Floating Security

Floating Security

1. See: Floater.

2. A security that a broker buys in his/her own name on behalf of a client. The floating security is held in the broker's name to make it easier to sell quickly if need be. See also: Beneficial ownership, Safekeep.
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National contract notice: jukola school, artificial furnace and floating security platforms
Security is granted by way of fully fixed and qualifying floating security under an issuer-borrower loan structure.
Security checks and cement protection barriers to prevent truck attacks were the most visible aspects of the anti-terrorist effort, which also involved floating security devices, plainclothes policemen with body cameras and sharpshooters on rooftops, according to local media.
Due to this uncertainty some foreign lenders may also stipulate offshore accounts where such floating security would be recognized.
(253) From this explanation, one jurist concluded that "[i]t is inconsistent with the nature of a floating security that the holder should be able to pounce down on particular assets and to interfere with the company's business while still keeping his security a floating security; he cannot at once give freedom and insist on servitude." (254) Alternatively, the floating charge is sometimes described as "a licence or permission by the [creditor] to the [debtor] to deal with the [collateral] ...
The permanent floating security stations will operate round-the-clock, monitoring movement at sea and conducting sea patrols.
Reclamation rights have already been besieged in cases, such as Advanced Marketing Services in the Bankruptcy Court for the District of Delaware, where the court denied a reclaiming creditor's motion for injunctive relief to bar the debtor from selling that creditor's goods, and Dana Corporation in the Bankruptcy Court for the Southern District of New York, where the court ruled that reclamation rights were rendered valueless by virtue of the debtor's pre-petition and Chapter 11 secured lenders' alleged floating security interest in all of the debtor's inventory.
Keep in mind that the concierge or floating security staff will generally need to maintain a view of the turnstiles, though sometimes observation with security cameras will suffice.
Three were caught swimming near a floating security boom next to the home of the Trident submarine fleet.
The Term Loan and the Company's obligations in respect of the Royalty will be principally secured by fixed and floating security interests over all present and after acquired assets of the Company and its subsidiaries.
The permanent floating security stations will operate round-the-clock, using highly sensitive radar with night vision and other detection devices to monitor movement at sea and conducting sea patrols.
And the consignor must do more to obtain a priority interest in the consigned goods over the rights of the consignee's secured creditor with a prior floating security interest in the consignee's inventory.