Common use of Conversion of Floating Charge Clause in Contracts

Conversion of Floating Charge. The Collateral Agent may at any time by notice to the Owner convert the floating charge hereby created into a fixed charge as regards any Assets specified in the notice which the Collateral Agent shall consider 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 and (whether or not this security has become enforceable) may at any time appoint a Receiver (as defined in Section 7.1 hereof) thereof.