Common use of AUTOMATIC CRYSTALLISATION Clause in Contracts

AUTOMATIC CRYSTALLISATION. (a) Notwithstanding any other provision of this Deed (and without prejudice to any law which may have a similar effect), the floating charge created under this Deed will automatically be converted with immediate effect and without notice into a fixed charge as regards the Charged Assets subject to such floating charge but subject to Clause 3.7 (Moratorium): (i) if any person presents or makes an application for a writ of execution, writ of fieri facias, garnishee order or charging order or otherwise levies or attempts to levy any distress, execution, attachment, expropriation, sequestration or other legal process against any of the Charged Assets charged by way of the floating charge or any Chargor creates or attempts to create any Security or trust over any of the Charged Assets secured by the floating charge created by Clause 3.4 (Floating Charge) other than as permitted or not restricted under the Priority Lien Documents; or (ii) a resolution is passed or an order is made or a petition is presented for the winding-up or administration, dissolution or reorganisation in relation to any Chargor (except as expressly permitted or not restricted under the Priority Lien Documents) which (in the case of a winding-up petition) is not discharged within 14 days or in any event before such petition is heard or a resolution is passed for a creditors’ voluntary winding-up or a creditors’ voluntary winding-up is commenced; or (iii) an Administrator or Receiver is appointed in respect of any Chargor or the Collateral Trustee receives notice of an intention to appoint an Administrator pursuant to paragraph 15 or 26 of Schedule B1 of the Insolvency ▇▇▇ ▇▇▇▇ in respect of any Chargor. (b) Notwithstanding Clause 3.6 (Crystallisation of Floating Charge by notice) and without prejudice to any law which may have a similar effect, the floating charge created by Clause 3.4 (Floating Charge) will be automatically converted (without notice) with immediate effect into a fixed charge as regards all the assets subject to that floating charge at the same time as the floating charge created by the ABL Debenture over such assets is crystallised.

AUTOMATIC CRYSTALLISATION. (a) Notwithstanding any other provision of this Deed (and without prejudice to any law which may have a similar effect), the floating charge created under this Deed will automatically be converted with immediate effect and without notice into a fixed charge as regards the Charged Assets subject to such floating charge but subject to Clause 3.7 (Moratorium): (i) if any person presents or makes an application for a writ of execution, writ of fieri facias, garnishee order or charging order or otherwise levies or attempts to levy any distress, execution, attachment, expropriation, sequestration or other legal process against any of the Charged Assets charged by way of the floating charge or any Chargor creates or attempts to create any Security or trust over any of the Charged Assets secured by the floating charge created by Clause 3.4 (Floating Charge) other than as permitted or not restricted under the Priority Lien Loan Documents; or (ii) a resolution is passed or an order is made or a petition is presented for the winding-up or administration, dissolution or reorganisation in relation to any Chargor (except as expressly permitted or not restricted under the Priority Lien DocumentsLoan Agreement) which (in the case of a winding-up petition) is not discharged within 14 days or in any event before such petition is heard or a resolution is passed for a creditors’ voluntary winding-up or a creditors’ voluntary winding-up is commenced; or (iii) an Administrator or Receiver is appointed in respect of any Chargor or the Collateral Trustee ABL Agent receives notice of an intention to appoint an Administrator pursuant to paragraph 15 or 26 of Schedule B1 of the Insolvency ▇▇▇ ▇▇▇▇ in respect of any Chargor. (b) Notwithstanding Clause 3.6 (Crystallisation of Floating Charge by notice) and without prejudice to any law which may have a similar effect, the floating charge created by Clause 3.4 (Floating Charge) will be automatically converted (without notice) with immediate effect into a fixed charge as regards all the assets subject to that floating charge at the same time as the floating charge created by the ABL Notes Debenture over such assets is crystallised.