Security & Collateral · glossary
A person the Bank appoints to take particular assets, such as the factory, and sell them. The power comes from the Law of Property Act, hence “LPA”. The receiver acts as the Company's agent (clause 10.3), so the Company answers for what the receiver does and pays the fees. Definition: Receiver · Debenture §9.2 · Debenture §10 · Chapter 4 · Chapter 9
Explained in Chapter 4, The Land: A Legal Mortgage, of Security & Collateral.
Fixing is not enforcing. A charge that has fixed stops the Company dealing with the asset, and nothing more. The Bank still may not sell the asset, take it or appoint a Receiver (a person appointed to take and sell it). Those powers start only after an Enforcement Event (clause 9.1).Read Chapter 3, Fixed and Floating →
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a receiver, or receiver and manager, of any of the Security Assets appointed by the Bank under this Debenture;Read the definition in the document →
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