Conversion of Floating Charge. The Collateral Agent may at any time by notice to the Owner convert the floating charge hereby created into a fixed charge as regards any Assets specified in the notice which the Collateral Agent shall consider to be in danger of being seized or sold under any form of distress, attachment, execution or other legal process or to be otherwise in jeopardy and (whether or not this security has become enforceable) may at any time appoint a Receiver (as defined in Section 7.1 hereof) thereof.
Conversion of Floating Charge. (a) Notwithstanding anything expressed or implied in this Debenture, the Security Trustee may, by notice to the Security Trustee, convert the floating charge created by Clause 5.1 (Creation of Floating Charge) with immediate effect into a fixed charge as regards all or any of the Floating Charge Assets specified in such notice if:
(i) an Event of Default has occurred and is continuing;
(ii) the Chargor creates or attempts to create any Lien over all or any of the Floating Charge Assets save as permitted by the Facility Agreement;
(iii) the Security Trustee considers such Floating Charge Assets to be in danger of being seized or sold under or pursuant to any form of distress, attachment, execution or other legal process or otherwise to be in jeopardy;
(iv) the Security Trustee becomes aware or has reason to believe that bona fide and non-vexatious steps have been or are being taken which, in the opinion of the Security Trustee, are reasonably likely to lead to the making of an application to appoint an administrator in relation to the Chargor (or such administrator has been appointed) or the making of a petition to wind up the Chargor or that any application has been made or any petition has been presented, which in the reasonable opinion of the Security Trustee is reasonably likely to result in the winding up of the Chargor or the appointment of such administrator; or
(v) the Chargor fails to comply, or takes or threatens to take any action which in the reasonable opinion of the Security Trustee is likely to result in the Chargor failing to comply with its obligations under Clause 8.4 (Restrictions on Dealing).
(b) The floating charge hereby created may not be converted into a fixed charge solely by reason of:
(i) the obtaining of a moratorium; or
(ii) anything done with a view to obtaining a moratorium, under the Insolvency Xxx 0000.
(c) The floating charge created by Clause 5.1 (Creation of Floating Charge) shall (in addition to the circumstances in which the same will occur under general law) automatically be converted into a fixed charge:
(i) if an administrator is appointed or the Security Trustee receives notice of an intention to appoint an administrator; or
(ii) upon the convening of any meeting of the members of the Chargor to consider a resolution to voluntarily wind up the Chargor (or not to wind up the Chargor); or
(iii) upon the presentation of a petition to compulsorily wind up the Chargor (save for a petition which is frivolous, vexatious or...
Conversion of Floating Charge. Without being in any way restricted or prejudiced by the effect of, and in addition to, the other provisions contained in this Deed, in particular, those contained in Clauses 7.1, 7.2 and 7.3 hereof, the Security Trustee may at any time, by notice in writing to the Chargor, convert the floating charge herein created into a fixed charge as regards any property or asset specified in the notice which the Security Trustee may in its absolute discretion consider to be in danger of being seized or sold under any form of distress, execution or other process, levied or threatened, and may (in the case of any levied or threatened distress, execution or other process) forthwith appoint a Receiver in respect thereof.
Conversion of Floating Charge. 7.1 Crystallisation The Security Trustee may at any time after the occurrence of a Default which is subsisting by notice in writing to a Company convert the floating charge referred to in Clause 3.4 (Floating Charge) into a fixed charge as regards any of the Secured Property of such Company specified in the notice which the Security Trustee shall reasonably consider to be in danger of being seized or sold under any form of distress, attachment, execution, diligence or other process levied or threatened or to be otherwise in jeopardy.
Conversion of Floating Charge. (a) The Security Agent may, by notice in writing to any Chargor, convert the floating charge created under this Debenture into one or more fixed charges with immediate effect as regards those assets specified in the notice:
(i) upon or after the occurrence of an Acceleration Event which is continuing; or
(ii) if the Security Agent reasonably considers that it is required to protect the priority of the Security created under this Debenture.
(b) The floating charge created under this Debenture will automatically (without notice) and immediately be converted into a fixed charge over all the assets of a Chargor which are subject to the floating charge created under this Debenture, if:
(i) that Chargor takes any step to create Security or Quasi-Security (except as permitted or not prohibited by the Secured Debt Documents or where Required Creditor Consent has been obtained or with the prior consent of the Security Agent) on or over any asset which is subject to the floating charge created under this Debenture; or
(ii) any person (entitled to do so) takes any step to effect any expropriation, attachment, sequestration, distress or execution against any such asset.
