Common use of Floating Charge Clause in Contracts

Floating Charge. For all purposes, including without limitation any application to register a crystallized floating charge under the Land Title Act (British Columbia) and other similar legislation in all applicable jurisdictions against any Real Property, the floating charge created by this Security Agreement shall be crystallized and become a fixed charge upon the earliest of: (a) the occurrence of an Event of Default; or (b) the Secured Party taking any action pursuant to Section 17 hereof to enforce and realize upon any or all of the Security Interest created by this Security Agreement, and in any event upon the appointment by the Secured Party of a Receiver pursuant to Section 17 hereof.