Persons entitled
- United Trust Bank Limited
Brief description
By way of continuing security in favour of the bank:. 1. "schedule property - charges by way of legal mortgage, the scheduled property.. 2. the rights - assigns absolutely to the bank, the rights relating to the scheduled property.. 3. other property - charges by way of fixed charge the property (except the scheduled property validly charged in clause 4.1 of the debenture) and all righs relating to such property.. 4. contracts - assigns absolutely to the bank, the contracts.. 5. intellectual property - charges by way of fixed charge, all the intellectual property owned, possessed or controlled by the company from time to time.. 6. plant and machinery - charges by way of fixed charge, the plant and machinery.. 7. shares and derivative assets - charges by way of fixed charge, the shares and derivative assets.. 8. goodwill - charges by way of fixed charge, all the goodwill and uncalled capital for the time being of the company.. 9. floating charge - charges by way of floating charge, all the undertaking and assets of the company whatsoever, wherever situate, whether movable, immovable, present or future (including, without limitation, its uncalled capital for the time being and all the undertaking and assets of the company referred to above which are, for any reason, not validly charged or assigned pursuant to clauses 4.1 (scheduled property) to 4.8 (goodwill) (inclusive) of the debenture).. Further:. (A) conversion by notice - the bank may by notice to the company convert the floating charge contained in this debenture into a fixed charge as regards such charged proeprty as the bank may specify (whether generally or specifically) in that notice (I) if it considers that it would be desirable to do so in order to protect, preserve or supplement the charges over the charged property, or the priority of those charges; or (ii) at the same time as, or any time after, the security constituted by the debenture becomes enforceable, or both.. (B) automatic conversion - if, without the prior written consent of the bank, the company creates any security interest over any of the charged property not expressed to be subject to a fixed charge under the debenture, or attempts to . ____________________. and in respect of the above, the definitions in clause 1.1 of the debenture shall apply.. Notification of addition to or amendment of charge.
Contains fixed charge.
Contains floating charge.
Floating charge covers all the property or undertaking of the company.