Common use of Floating Charge Clause in Contracts

Floating Charge. (a) Each Chargor charges by way of a first floating charge all of its assets whatsoever and wheresoever not otherwise effectively mortgaged, charged or assigned under this Deed. (b) Except as provided below, the Collateral Agent may by notice in writing to a Chargor convert the floating charge created by that Chargor under this Deed into a fixed charge as regards any of that Chargor’s assets specified in that notice, if: (i) an Event of Default is continuing; (ii) the Collateral Agent reasonably considers those assets 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; or (iii) that Chargor fails to comply, or takes or threatens to take any action which, in the reasonable opinion of the Collateral Agent, is likely to result in it failing to comply with its obligations under Clause 5(a) (Restrictions on dealing). (c) The floating charge created under this Deed 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 1A to the Insolvency ▇▇▇ ▇▇▇▇. (d) The floating charge created under this Deed will (in addition to the circumstances in which the same will occur under general law) automatically convert into a fixed charge over all of each Chargor’s assets if an administrator is appointed or the Collateral Agent receives notice of an intention to appoint an administrator (e) The floating charge created under this Deed is a qualifying floating charge for the purpose of paragraph 14 of Schedule B1 to the Insolvency ▇▇▇ ▇▇▇▇. (f) The giving by the Collateral Agent of a notice under paragraph (b) above in relation to any asset of a Chargor will not be construed as a waiver or abandonment of the Collateral Agent’s rights to give any other notice in respect of any other asset or of any other right of any other Secured Party under this Deed or any other Security Document.

Floating Charge. (a) Each The Chargor charges by way of a first floating charge all of its those assets whatsoever and wheresoever purported to be charged under Clauses 2.2 to 2.4 that are not otherwise effectively mortgaged, charged or assigned by way of fixed charge under this Deed. (b) Except as provided below, the Collateral Agent may by notice in writing to a the Chargor convert the floating charge created by that the Chargor under this Deed into a fixed charge as regards any of that the Chargor’s assets specified in that notice, if: (i) an Event of Default is continuing; (ii) the Collateral Agent reasonably considers those assets 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; or (iii) that the Chargor fails to comply, or takes or threatens to take any action which, in the reasonable opinion of the Collateral Agent, is likely to result in it failing to comply with its obligations under paragraph (a) of Clause 5(a) 4 (Restrictions on dealingDealing). (c) The floating charge created under this Deed 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 1A to of the Insolvency ▇▇▇ ▇▇▇▇. (d) The floating charge created under this Deed will (in addition to the circumstances in which the same will occur under general law) automatically convert into a fixed charge over all of each the Chargor’s assets that are subject to the floating charge: (i) if an administrator is appointed or the Collateral Agent receives notice of an intention to appoint an administrator; or (ii) on the convening of any meeting of the members of the Chargor to consider a resolution to wind the Chargor up (or not to wind the Chargor up); or (iii) upon the occurrence of any analogous event in any jurisdiction. (e) The floating charge created under this Deed is a qualifying floating charge for the purpose of paragraph 14 of Schedule B1 Bl to the Insolvency ▇▇▇ ▇▇▇▇. (f) The giving by the Collateral Agent of a notice under paragraph (b) above in relation to any asset of a the Chargor will not be construed as a waiver or abandonment of the Collateral Agent’s rights to give any other notice in respect of any other asset or of any other right of any other Secured Party under this Deed or any other Security Loan Document. (g) Any charge which has been converted into a fixed charge in accordance with paragraphs (b) or (d) above may, by notice in writing given at any time by the Collateral Agent to the Chargor, be reconverted into a floating charge in relation to the Security Assets specified in such notice.

Floating Charge. (a) Each The Chargor charges by way of a first floating charge all of its assets whatsoever and wheresoever not at any time otherwise effectively mortgaged, charged or assigned by way of fixed mortgage, charge or assignment under this DeedClause. (b) Except as provided below, the Collateral Security Agent may by notice in writing to a the Chargor convert the floating charge created by that Chargor under this Deed Subclause into a fixed charge as regards any of that the Chargor’s assets specified in that notice, if: (i) an Event of Default is continuing;subsisting; or (ii) the Collateral Security Agent reasonably considers those assets 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; or (iii) that Chargor fails to comply, or takes or threatens to take any action which, in the reasonable opinion of the Collateral Agent, is likely to result in it failing to comply with its obligations under Clause 5(a) (Restrictions on dealing). (c) The floating charge created under by this Deed 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 1A to the Insolvency ▇▇▇ ▇▇▇▇. (d) The floating charge created under this Deed Subclause will (in addition to the circumstances in which the same will occur under general law) automatically convert into a fixed charge over all of each the Chargor’s assets if an administrator is appointed on the convening of any meeting of the members of the Chargor to consider a resolution to wind-up the Chargor (or not to wind up the Collateral Agent receives notice of an intention to appoint an administrator (e) The floating charge created under this Deed is a qualifying floating charge for the purpose of paragraph 14 of Schedule B1 to the Insolvency ▇▇▇ ▇▇▇▇Chargor). (fd) The giving by the Collateral Security Agent of a notice under paragraph (b) above in relation to any asset of a the Chargor will not be construed as a waiver or abandonment of the Collateral Security Agent’s rights to give any other notice in respect of any other asset or of any other right of any other Secured Party under this Deed or any other Security Finance Document.

