Common use of AUTOMATIC CRYSTALLISATION Clause in Contracts

AUTOMATIC CRYSTALLISATION. Notwithstanding Clause 7.1 (Crystallisation by notice) and without prejudice to any rule of law having a similar effect, the floating charge shall automatically be converted into a fixed charge with immediate effect as regards all assets of a Company subject to the floating charge created by Clause 3.4 (Floating Charge) on: (a) any of the Secured Property of such Company becoming subject to a Security Interest (other than a Security Interest created under or pursuant to this Debenture or which is permitted under the terms of the Credit Agreements) or being disposed of contrary to the provisions of this Debenture or the Credit Agreements; or (b) any Person levying or attempting to levy any distress, execution, sequestration or other process against any Secured Property of such Company; or (c) such Company ceasing to carry on business or to be a going concern; or (d) the convening of a meeting for the passing of a resolution for the winding up of such Company or the presentation of a petition to appoint an administrator in relation to such Company or to wind up such Company which in the opinion of the Security Trustee is, in each case, reasonably likely to result in the winding up of such Company or the appointment of such an administrator.

AUTOMATIC CRYSTALLISATION. Notwithstanding Clause 7.1 (Crystallisation by notice) and without prejudice to any rule of law having a similar effect, the floating charge shall automatically be converted into a fixed charge with immediate effect as regards all assets of a Company subject to the floating charge created by Clause 3.4 (Floating Charge) on: (a) any of the Secured Property of such Company becoming subject to a Security Interest (other than a Security Interest created under or pursuant to this Debenture or which is permitted under the terms of the Credit AgreementsAgreement) or being disposed of contrary to the provisions of this Debenture or the Credit AgreementsAgreement; or (b) any Person levying or attempting to levy any distress, execution, sequestration or other process against any Secured Property of such Company; or (c) such Company ceasing to carry on business or to be a going concern; or (d) the convening of a meeting for the passing of a resolution for the winding up of such Company or the presentation of a petition to appoint an administrator in relation to such Company or to wind up such Company which in the opinion of the Security Trustee is, in each case, reasonably likely to result in the winding up of such Company or the appointment of such an administrator.