Common use of AUTOMATIC CRYSTALLISATION Clause in Contracts

AUTOMATIC CRYSTALLISATION. In addition and without prejudice to any other event resulting in a crystallisation of the floating charge contained herein and without prejudice to any rule of law which may have a similar effect, the floating charge created under this Current Issuer Deed of Charge shall automatically and without notice be converted with immediate effect into a fixed charge as regards: (a) all property, assets or undertaking of the Current Issuer subject to the floating charge, upon: (i) the presentation of a petition for the compulsory winding-up of the Current Issuer; (ii) the convening of a meeting for the passing of a resolution for the voluntary winding-up of the Current Issuer; (iii) the presentation of a petition for the making of an administration order in relation to the Current Issuer; (iv) the presentation or making of an application for a warrant of execution, writ of fieri facias, garnishee order or charging order in respect of any of the assets of the Current Issuer subject to the floating charge; (v) the occurrence of a Current Issuer Note Event of Default; and/or (b) any property, assets or undertaking of the Current Issuer, which become subject to an Encumbrance in favour of any person other than the Note Trustee or which is/are the subject of a sale, transfer or other disposition, in either case, contrary to the covenants and undertakings contained in the Current Issuer Transaction Documents, immediately prior to such Encumbrance arising or such sale, transfer or other disposition being made.