Floating Charge. (a) Each The Chargor charges by way of a first floating charge all of its assets whatsoever and wheresoever not at any time otherwise effectively mortgaged, charged or assigned by way of fixed mortgage, charge or assignment under this DeedClause. (b) Except as provided below, the Collateral Security Agent may by notice in writing to a the Chargor convert the floating charge created by that Chargor under this Deed Subclause into a fixed charge as regards any of that the Chargor’s assets specified in that notice, if: (i) an Event of Default is continuing;subsisting; or (ii) the Collateral Security Agent reasonably considers those assets 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; or (iii) that Chargor fails to comply, or takes or threatens to take any action which, in the reasonable opinion of the Collateral Agent, is likely to result in it failing to comply with its obligations under Clause 5(a) (Restrictions on dealing). (c) The floating charge created under by this Deed Subclause 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 1A to the Insolvency ▇▇▇ ▇▇▇▇. (d) The floating charge created under by this Deed Subclause will (in addition to the circumstances in which the same will occur under general law) automatically convert into a fixed charge over all of each the Chargor’s assets if an administrator is appointed on the convening of any meeting of the members of the Chargor to consider a resolution to wind-up the Chargor (or not to wind up the Collateral Agent receives notice of an intention to appoint an administratorChargor). (e) The floating charge created under this Deed is a qualifying floating charge for the purpose of paragraph 14 of Schedule B1 to the Insolvency ▇▇▇ ▇▇▇▇. (f) The giving by the Collateral Security Agent of a notice under paragraph (b) above in relation to any asset of a the Chargor will not be construed as a waiver or abandonment of the Collateral Security Agent’s rights to give any other notice in respect of any other asset or of any other right of any other Secured Party under this Deed or any other Security Finance Document. (f) The floating charge created by this Subclause is a qualifying floating charge for the purpose of paragraph 14 of Schedule B1 to the Insolvency ▇▇▇ ▇▇▇▇.

Floating Charge. (a) Each The Chargor charges by way of a first floating charge all of its assets whatsoever and wheresoever not otherwise effectively mortgaged, charged or assigned by way of fixed mortgage, charge or assignment under this DeedClause 2. (b) Except as provided below, the Collateral Security Agent may by notice in writing to a the Chargor convert the floating charge created by that the Chargor under this Deed Clause 2.12 into a fixed charge as regards any of that the Chargor’s 's assets specified in that notice, if: (i) an Event of Default has occurred which is continuing; (ii) the Collateral Security Agent reasonably considers those assets 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; or (iii) that the Chargor fails to comply, or takes or threatens to take any action which, in the reasonable opinion of the Collateral Security Agent, is likely to result in it the Chargor failing to comply with its obligations under Clause 5(a) 4 (Restrictions on dealingDealings), and upon issue of such notice by the Security Agent to the Chargor in respect of any asset of the Chargor, the floating charge over that asset shall immediately crystallise and become a fixed charge. (c) The floating charge created under this Deed 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 1A to the Insolvency ▇▇▇ ▇▇▇▇. (d) The floating charge created under this Deed Clause 2.12 will (in addition to the circumstances in which the same such a conversion will occur under general law) automatically convert into a fixed charge over all of each the Chargor’s 's assets if an administrator is appointed on the convening of any meeting of the members of the Chargor to consider a resolution to wind up the Chargor (or not to wind up the Collateral Agent receives notice of an intention to appoint an administrator (e) The floating charge created under this Deed is a qualifying floating charge for the purpose of paragraph 14 of Schedule B1 to the Insolvency ▇▇▇ ▇▇▇▇Chargor). (fd) The giving by the Collateral Security Agent of a notice under paragraph (b) above in relation to any asset of a the Chargor will not be construed as a waiver or abandonment of the Collateral Security Agent’s 's rights to give any other notice in respect of any other asset or of any other right of any other Secured Party under this Deed or any other Security Finance Document.