Common use of Enforcement Notice Clause in Contracts

Enforcement Notice. 6.1 Subject to the provisions of this Clause if, at any time while any of the Secured Amounts remain outstanding, an Event of Default in relation to the Notes occurs which is unremedied within the period of grace (if any) applying thereto, then the Note Trustee may in its absolute discretion serve on the Issuer an Enforcement Notice thereby crystallising the floating charge created by Clause 3.3 into a fixed charge or fixed charges as regards any assets specified in the Enforcement Notice and by way of further assurance of such fixed charge or fixed charges or securities the Issuer shall promptly execute over such assets a fixed charge or fixed charges or securities in favour of the Note Trustee in such form as the Note Trustee shall require. Notwithstanding the above, the floating charge created under Clause 3.3 above shall not be converted into a fixed charge solely as a result of the obtaining of a moratorium (or anything done with a view to obtaining a moratorium) under the Insolvency Act 2000 except with leave of Court.

Enforcement Notice. 6.1 Subject to the provisions of this Clause if, at any time while any of the Secured Amounts remain outstanding, an Event of Default in relation to the Notes occurs which is unremedied within the period of grace (if any) applying thereto, then the Note Trustee may in its absolute discretion serve on the Issuer an Enforcement Notice thereby crystallising the floating charge created by Clause 3.3 into a fixed charge or fixed charges as regards any assets specified in the Enforcement Notice and by way of further assurance of such fixed charge or fixed charges or securities the Issuer shall promptly execute over such assets a fixed charge or fixed charges or securities in favour of the Note Trustee in such form as the Note Trustee shall require. Notwithstanding the above, the floating charge created under Clause 3.3 above shall not be converted into a fixed charge solely as a result of the obtaining of a moratorium (or anything done with a view to obtaining a moratorium) under the Insolvency Act 2000 Axx 0000 except with leave of Court.