Crystallisation of Floating Charge. If an Event of Default occurs the floating charge created pursuant to this clause 3.1 (the “Floating Charge”) shall be converted into a fixed charge upon the service by the Bank of a notice to that effect upon the Counterparty.
Crystallisation of Floating Charge. 4.1 CRYSTALLISATION: BY NOTICE By notice in writing to Marconi Corporation and the Company, the Security Trustee may and shall, if so instructed pursuant to the Security Trust and Intercreditor Deed, convert the floating charge created by Clause 3.3 (Floating Charge) with immediate effect into a fixed charge as regards any property or assets specified in the notice if:
4.1.1 an Event of Default has occurred and is continuing; or
4.1.2 any person attempts to levy any distress, execution, diligence or other similar process against or to appoint a Receiver over any of the Charged Property; or
4.1.3 the Security Trustee considers that any of the Charged Property may be in jeopardy or in danger of being seized or sold pursuant to any form of legal process, other than a voluntary sale of Charged Property entered into by the Company and permitted by the Indentures PROVIDED THAT the Security Trustee shall not be under any duty to monitor the Charged Property.
Crystallisation of Floating Charge. 11.1 In addition and without prejudice to any other event resulting in crystallisation of the floating charge, but subject to any prohibition or restriction imposed by law, if at any time:
(a) an Event of Default occurs and is continuing; or
(b) the Collateral Agent (acting reasonably) considers that any of the Floating Charged Assets, which is material to the context of the business as a whole, are in danger of being seized or is otherwise in jeopardy, the Collateral Agent may by notice in writing to the Company convert the floating charge created by Clause 6.4 (Floating Charge) into a fixed charge as regards any Floating Charge Assets as may be specified in that notice (and for the avoidance of doubt, in the case of paragraph (b) above, only to the extent that paragraph (b) applies to such Floating Charge Asset).
11.2 In addition and without prejudice to any law or other event resulting in crystallisation of the floating charge, but subject to any prohibition or restriction imposed by law, the floating charge created by Clause 6.4 (Floating Charge) shall without notice automatically be converted into a fixed charge over:
(a) any Floating Charge Assets which become subject or continue to be subject to any Security Interest in favour of any person other than the Collateral Agent or which is/are the subject of any sale, transfer or other disposition, in either case contrary to the covenants contained in this Deed or any of the other Loan Documents, immediately prior to such actual or purported Security Interest arising or such actual or purported sale, transfer or other disposition being made; or
(b) any Floating Charge Assets affected by any attachment, distress, execution or other legal process against such Floating Charge Asset, immediately prior to such distress, attachment, execution or other legal process.
Crystallisation of Floating Charge. 6.1 The floating charge shall automatically and immediately (without notice) convert into a fixed charge over the assets subject to the floating charge if;
(a) the Company
(i) creates or attempts to create, without the consent of the Bank, security or a trust in favour of another person over all or any part of the charged property (except as expressly permitted by the terms of the Legal Charge or any other Limited Company BTLPP Agreement);
(ii) disposes, or attempts to dispose of, all or any part of the charged property (other than charged property that is only subject to the floating charge while it remain uncrystallised);
(b) any person levies (or attempts to levy) any distress, attachment, execution or other process against all or any part of the charged property; or
(c) a resolution is passed or an order is made for the winding-up, dissolution, administration or re-organisation of the Company.
6.2 The Bank may, in its sole discretion, at any time and by written notice to the Company, convert the floating charge created under this deed into a fixed charge as regards any part of the charged property specified by the Bank in that notice.
Crystallisation of Floating Charge. After the occurrence of an Acceleration Event, the Security Trustee shall be entitled at any time by notice in writing to the Borrower to convert the floating charge created by Clause 3 into a fixed charge affecting all property and assets which for the time being are the subject of such floating charge or, as the case may be, such of the said property and assets as are specified by such notice and, in such an event, the Borrower covenants with the Security Trustee, upon demand, to execute, at the Borrower's own cost, as a continuing security for the payment or discharge of the Secured Debt, a first fixed charge on substantially the same terms herein contained of all or any part of the Charged Property (or such part thereof as is specified in such notice) which is for the time being subject to such floating charge.
Crystallisation of Floating Charge. If the Charge has not otherwise taken effect as a fixed charge, it takes effect as a fixed charge automatically and immediately over all the Charged Property if an Event of Default occurs, other than if an Event of Default described in clauses 7(c) or (e) occurs, in which event it takes effect as a fixed charge automatically and immediately over the affected Charged Property. Upon the Charge becoming a fixed charge pursuant to the foregoing provisions of this clause, the Security Trustee is deemed to have intervened at that point in time and to have exercised all its rights of intervention in respect of the relevant Charged Property.
Crystallisation of Floating Charge. The floating charges created by the Charging Company in Clause 3.1.5 (Charging Clause) may be crystallised into fixed charges by notice in writing given at any time by the Agent to the Charging Company given:
3.2.1 at any time whilst an Event of Default is continuing; or
3.2.2 in respect of any Charged Property whilst the Agent reasonably considers the security over it is in jeopardy or which is in danger of seizure. Such crystallisation shall take effect over such Floating Charge Assets or class or classes of Floating Charge Assets as shall be specified in the notice. If no Floating Charge Assets are so specified, it shall take effect over all Floating Charge Assets of the Charging Company.
Crystallisation of Floating Charge. 3.1 Crystallisation: By Notice The Security Agent may at any time by notice in writing to the Chargor convert the floating charge created by Clause 2.5 (Floating Charge) with immediate effect into a fixed charge as regards any property or assets specified in the notice if:
3.1.1 an Enforcement Event has occurred; or
3.1.2 the Security Agent reasonably considers that any of the Charged Property may be in jeopardy or in danger of being seized or sold pursuant to any form of legal process; or
3.1.3 the Security Agent reasonably considers that it is desirable in order to protect the priority of the security interests created pursuant to this Deed.
3.2 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 2.5 (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 of Floating Charge. The floating charge created by Clause 3.1(4) shall become a specific charge:-
(1) as regards any assets subject thereto as may from time to time be specified in a notice from the Bank to the Company if the Bank shall, in its absolute discretion, consider that those assets shall be in danger of being seized or sold under any form of distress or execution levied or threatened or to be otherwise in jeopardy, forthwith upon the service of such notice;
(2) as regards any assets subject thereto which shall become subject to specific charges in favour of any person other than the Bank or subject to a disposition or an agreement to make a disposition contrary to Clause 5(21) (Disposal of Specifically Charged Assets), forthwith upon such charge or disposition; and
(3) in accordance with Clause 6 (Events of Default).
Crystallisation of Floating Charge. 2.8.1 This charge will automatically and immediately crystallise and take effect as a fixed charge in respect of all Mortgaged Property not already subject to a fixed charge upon:
