Legal Question in Banking Law in Pakistan

A floating Charge is an equitable charge on the assets for the time being of a going concern. It attaches to the subject charged in the varying condition in which it happens to be from time to time. It is the essence of such a charge that it remains dormant until the undertaking ceases to be a going concern, or until the person in whose favor the charge is created intervenes. His right to intervene may of course be suspended by agreement. But if there is no agreement for suspension, he may exercise his right whenever he pleases after default.And the pari passu charge can be defined as "proportionally; at an equal pace; without preference."term is more often used to be applied when borrower has more then one creditor and being defaulted now to satisfying the outstanding claims ... ratio of pari passu comes into play.