Automatic Crystallization; Restoration Clause Samples

Automatic Crystallization; Restoration. (a) At any time after the floating charge security created by Section 4.1(b) becomes enforceable, the Holder may, by notice in writing to the Debtor, to the extent permitted by applicable Law, crystallize and fix such floating charge (i) on all of the property subject thereto, or (ii) if the notice so stipulates, on any part thereof described in the said notice, without any requirement for further intervention by the Holder (whether by the taking of possession, the appointment of a Receiver or otherwise), but without in any way limiting the powers, rights and remedies of the Holder hereunder in respect of the Mortgaged Property. (b) To the extent permitted by applicable Law, but not in limitation of any occurrences that at law cause a floating charge security to crystallize or become fixed, the Debtor agrees that the floating charge security created by Section 4.1(b) shall crystallize and become fixed immediately and without any requirement for any notice or intervention on the part of the Holder, if any Event of Default in paragraph 9.2(b) or 9.2(c) occurs. (c) At any time after the floating charge security created by Section 4.1(b) is crystallized (whether by operation of law, by notice pursuant to paragraph (a), automatically pursuant to paragraph (b), by the intervention of the Holder or a Receiver or otherwise), the Holder may, by notice to the Debtor in writing, to the extent permitted by applicable Law, restore (or, if a Receiver has been privately appointed by the Holder, cause such Receiver to restore) to the Debtor the Mortgaged Property which shall have become subject to a fixed charge by reason of the crystallization of the floating charge freed from such crystallized charge, whereupon such Mortgaged Property shall again be subject to the floating charge security created by Section 4.1(b) as fully and to the same extent as though no crystallization had occurred, without prejudice to the right of the Holder to exercise any further or subsequent remedies in respect thereof, including the crystallization of such floating charge to which such property again became subject by virtue of this provision.