Fixed and Floating Security. If for any reason any Security in respect of any asset created or purported to be created pursuant to this Clause 5 as a fixed charge or assignment does not, or ceases to, take effect as a fixed charge or assignment, then it shall take effect as a floating charge in respect of such asset. However, it is the intent of the Parties that the Security over other Charged Assets shall remain unaffected.
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Samples: Intellectual Property Security Agreement (Endeavour International Corp), Security Agreement (Endeavour International Corp)
Fixed and Floating Security. If for any reason any Security in respect of any asset created or purported to be created pursuant to this Clause 5 4 as a fixed charge or assignment does not, or ceases to, take effect as a fixed charge or assignment, then it shall take effect as a floating charge in respect of such asset. However, However it is the intent of the Parties that the Security over other Charged Assets shall remain unaffected.
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Fixed and Floating Security. If for any reason any Security in respect of any asset created or purported to be created pursuant to this Clause 5 (Floating Charge) as a fixed charge or assignment does not, or ceases to, take effect as a fixed charge or assignment, then it shall take effect as a floating charge in respect of such asset. However, However it is the intent of the Parties that the Security over other Charged Assets shall remain unaffected.
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