇▇▇. (e) The floating charge created by this Clause 3 is a qualifying floating charge for the purpose of paragraph 14 of Schedule B1 to the Insolvency ▇▇▇ ▇▇▇▇.

Floating Charge. (a) Funding 1 charges by way of a first floating charge all of its undertaking and all of its property and assets (including, without limitation, its uncalled capital) other than any property or assets at any time otherwise effectively charged or assigned by way of fixed charge or assignment under this Clause 3 (but excepting from the foregoing exclusion all of Funding 1's undertaking, property and assets situated in Scotland or the rights to which are governed by Scots law, all of which are charged by the floating charge hereby created). (b) Except as provided below, the Funding 1 Security Trustee may, by notice to Funding 1 (and so far as permitted by applicable law), convert the floating charge created under this Clause 3 into a fixed charge as regards any of Funding 1's assets subject to the floating charge specified in that notice, if: (i) an Intercompany Loan Event of Default is outstanding; (ii) the Funding 1 Security Trustee considers those assets or any part thereof to be in danger of being seized or sold under any form of distress, attachment, execution, diligence or other legal process or to be otherwise in jeopardy; and/or (iii) a circumstance occurs which the Funding 1 Security Trustee considers to (or to be likely to) prejudice, imperil or threaten Funding 1 Security. (c) Except as provided below, the floating charge created by this Clause 3 will automatically (so far as permitted by applicable law) convert into a fixed charge as regards: (i) all of Funding 1's assets subject to the floating charge, upon the service of an Intercompany Loan Acceleration Notice; and/or (ii) any assets of Funding 1 subject to the floating charge, if those assets (contrary to the covenants and undertakings contained in Funding 1 Agreements): (A) are or become subject to a Security Interest in favour of any person other than the Funding 1 Security Trustee; or (B) are or become the subject of a sale, transfer or other disposition, immediately prior to that Security Interest arising or that sale, transfer or other disposition being made. (d) The floating charge created by this Clause 3 may not be converted into a fixed charge solely by reason of: (i) the obtaining of a moratorium; or (ii) anything done with a view to obtaining a moratorium, under Section 1 of the Insolvency ▇▇▇ ▇▇▇▇. (e) The floating charge created by this Clause 3 is a qualifying floating charge for the purpose of paragraph 14 of Schedule B1 to the Insolvency ▇▇▇ ▇▇▇▇.

Floating Charge. (a) Funding 1 The Issuer charges by way of a first floating charge all of its undertaking and all of its property and assets (including, without limitation, its uncalled capital) other than any property or assets at any time otherwise effectively charged or assigned by way of fixed charge or assignment under this Clause 3 (but excepting from the foregoing exclusion all of Funding 1the Issuer's undertaking, property and assets situated in Scotland or the rights to which are governed by Scots law, all of which are charged by the floating charge hereby created). (b) Except as provided below, the Funding 1 Issuer Security Trustee may, by notice to Funding 1 the Issuer, (and so far as permitted by applicable law), convert the floating charge created under this Clause 3 into a fixed charge as regards any of Funding 1the Issuer's assets subject to the floating charge specified in that notice, if: (i) an Intercompany Loan a Note Event of Default is outstandingoccurs; (ii) the Funding 1 Issuer Security Trustee considers those assets or any part thereof to be in danger of being seized or sold under any form of distress, attachment, execution, diligence or other legal process or to be otherwise in jeopardy; and/or (iii) a circumstance occurs which the Funding 1 Issuer Security Trustee considers to (or to be likely to) prejudice, imperil or threaten Funding 1 the Issuer Security. (c) Except as provided below, the floating charge created by this Clause 3 will automatically (so far as permitted by applicable law) convert into a fixed charge as regards: (i) all of Funding 1the Issuer's assets subject to the floating charge, upon the service of an Intercompany Loan a Note Acceleration Notice; and/or (ii) any assets of Funding 1 the Issuer subject to the floating charge, if those assets (contrary to the covenants and undertakings contained in Funding 1 Agreementsthe Issuer Transaction Documents): (A) are or become subject to a Security Interest in favour of any person other than the Funding 1 Issuer Security Trustee; or (B) are or become the subject of a sale, transfer or other disposition, immediately prior to that Security Interest arising or that sale, transfer or other disposition being made. (d) The floating charge created by this Clause 3 may not be converted into a fixed charge solely by reason of: (i) the obtaining of a moratorium; or (ii) anything done with a view to obtaining a moratorium, under Section 1 of the Insolvency ▇▇▇ ▇▇▇▇▇ or the Insolvency (Northern Ireland) Order 2002 (if appropriate). (e) The floating charge created by this Clause 3 is a qualifying floating charge for the purpose of paragraph 14 of Schedule B1 to the Insolvency ▇▇▇ ▇▇▇▇▇ and for the purpose of paragraph 15 of Schedule B1 to the Insolvency (Northern Ireland) Order 1989 (as amended) (if appropriate).

