A clause which alters or flips the waterfall of priorities on the occurrence of a certain event.

Additional time allowed in a contractor's programme beyond that required to complete a particular activity to give the contractor an element of flexibility in respect of its programme. Ownership of the float can be a contentious issue.

When a firm's shares start trading on a formal stock exchange, such as the LSE, NASDAQ or the NYSE. This is probably the most profitable exit route for entrepreneurs and their financial backers.

For further practical guidance on the financing of energy, power and resources projects across a number of sectors, including those discussed in this Practice Note, see also textbook: Energy and Resources Financing: A Practical Handbook. The Traditional Model: LNG transported by ships Practice Note: LNG—an introduction provides a general overview of liquefied natural gas (LNG). Importantly, any project involving LNG, almost certainly, involves carriage of LNG by sea. The whole purpose of LNG is to carry natural gas in a liquefied form from a producer nation to a user market, in the absence of an available gas pipeline. Methane becomes liquid when cooled to approximately -162°C, in which state its volume is around 1/600th of that in gaseous state. This allows large quantities of natural gas to be carried on ships. Historically, LNG has been produced at a shore-based liquefaction facility (which requires significant amounts of energy), transported via sea and then regasified at a shore-based terminal for distribution and use as fuel. The shore-based parts of this chain can, however, be performed

RenewableUK has published a press release announcing the release of the Floating Offshore Wind Taskforce’s report entitled ‘Floating Wind: Anchoring the Next Generation Offshore’. The report outlines the significant opportunities for British industry in designing, building, installing, and operating floating offshore wind projects both in the UK and globally.

Planning analysis: The Court of Appeal (CoA) dismissed an appeal against a decision by the First-tier Tribunal (FTT) and Upper Tribunal (UT), holding that a houseboat moored pursuant to a licence agreement was a caravan which formed part of a ‘protected site’. A certificate of lawful use (the Certificate) permitting the respondent to occupy the houseboat as her permanent residence was the ‘relevant planning permission’ under the Caravans Act 1968 (CA 1968) as it superseded an earlier grant of planning permission to occupy the houseboat for holiday use only. The respondent was therefore entitled to security of tenure under the Mobile Homes Act 1983 (MHA 1983). Written by Sarah Fitzpatrick, head of planning, and Katie Phipps, Norton Rose Fulbright LLP.

A charge held over assets that may not be fixed and may be changeable. Usually secured by way of a debenture.

A charge which floats over the assets subject to it, allowing the chargor to deal in these assets in the ordinary course of its business until the charge crystallises (or fixes) over the assets. Certain floating charges are subject to avoidance if created shortly before an insolvency commences.

Scotland uses a stand-alone floating charge, rather than including a floating charge in a debenture. The Bond refers to the debt obligation for which the security is given, and if not provided for in the floating charge document there needs to be a separate personal bond document. Often, however, the floating charge is drafted to include a bond, and so referred to as a bond and floating charge. Unlike England, it is possible to have a floating charge over the same assets at the same time as a fixed charge (eg Standard Security). This means that where a borrower provides an English debenture but has assets in Scotland, the wording of an English debenture floating charge needs to be checked to make sure it is compliant with Scots law floating charges

This Deed is made on [insert date] 20[insert year] Parties 1 [Insert name of Chargor], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Chargor); and 2 [insert name of Lender] of [insert address] (the Lender). Recitals: (A) The Lender has agreed to make available a loan facility to the Chargor on the terms and conditions set out in the Facility Agreement (as defined below). (B) It is a condition precedent to the availability of the loan facility that the Chargor enter into this Deed for the purpose of providing security in favour of the Lender in respect of the Secured Obligations (as defined below). IT IS AGREED as follows: 1 Definitions and interpretation 1.1 Definitions In this Deed, unless otherwise provided: Facility Agreement • means the facility agreement entered into on [the date of this Deed OR [insert date]] between the Chargor as borrower and the Lender as lender; LPA 1925 • means the Law of Property Act 1925; Party • means a party to this Deed; Permitted Security • means: (a) the

A floating charge is most commonly contained in a debenture along with other forms of security such as fixed charges, assignments and legal mortgages. Inclusion of a floating charge provides important advantages for secured lenders (see Reasons for taking a floating charge below). This Practice Note discusses: • the nature of a floating charge • the reasons for and advantages of taking a floating charge • who can grant a floating charge • key considerations when taking a floating charge, and • perfection, priority and enforcement considerations What is a floating charge? Characteristics of a floating charge The classic criteria of a floating charge are: • it is a charge on a class of assets of a company present and future • the class of assets is one that, in the ordinary course of the company business, will change from time to time, and • it is contemplated that, until some future step is taken by or on behalf of those interested in the charge, the company may carry on its business in the ordinary way

This Practice Note discusses the advantages and disadvantages of taking a floating as opposed to a fixed charge, predominantly from the perspective of the chargee. Why is it important to understand the advantages and disadvantages of floating charges? In practice, it is common for lenders on secured lending transactions to take fixed charges over non-fluctuating assets of a company and a floating charge over any remaining assets. This approach enables a lender to maximise the key advantages conferred by both types of charge. Fixed charges (where available) provide better recovery on enforcement, while taking a ‘qualifying floating charge’ provides a lender with the ability to appoint an administrator out of court and enables it to take security over a wider pool of assets. However, the precise security package over a company’s assets is frequently subject to negotiation with the borrower. In particular, the borrower may resist granting the kinds of controls over its assets which are necessary for a fixed charge to be created. It is therefore important for lenders to be aware of the disadvantages