(c) Upon the conversion of any floating charge pursuant to this Clause 3.5, each relevant Chargor shall, at its own expense, following written request by the Security Agent execute a fixed charge or legal assignment consistent with the Agreed Security Principles on terms no more onerous to that Chargor than the terms set out in this Debenture (and otherwise in such form as the Security Agent may reasonably request in writing).
(d) Any floating charge which has crystallised under this Clause 3.5 may, by notice in writing given at any time by the Security Agent (acting on the unanimous instructions of the Secured Parties) to the relevant Chargor, be reconverted into a floating charge under paragraph (a) of Clause 3.3 (Floating charge) in relation to the assets, rights and property specified in that notice. The conversion to a fixed charge and reconversion to a floating charge (or the converse) may occur any number of times.
Conversion of Floating Charge. The Indenture Trustee may at any time by notice to the Owner convert the floating charge hereby created into a fixed charge as regards any Assets specified in the notice which the Indenture Trustee shall consider to be in danger of being seized or sold under any form of distress, attachment, execution or other legal process or to be otherwise in jeopardy and (whether or not this security has become enforceable) may at any time appoint a Receiver (as defined in Section 7.1 hereof) thereof.
Conversion of Floating Charge. 3.4.1 The Security Agent may, by notice to the Chargor, convert the floating charge created under this Debenture into a fixed charge with immediate effect as regards those assets specified in the notice, if:
(a) an Acceleration Event has occurred; or
(b) the Chargor requests the Security Agent to exercise any of its powers under this Debenture.
3.4.2 The floating charge created under this Debenture will automatically (without notice) and immediately be converted into a fixed charge over all the assets of the Chargor which are subject to the floating charge created under this Debenture, if:
(a) the members of the Chargor convene a meeting for the purposes of considering any resolution for its winding-up, dissolution, or a compromise, assignment or arrangement with any creditor;
(b) the Chargor creates, or purports to create, Security or Quasi-Security (except as permitted by the Secured Debt Documents or with the prior consent of the Security Agent) on or over any asset which is subject to the floating charge created under this Debenture;
(c) any third party takes any step with a view to levying distress, attachment, execution or other legal process against any such asset; or
(d) any person (entitled to do so) gives notice of its intention to appoint an administrator to the Chargor or files such a notice with the court.
Conversion of Floating Charge. (a) The Bank may, upon the occurrence of an Event of Default or a prospective Event of Default, by serving a notice in writing on the Company, convert the floating charge hereby created into a fixed charge as regards any property, assets or rights specified in that notice.
(b) Without prejudice to the effect of this Clause, if the Company mortgages, charges, pledges or otherwise encumbers (whether by way of fixed or floating charge or otherwise howsoever) any of the Inventories or attempts to do so without the prior consent in writing of the Bank, or is otherwise in breach of any of the provisions in Clause 6, or if any person levies or attempts to levy any distress, execution or sequestration or other process against all or any of the Inventories on the occurrence of any of such events, the floating charge created under Clause 3.1 shall automatically and immediately, without any notice from the Bank or any other formality or process whatsoever, crystallize and operate as a fixed charge as regards the Inventories.
Conversion of Floating Charge. The Collateral Agent may at any time after an Event of Default and after payment of the Obligations has been demanded from MTIX, by notice in writing to MTIX convert the floating charge hereby created into a fixed charge in respect of such part of the Floating Charged Property as may be specified in such notice and the ability of the Corporation or MTIX to deal in any manner with such part of the Floating Charged Property shall thereupon cease except to the extent otherwise agreed by the Collateral Agent. A floating charge will automatically crystallise and convert into a fixed charge over the relevant Floating Charge Property if a liquidator, administrative receiver, Receiver, administrator or other similar officer is appointed in respect of MTIX or all or a material part of its assets. No floating charge created under this Agreement will automatically crystallise and convert into a fixed charge solely by reason of a moratorium being obtained under section 1A of Schedule A1 of the Insolvency Act (or anything being done with a view to obtaining a moratorium).
Conversion of Floating Charge. 17 7.1 Crystallisation....................................... 17 7.2 Automatic Crystallisation............................. 17 8. REPRESENTATIONS, WARRANTIES AND COVENANTS BY THE COMPANIES.............................................. 18
