Persons entitled
- United Trust Bank Limited
Brief description
Definitions of all of the terms here are found in the deed attached.. 1. covenant to pay: the company shall on demand pay to the bank or discharge, as the case may be, all the secured liabilities when the secured liabilities become due.. 2. security:. By way of continuing security in favour of the bank for the payment and discharge of the secured liabilities, the chargor with full title guarantee:. 2.1. scheduled property: charges by way of legal mortgage, the scheduled property;. 2.2. the rights: assigns absolutely to the bank, the rights relating to the scheduled property;. 2.3. other property: charges by way of fixed charge, the property (except the scheduled property validly charged in clause 2.1. (scheduled property) above) and all rights relating to such property.. 2.4. contracts: assigns absolutely to the bank, the contracts.. 2.5. intellectual property: charges by way of fixed charge, all the intellectual property owned, possessed or controlled by the chargor from time to time.. 2.6. plant and machinery: charges by way of fixed charge, the plant and machinery.. 2.7. shares and derivative assets: charges by way of fixed charge, the shares and derivative assets.. 2.8. goodwill: charges by way of fixed charge, all the goodwill and uncalled capital for the time being of the chargor.. 2.9. floating charge: charges by way of floating charge, all the undertaking and assets of the chargor 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 chargor referred to above which are, for any reason, not validly charged or assigned pursuant to clauses 2.1. (scheduled property) to 2.8. (goodwill) (inclusive) of this debenture.. Paragraph 14 of schedule B1 to the insolvency act 1986 shall apply to any floating charge created by this debenture.
Contains fixed charge.
Contains floating charge.
Floating charge covers all the property or undertaking of the company.
Contains negative pledge.