Floating Charge. (a) The Client, as a continuing security for the payment and satisfaction of all monies and liabilities (whatever actual or contingent) which are now or at any time hereafter may be due, owed or incurred from or by Client to GTJAS or any other member of the GTJA Group in connection with the Account or any agreement with any other member of the GTJA Group and the payment of all costs, charges and expenses incurred by GTJAS or any member of the GTJA Group, charges by way of a first floating charge, in favor of GTJAS, on trust for itself and any other member of the GTJA Group, free from any encumbrances, any and all Options Contracts, monies and other property referred to in Clause 12.1 above not at any time otherwise effectively charged or mortgaged by way of a first fixed charge under Clause 12.1.
(b) The first floating charge created by the Client under this Clause 12.2 shall crystallise into a first legal charge forthwith and automatically upon the earlier of (i) the creation and issue to or receipt by the Client of the Options Contracts, monies and other property referred to in Clause 12.1 above,
