AUTOMATIC CRYSTALLISATION. The floating charge hereby created shall, ------------------------- without the need for any act by the Security Agent, automatically and immediately crystallise and the charge shall operate as a fixed charge: (a) All Assets: in respect of all Security Assets which are not for the ---------- time being effectively charged to the Security Agent by way of fixed charge if: (i) an application is made, a petition is presented or any proceeding is commenced for an order, or a meeting is convened to consider a resolution or a resolution is passed, or an order is made, for the winding up, insolvency, administration, reorganisation, reconstruction, dissolution or bankruptcy of any Obligor; (ii) a liquidator, administrator, administrative receiver, receiver, receiver and manager, trustee or similar officer is appointed in respect of any Obligor or of all or any part of the business, assets or revenues of any Obligor; (iii) any person levies or attempts, purports or proposes to levy execution, distress or any other similar process upon or against all or any part of the business, assets or revenues of any Obligor in respect of a debt exceeding GBP 35,000; (iv) any Obligor stops or suspends payments to its creditors generally or is unable, is deemed by law to be unable, or admits its inability, to pay its debts as they fall due or ceases to carry on its business; (v) any Obligor enters into or seeks to enter into any scheme of arrangement, composition, assignment for the benefit of, or other arrangement with, its creditors or any class of creditors; or Credit Agreement dated October 30, 2000 Schedule 7 (vi) any Obligor reduces or takes any steps to reduce its capital or in any way limits or restricts calls in respect of its issued but uncalled capital; or
Appears in 1 contract
AUTOMATIC CRYSTALLISATION. The floating charge hereby created shall, ------------------------- without the need for any act by the Security Agent, automatically and immediately crystallise and the charge shall operate as a fixed charge:
(a) All Assets: in respect of all Security Assets which are not for the ---------- ----------- time being effectively charged to the Security Agent by way of fixed charge if:
(i) an application is made, a petition is presented or any proceeding is commenced for an order, or a meeting is convened to consider a resolution or a resolution is passed, or an order is made, for the winding up, insolvency, administration, reorganisation, reconstruction, dissolution or bankruptcy of any Obligor;
(ii) a liquidator, administrator, administrative receiver, receiver, receiver and manager, trustee or similar officer is appointed in respect of any Obligor or of all or any part of the business, assets or revenues of any Obligor;
(iii) any person levies or attempts, purports or proposes to levy execution, distress or any other similar process upon or against all or any part of the business, assets or revenues of any Obligor in respect of a debt exceeding GBP 35,000;
(iv) any Obligor stops or suspends payments to its creditors generally or is unable, is deemed by law to be unable, or admits its inability, to pay its debts as they fall due or ceases to carry on its business;
(v) any Obligor enters into or seeks to enter into any scheme of arrangement, composition, assignment for the benefit of, or other arrangement with, its creditors or any class of creditors; or Credit Agreement dated October 30, 2000 Schedule 7or
(vi) any Obligor reduces or takes any steps to reduce its capital or in any way limits or restricts calls in respect of its issued but uncalled capital; or
Appears in 1 contract