5.5 Floating Charge
In addition to the endorsement of the pledge on the rights resulting from the Contracts, Borrower shall create, at first request of the Lender, a floating charge, in favour of Lender on the following current assets:
Stock
Trade receivables
Insurance policies on these trade receivables and stock
Prefinance or advance payments made by the Borrower to its suppliers
Upon request of the Lender, the Borrower will pledge and register Contract Assets regarding the Contract(s) under this Loan Agreement to the Lender. The Borrower will present the necessary documentation for the perfection of the registered pledge. The Borrower agrees that at no time and under no circumstance the Contract Assets will be offered as a guarantee or as a security to any other party but the Lender