Floating Charge. (a) Funding 1 The Issuer charges by way of a first floating charge all of its undertaking and all of its property and assets (including, without limitation, its uncalled capital) other than any property or assets at any time otherwise effectively charged or assigned by way of fixed charge or assignment under this Clause 3 (but excepting from the foregoing exclusion all of Funding 1the Issuer's undertaking, property and assets situated in Scotland or the rights to which are governed by Scots law, all of which are charged by the floating charge hereby created). (b) Except as provided below, the Funding 1 Issuer Security Trustee may, by notice to Funding 1 the Issuer, (and so far as permitted by applicable law), convert the floating charge created under this Clause 3 into a fixed charge as regards any of Funding 1the Issuer's assets subject to the floating charge specified in that notice, if: (i) an Intercompany Loan a Note Event of Default is outstandingoccurs; (ii) the Funding 1 Issuer Security Trustee considers those assets or any part thereof to be in danger of being seized or sold under any form of distress, attachment, execution, diligence or other legal process or to be otherwise in jeopardy; and/or (iii) a circumstance occurs which the Funding 1 Issuer Security Trustee considers to (or to be likely to) prejudice, imperil or threaten Funding 1 the Issuer Security. (c) Except as provided below, the floating charge created by this Clause 3 will automatically (so far as permitted by applicable law) convert into a fixed charge as regards: (i) all of Funding 1the Issuer's assets subject to the floating charge, upon the service of an Intercompany Loan a Note Acceleration Notice; and/or (ii) any assets of Funding 1 the Issuer subject to the floating charge, if those assets (contrary to the covenants and undertakings contained in Funding 1 Agreementsthe Issuer Transaction Documents): (A) are or become subject to a Security Interest in favour of any person other than the Funding 1 Issuer Security Trustee; or (B) are or become the subject of a sale, transfer or other disposition, immediately prior to that Security Interest arising or that sale, transfer or other disposition being made. (d) The floating charge created by this Clause 3 may not be converted into a fixed charge solely by reason of: (i) the obtaining of a moratorium; or (ii) anything done with a view to obtaining a moratorium, under Section 1 of the Insolvency ▇▇▇ ▇▇▇▇. (e) The floating charge created by this Clause 3 is a qualifying floating charge for the purpose of paragraph 14 of Schedule B1 to the Insolvency ▇▇▇ ▇▇▇▇.

Floating Charge. (a) Funding 1 charges by way of a first floating charge all of its undertaking and all of its property and assets (including, without limitation, its uncalled capital) other than any property or assets at any time otherwise effectively charged or assigned by way of fixed charge or assignment under this Clause 3 (but excepting from the foregoing exclusion all of Funding 1's undertaking, property and assets situated in Scotland or the rights to which are governed by Scots law, all of which are charged by the floating charge hereby created). (b) Except as provided below, the Funding 1 Security Trustee may, by notice to Funding 1 (and so far as permitted by applicable law), convert the floating charge created under this Clause 3 into a fixed charge as regards any of Funding 1's assets subject to the floating charge specified in that notice, if: (i) an Intercompany Loan Event of Default is outstanding; (ii) the Funding 1 Security Trustee considers those assets or any part thereof to be in danger of being seized or sold under any form of distress, attachment, execution, diligence or other legal process or to be otherwise in jeopardy; and/or (iii) a circumstance occurs which the Funding 1 Security Trustee considers to (or to be likely to) prejudice, imperil or threaten Funding 1 Security. (c) Except as provided below, the floating charge created by this Clause 3 will automatically (so far as permitted by applicable law) convert into a fixed charge as regards: (i) all of Funding 1's assets subject to the floating charge, upon the service of an Intercompany Loan Acceleration Notice; and/or (ii) any assets of Funding 1 subject to the floating charge, if those assets (contrary to the covenants and undertakings contained in Funding 1 Agreements): (A) are or become subject to a Security Interest in favour of any person other than the Funding 1 Security Trustee; or (B) are or become the subject of a sale, transfer or other disposition, immediately prior to that Security Interest arising or that sale, transfer or other disposition being made. (d) The floating charge created by this Clause 3 may not be converted into a fixed charge solely by reason of: (i) the obtaining of a moratorium; or (ii) anything done with a view to obtaining a moratorium, under Section 1 of the Insolvency ▇▇▇ ▇▇▇▇Act 2000. (e) The floating charge created by this Clause 3 is a qualifying floating charge for the purpose of paragraph 14 of Schedule B1 to the Insolvency ▇▇▇ ▇▇▇▇Act 1986.

