Common use of CONVERSION BY NOTICE Clause in Contracts

CONVERSION BY NOTICE. The Security Agent may convert the floating charge over all or any of the Security Assets II into a fixed charge by notice to the Assignor specifying the relevant Security Assets II: (a) if it considers it desirable to do so in order to protect or preserve the Security Interests II over those Security Assets II and/or the priority of those Security Interests II; and/or (b) while an Event of Default is continuing.

CONVERSION BY NOTICE. The Security Agent may convert the floating charge over all or any of the Security Assets II I into a fixed charge by notice to the Assignor specifying the relevant Security Assets III: (a) if it considers it desirable to do so in order to protect or preserve the Security Interests II I over those Security Assets II I and/or the priority of those Security Interests III; and/or (b) while an Event of Default is continuing.