Common use of Crystallisation Clause in Contracts

Crystallisation. The floating charge referred to in clause 3.2 (Nature of charge) will automatically and immediately crystallise and operate as a fixed charge: (a) in respect of any asset: (i) on notice to the Mortgagor from the Collateral Agent (which it may only give after the occurrence of an Event of Default); (ii) if without the prior written consent of the Collateral Agent, the Mortgagor: (A) creates or allows any Security Interest over; (B) sells, Leases or otherwise disposes of; (C) creates or allows any interest in; or (D) parts with possession of, that asset in breach of a Finance Document, or agrees or attempts to do so or takes any step towards doing so; (iii) on any step being taken with a view to levying or enforcing any distress, attachment or other execution on that asset or to enforcing any Security Interest in respect of that asset; (iv) on the Commissioner of Taxation or his delegate or successor signing a notice under: (A) s218 or s255 of the Income Tax Assessment Xxx 0000 (Cth); (B) s260-5 of the Taxation Administration Act 1953 (Cth); or (C) any similar legislation, which may affect that asset; or (v) on a Government Authority taking any step which may result in an amount of Tax or an amount owing to a Government Authority ranking ahead of the floating charge with respect to that asset; or (b) in respect of all the Mortgaged Property: (i) if an order is made or a resolution is passed for the winding up of the Mortgagor; or (ii) on the security constituted by this Deed being enforced in any way. Except where expressly stated, no notice or action by any Mortgagee is necessary for the charge to crystallise.

Crystallisation. The floating charge referred to in clause 3.2 (Nature of charge) will automatically and immediately crystallise and operate as a fixed charge: (a) in respect of any asset: (i) on notice to the Mortgagor from the Collateral Agent Mortgagee (which it may only give after the occurrence of an Event of Default); (ii) if without the prior written consent of the Collateral AgentMortgagee, the Mortgagor: (A) creates or allows any Security Interest over; (B) sells, Leases leases or otherwise disposes of; (C) creates or allows any interest in; or (D) parts with possession of, that asset in breach of a Finance Transaction Document, or agrees or attempts to do so or takes any step towards doing so; (iii) on any step being taken with a view to levying or enforcing any distress, attachment or other execution on that asset or to enforcing any Security Interest in respect of that asset; (iv) on the Commissioner of Taxation or his delegate or successor signing a notice under: (A) s218 or s255 of the Income Tax Assessment Xxx 0000 Act 1936 (Cth) and the Income Tax Assessment Act 1997 (Cth); (B) s260-5 s38 of the Taxation Administration Sales Tax Assessment Act 1953 1992 (Cth); or (C) any similar legislation, which may will affect that asset; or (v) on a Government Authority Governmental Agency taking any step which may result in an amount of Tax or an amount owing to a Government Authority Governmental Agency ranking ahead of the floating charge with respect to that asset; or (b) in respect of all the Mortgaged Property: (i) if an order is made or a resolution is passed for the winding up of the MortgagorMortgagor goes into Liquidation; or (ii) on the security constituted by this Deed being enforced in any way. Except where expressly stated, no notice or action by any the Mortgagee is necessary for the charge to crystallise.