Common use of AUTOMATIC CRYSTALLISATION Clause in Contracts

AUTOMATIC CRYSTALLISATION. Notwithstanding clause 5.1 (Part Crystallisation) and without prejudice to any rule of law which may have a similar effect, the floating charge shall automatically be converted with immediate effect into a fixed charge as regards all the property and assets subject to the floating charge and without notice from the Collateral Agent to the Chargor on: (A) the presentation of a petition for the compulsory winding up of the Chargor; (B) the convening of a meeting for the passing of a resolution for the voluntary winding up of the Chargor; (C) the presentation or making of an application for a warrant of execution, writ of fieri facias, garnishee order or charging order in respect of any material part of the property or assets of the Chargor subject to the floating charge which is not discharged within 60 days; or (D) the Chargor creating or permitting any Lien over or with respect to any of the Charged Property, or attempting to do so other than as permitted by the Facility Agreement; or (E) the occurrence of the circumstances referred to in clause 8 (Default Procedure).

AUTOMATIC CRYSTALLISATION. Notwithstanding clause Clause 5.1 (Part Crystallisation) and without prejudice to any rule of law which may have a similar effect, the floating charge shall automatically be converted with immediate effect into a fixed charge as regards all the property and assets subject to the floating charge and without notice from the Collateral Agent to the Chargor on: (A) the presentation of a petition for the compulsory winding up of the Chargor; (B) the convening of a meeting for the passing of a resolution for the voluntary winding up of the Chargor; (C) the presentation or making of an application for a warrant of execution, writ of fieri facias, garnishee order or charging order in respect of any material part of the property or assets of the Chargor subject to the floating charge which is not discharged within 60 days; or; (D) the Chargor creating or permitting any Lien over or with respect to any of the Charged Property, or attempting to do so without the prior consent of the Collateral Agent (other than as permitted by the Facility Agreement); or (E) the occurrence of the circumstances referred to Security becoming enforceable in clause 8 accordance with Clause 9 (Default Procedure).