Floating Charge. (a) Funding 1 charges by way of a first floating charge all of its undertaking and all of its property and assets (including, without limitation, its uncalled capital) other than any property or assets at any time otherwise effectively charged or assigned by way of fixed charge or assignment under this Clause 3 (but excepting from the foregoing exclusion all of Funding 1's undertaking, property and assets situated in Scotland or the rights to which are governed by Scots law, all of which are charged by the floating charge hereby created). (b) Except as provided below, the Funding 1 Security Trustee may, by notice to Funding 1 (and so far as permitted by applicable law), convert the floating charge created under this Clause 3 into a fixed charge as regards any of Funding 1's assets subject to the floating charge specified in that notice, if: (i) an Intercompany Loan Event of Default is outstanding; (ii) the Funding 1 Security Trustee considers those assets or any part thereof to be in danger of being seized or sold under any form of distress, attachment, execution, diligence or other legal process or to be otherwise in jeopardy; and/or (iii) a circumstance occurs which the Funding 1 Security Trustee considers to (or to be likely to) prejudice, imperil or threaten Funding 1 Security. (c) Except as provided below, the floating charge created by this Clause 3 will automatically (so far as permitted by applicable law) convert into a fixed charge as regards: (i) all of Funding 1's assets subject to the floating charge, upon the service of an Intercompany Loan Acceleration Notice; and/or (ii) any assets of Funding 1 subject to the floating charge, if those assets (contrary to the covenants and undertakings contained in Funding 1 Agreements): (A) are or become subject to a Security Interest in favour of any person other than the Funding 1 Security Trustee; or (B) are or become the subject of a sale, transfer or other disposition, immediately prior to that Security Interest arising or that sale, transfer or other disposition being made. (d) The floating charge created by this Clause 3 may not be converted into a fixed charge solely by reason of: (i) the obtaining of a moratorium; or (ii) anything done with a view to obtaining a moratorium, under Section 1 of the Insolvency ▇▇▇ ▇▇▇▇Act 1986. (e) The floating charge created by this Clause 3 is a qualifying floating charge for the purpose of paragraph 14 of Schedule B1 to the Insolvency ▇▇▇ ▇▇▇▇Act 1986.

Floating Charge. (a) Funding 1 2 charges by way of a first floating charge all of its undertaking and all of its property and assets (including, without limitation, its uncalled capital) other than any property or assets at any time otherwise effectively charged or assigned by way of fixed charge or assignment under this Clause 3 (but excepting from the foregoing exclusion all of Funding 12's undertaking, property and assets situated in Scotland or the rights to which are governed by Scots law, all of which are charged by the floating charge hereby created). (b) Except as provided below, the Funding 1 2 Security Trustee may, by notice to Funding 1 2 (and so far as permitted by applicable law), convert the floating charge created under this Clause 3 into a fixed charge as regards any of Funding 12's assets subject to the floating charge specified in that notice, if: (i) an a Master Intercompany Loan Event of Default is outstanding; (ii) the Funding 1 2 Security Trustee considers those assets or any part thereof to be in danger of being seized or sold under any form of distress, attachment, execution, diligence or other legal process or to be otherwise in jeopardy; and/or (iii) a circumstance occurs which the Funding 1 2 Security Trustee considers to (or to be likely to) prejudice, imperil or threaten Funding 1 2 Security. (c) Except as provided below, the floating charge created by this Clause 3 will automatically (so far as permitted by applicable law) convert into a fixed charge as regards: (i) all of Funding 12's assets subject to the floating charge, upon the service of an a Master Intercompany Loan Acceleration Notice; and/or (ii) any assets of Funding 1 2 subject to the floating charge, if those assets (contrary to the covenants and undertakings contained in Funding 1 2 Agreements): (A) are or become subject to a Security Interest in favour of any person other than the Funding 1 2 Security Trustee; or (B) are or become the subject of a sale, transfer or other disposition, immediately prior to that Security Interest arising or that sale, transfer or other disposition being made. (d) The floating charge created by this Clause 3 may not be converted into a fixed charge solely by reason of: (i) the obtaining of a moratorium; or (ii) anything done with a view to obtaining a moratorium, under Section 1 of the Insolvency ▇▇▇ ▇▇▇▇Act 2000. (e) The floating charge created by this Clause 3 is a qualifying floating charge QUALIFYING FLOATING CHARGE for the purpose of paragraph 14 of Schedule B1 to the Insolvency ▇▇▇ ▇▇▇▇Act 1986.