Common use of CONVERSION BY NOTICE Clause in Contracts

CONVERSION BY NOTICE. The Security Trustee may convert any floating charge created pursuant to Clause 4.1 into a fixed charge (either generally or specifically) by notice to the relevant Chargor specifying the relevant Collateral: (a) if it (acting reasonably) considers it desirable to do so in order to protect or preserve the Security Interests over that Collateral and/or the priority of those Security Interests; and/or (b) while an Event of Default is continuing.

CONVERSION BY NOTICE. The Security Trustee may convert any floating charge created pursuant to Clause 4.1 3.1 into a fixed charge (either generally or specifically) by notice to the relevant Chargor specifying the relevant Collateral: (a) if it (acting reasonably) considers it desirable to do so in order to protect or preserve the Security Interests over that Collateral and/or the priority of those Security Interests; and/or (b) while an Event of Default has occurred and is continuing.

CONVERSION BY NOTICE. The Security Trustee may convert any floating charge created pursuant to Clause 4.1 into a fixed charge (either generally or specifically) by notice to the relevant Chargor specifying the relevant Collateral: (a) if it (acting reasonably) considers it desirable to do so in order to protect or preserve the Security Interests over that Collateral and/or the priority of those Security Interests; and/or (b) while an Event of Default is continuing.