Common use of Floating Charge Clause in Contracts

Floating Charge. (a) The Client, as a continuing security for the payment and satisfaction of all monies and liabilities (whatever actual or contingent) which are now or at any time hereafter may be due, owed or incurred from or by Client to GTJAF or any other member of the GTJA Group in connection with the Account or any agreement with any other member of the GTJA Group and the payment of all costs, charges and expenses incurred by GTJAF or any member of the GTJA Group, charges by way of a first floating charge, in favor of GTJAF, on trust for itself and any other member of the GTJA Group, free from any encumbrances, any and all Derivatives contracts, monies and other property referred to in Clause 13.1 above not at any time otherwise effectively charged or mortgaged by way of a first fixed charge under Clause 13.1. (b) The first floating charge created by the Client under this Clause 13.2 shall crystallise into a first legal charge forthwith and automatically upon the earlier of (i) the creation and issue to or receipt by the Client of the Derivatives contracts, monies and other property referred to in Clause 13.1 above, (ii) any corporate action, legal proceedings or other formal procedure or formal step is taken in relation to the winding-up, dissolution or re- organisation of the Client, (iii) upon default by the Client in payment on demand or on the due date therefor of any of the Client’s indebtedness to GTJAF or any other default by the Client hereunder, to any party at GTJAF’s absolute discretion, (iv) any person taking any step to effect any expropriation, attachment, sequestration, distress or execution against any of the Derivatives contracts, monies and other property referred to in Clause 13.1 above, or (v) the issue of a written notice by GTJAF to the Client if GTJAF considers it desirable to convert any floating charge created pursuant to this Clause 13.2 in order to protect or preserve the security over the Derivatives contracts, monies and other property referred to in Clause 13.1 above and/or the priority of the charge.

Floating Charge. (a) The Client, as a continuing security for the payment and satisfaction of all monies and liabilities (whatever actual or contingent) which are now or at any time hereafter may be due, owed or incurred from or by Client to GTJAF or any other member of the GTJA Group in connection with the Account or any agreement with any other member of the GTJA Group and the payment of all costs, charges and expenses incurred by GTJAF or any member of the GTJA Group, charges by way of a first floating charge, in favor of GTJAF, on trust for itself and any other member of the GTJA Group, free from any encumbrances, any and all Derivatives contracts, monies and other property referred to in Clause 13.1 above not at any time otherwise effectively charged or mortgaged by way of a first fixed charge under Clause 13.1. (b) The first floating charge created by the Client under this Clause 13.2 shall crystallise into a first legal charge forthwith and automatically upon the earlier of (i) the creation and issue to or receipt by the Client of the Derivatives contracts, monies and other property referred to in Clause 13.1 above, (ii) any corporate action, legal proceedings or other formal procedure or formal step is taken in relation to the winding-up, dissolution or re- re-organisation of the Client, (iii) upon default by the Client in payment on demand or on the due date therefor of any of the Client’s indebtedness to GTJAF or any other default by the Client hereunder, to any party at GTJAF’s absolute discretion, (iv) any person taking any step to effect any expropriation, attachment, sequestration, distress or execution against any of the Derivatives contracts, monies and other property referred to in Clause 13.1 above, or (v) the issue of a written notice by GTJAF to the Client if GTJAF considers it desirable to convert any floating charge created pursuant to this Clause 13.2 in order to protect or preserve the security over the Derivatives contracts, monies and other property referred to in Clause 13.1 above and/or the priority of the charge.

Floating Charge. (a) The Client, as a continuing security for the payment and satisfaction of all monies and liabilities (whatever actual or contingent) which are now or at any time hereafter may be due, owed or incurred from or by Client to GTJAF GTJAS or any other member of the GTJA Group in connection with the Account or any agreement with any other member of the GTJA Group and the payment of all costs, charges and expenses incurred by GTJAF GTJAS or any member of the GTJA Group, charges by way of a first floating charge, in favor of GTJAFGTJAS, on trust for itself and any other member of the GTJA Group, free from any encumbrances, any and all Derivatives contractsOptions Contracts, stocks, monies and other property referred to in Clause 13.1 above not at any time otherwise effectively charged or mortgaged by way of a first fixed charge under Clause 13.1. (b) The first floating charge created by the Client under this Clause 13.2 shall crystallise into a first legal charge forthwith and automatically upon the earlier of (i) the creation and issue to or receipt by the Client of the Derivatives contractsOptions Contracts, stocks, monies and other property referred to in Clause 13.1 above, (ii) any corporate action, legal proceedings or other formal procedure or formal step is taken in relation to the winding-up, dissolution or re- re-organisation of the Client, (iii) upon default by the Client in payment on demand or on the due date therefor occurrence of any an Event of the Client’s indebtedness to GTJAF or any other default by the Client hereunder, to any party at GTJAF’s absolute discretionDefault, (iv) any person taking any step to effect any expropriation, attachment, sequestration, distress or execution against any of the Derivatives contractsOptions Contracts, stocks, monies and other property referred to in Clause 13.1 above, or (v) the issue of a written notice by GTJAF GTJAS to the Client if GTJAF GTJAS considers it desirable to convert any floating charge created pursuant to this Clause 13.2 in order to protect or preserve the security over the Derivatives contractsOptions Contracts, stocks, monies and other property referred to in Clause 13.1 above and/or the priority of the charge.