Common use of Fixed and floating charge Clause in Contracts

Fixed and floating charge. The charge created under this Agreement is a fixed charge in relation to Other Property. However, if that charge is not legally and fully effective as a fixed charge then, for so long as and to the extent it may not be so legally and fully effective,‌ the Customer will advise the Secured Party of such details of that Collateral as are necessary to allow the Secured Party to register a financing statement under the PPSA in respect of any such Collateral, unless those serial-numbered goods are to be held by the Customer as inventory.

Fixed and floating charge. The charge created under this Agreement is a fixed charge in relation to Other Property. However, if that charge is not legally and fully effective as a fixed charge then, for so long as and to the extent it may not be so legally and fully effective,‌ effective, the Customer will advise the Secured Party of such details of that Collateral as are necessary to allow the Secured Party to register a financing statement under the PPSA in respect of any such Collateral, unless those serial-numbered goods are to be held by the Customer as inventory.