Crystallisation: Automatic. Notwithstanding Clause 4.1 (Crystallisation: By Notice) and without prejudice to any law which may have a similar effect, the floating charge will automatically be converted (without notice) with immediate effect into a fixed charge as regards all the assets of the relevant Company subject to the floating charge if:
Crystallisation: Automatic. Notwithstanding Clause 4.1 (Crystallisation: By Notice) and without prejudice to any law which may have a similar effect, the floating charge will automatically be converted (without notice) with immediate effect into a fixed charge as regards all the assets subject to the floating charge if:
4.2.1 any person levies any distress, execution, diligence or other similar process against, or appoints a Receiver over, any of the Charged Property; or
4.2.2 a resolution is passed or an order is made for the winding-up, dissolution or re-organisation of the Company other than in connection with a solvent reconstruction of the Company permitted under the Indentures.
Crystallisation: Automatic. Notwithstanding Clause 9.1 (Crystallisation: By Notice) above, and without prejudice to any law which may have a similar effect, the OFCA Floating Security will automatically be converted (without notice) with immediate effect into a fixed charge as regards all the assets subject to the OFCA Floating Security if:
9.3.1 any Obligor creates or attempts to create any Security Interest (other than a Permitted Security Interest) over any of the Charged Property;
9.3.2 a resolution is passed or an order is made for the winding-up, dissolution or reorganisation (whether by way of voluntary arrangement, scheme of arrangement or otherwise, other than a solvent reorganisation) of an Obligor;
9.3.3 any person (who is entitled to do so) presents an application for the appointment of an administrator of an Obligor, gives notice of its intention to appoint an administrator to an Obligor or files such a notice with the court or files a notice of appointment of an administrator of an Obligor with the court; or
9.3.4 if the Security Agreement Floating Security has crystallised for any reason or been enforced in any way, and the relevant Obligor shall forthwith on demand, execute and deliver to the Issuer a first fixed charge or security over any such assets in such form as is satisfactory to the Bond Trustee.
Crystallisation: Automatic. Notwithstanding Clause 4.1 (Crystallisation: By Notice) and without prejudice to any law which may have a similar effect, the floating charge created by a Charging Company will automatically be converted (without notice) with immediate effect into a fixed charge as regards all the assets of that Charging Company subject to the floating charge if:
4.2.1 that Charging Company creates or attempts to create any Security (other than any Security permitted under the terms of the Interim Facilities Agreement) over any of the Charged Property; or
4.2.2 any person levies or attempts to levy any distress, execution or other legal process against any of the assets of that Charging Company subject to the floating charge (provided that only the assets the subject of such process shall become subject to a fixed charge); or
4.2.3 that Charging Company is, or is deemed to be or is declared for the purposes of any applicable law to be, unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with its creditors generally or any class of them (other than the Interim Finance Parties) for the rescheduling of any of its Financial Indebtedness.
Crystallisation: Automatic. Notwithstanding Clause 4.1 (Crystallisation: By Notice) and without prejudice to any law which may have a similar effect, the floating charge created by the Chargor will automatically be converted (without notice) with immediate effect into a fixed charge as regards all the assets of the Chargor subject to that floating charge if:
4.2.1 the Chargor creates or attempts to create any Security over any of the Security Assets subject to that floating charge in breach of Clause 3.2 (Negative Pledge);
4.2.2 other than pursuant to any Security granted by the Chargor in compliance with Clause 3.2 (Negative Pledge) any person levies or attempts to levy any distress, execution or other legal process against any of the Security Assets (other than any Security Asset in respect of which the Chargor has created Security in compliance with Clause 3.2 (Negative Pledge)) of the Chargor subject to that floating charge (provided that only such Security Assets the subject of such process shall become subject to a fixed charge); or
4.2.3 an Insolvency Event occurs in respect of the Chargor.
Crystallisation: Automatic. Notwithstanding Clause 4.1 (Crystallisation: By Notice) and without prejudice to any law which may have a similar effect, the floating charge will automatically be converted (without notice) with immediate effect into a fixed charge as regards all the assets subject to the floating charge if:
4.2.1 any person levies any distress, execution, diligence or other similar process against, or appoints a Receiver over, any of the Charged Property; or
4.2.2 a resolution is passed or an order is made for the winding-up, dissolution, administration or re-organisation of any Company or an administrator is appointed to any Company other than in connection with a solvent reconstruction of any Company permitted under the Indentures.
Crystallisation: Automatic. 5.2.1 Notwithstanding Clause 5.1 (Crystallisation: By Xxxxxx) and without prejudice to any law which may have a similar effect, the floating charge created by a Chargor will automatically be converted (without notice) with immediate effect into a fixed charge as regards all the assets of that Chargor subject to the floating charge if:
(a) the members of that 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) that Xxxxxxx creates or attempts to create any Security (other than any Security permitted under the terms of the Interim Facility Agreement) over any of the Charged Property;
(c) any person (entitled to do so) gives notice of its intention to appoint an administrator to any Chargor or files such a notice with the court;
(d) if any other floating charge created by that Chargor crystallises for any reason; or
(e) any person levies or attempts to levy any distress, execution or other legal process against any of the assets of that Chargor subject to the floating charge (provided that only the assets the subject of such process shall become subject to a fixed charge); or that Chargor is, or is deemed to be or is declared for the purposes of any applicable law to be, unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with its creditors generally or any class of them (other than the Interim Finance Parties) for the rescheduling of any of its Financial Indebtedness.
5.2.2 Upon the conversion of any floating charge pursuant to Clause 5.2.1, each relevant Chargor shall, at its own expense, immediately upon request by the Interim Security Agent execute a fixed charge or legal assignment in such form as the Interim Security Agent may require.
Crystallisation: Automatic. Notwithstanding Clause 3.1 (Crystallisation: By Notice) and without prejudice to any law which may have a similar effect, the floating charge will automatically be converted (without notice) with immediate effect into a fixed charge as regards all the assets subject to the floating charge if any of the events specified in paragraphs (e), (f) or (g) of the definition of Enforcement Event occurs.
Crystallisation: Automatic. Notwithstanding Clause 3.1 (Crystallisation: By Notice) and without prejudice to any law which may have a similar effect, the floating charge created by Clause 2.2 (Floating Charge) will automatically be converted (without notice) with immediate effect into a fixed charge as regards all the assets subject to the floating charge if:
3.2.1 the Chargor creates or attempts to create any Encumbrance (other than any Permitted Encumbrance) over any of the Charged Property; or
3.2.2 any person levies or attempts to levy any distress, execution or other process against any of the Charged Property; or
3.2.3 a resolution is passed or an order is made for the winding-up, dissolution, administration or re-organisation of the Chargor or an administrator is appointed to the Chargor.
Crystallisation: Automatic. Notwithstanding Clause 4.1 (Crystallisation: By Notice) and without prejudice to any law which may have a similar effect, the floating charge created by Clause 3.3 (Floating Charge) will automatically be converted (without notice) with immediate effect into a fixed charge as regards all the assets subject to such floating charge if:
(a) the Chargor creates or attempts to create any Security (other than a Permitted Security) over any of the Charged Property;
(b) any person levies or attempts to levy any distress, execution or other process against any of the Charged Property;
(c) a resolution is passed or an order is made for the winding-up, dissolution, administration or re-organisation of any Obligor;
(d) any meeting of the directors or members of any Obligor is commenced for the purpose of considering any resolution for the administration of such Obligor; or
(e) any procedure or step analogous to those referred to in paragraphs (c) or (d) is taken in any jurisdiction.
