Crystallisation Sample Clauses

Crystallisation. The Lender may, by notice in writing to the Chargor, convert the floating charge referred to in Clause 2.3(b) into a specific fixed charge as regards all or part of the Charged Assets, if an Event of Default has occurred and is continuing, or the Lender considers those assets to be in danger of being seized or sold under any distress, execution or sequestration or to be otherwise in jeopardy. The floating charge referred to in Clause 2.3(b) shall (in addition to the circumstances in which the same shall occur under general law) automatically be converted into a specific fixed charge: (a) if the Chargor takes steps to create any subsequent Encumbrance (other than Permitted Liens) on any of the Charged Assets without the prior approval of the Lender; (b) on the convening of any meeting of the members of the Chargor to consider a resolution to wind up the Chargor (or not to wind up the Chargor); (c) immediately prior to the presentation of a petition (other than a frivolous or vexatious petition) to wind up the Chargor; or (d) if any person levies or attempts to levy distress, execution or sequestration against any of the Charged Assets.

Crystallisation. The Charge will cease to operate as a floating charge and will operate as a fixed charge, and the licence under clause 1.5(a) will automatically and immediately be withdrawn: (a) in relation to all of a Chargor’s Floating Charge Property, if this document is enforced against that Chargor’s Charged Property; or (b) in relation to part of a Chargor’s Floating Charge Property, if:

Crystallisation. The Charge will cease to operate as a floating charge and will operate as a fixed charge, and the licence under clause 1.5(a) will automatically and immediately be withdrawn:

Crystallisation. 5.1 The floating charge created by each Chargor in Clause 4.3 may be crystallised into a fixed charge by notice in writing given at any time by the Collateral Agent to the relevant Chargor. Such crystallisation shall take effect over the Floating Charge Assets or class of Assets specified in the notice. If no Floating Charge Assets are specified, it shall take effect over all Floating Charge Assets of the relevant Chargor. 5.2 If, without the Collateral Agent’s prior written consent: (a) any Chargor resolves to take or takes any step to: (i) charge or otherwise encumber any of its Floating Charge Assets (except under this Debenture or a lien arising by operation of law in the ordinary course of such Chargor’s business); (ii) create a trust over any of its Floating Charge Assets; or (iii) dispose of any Floating Charge Asset, except by way of sale in the ordinary course of such Chargor’s business, or (b) any person resolves to take or takes any step to levy any distress, execution, sequestration or other process against any Floating Charge Asset, then the floating charge created by Clause 4.3 shall be automatically and instantly crystallised (without the necessity of notice) into a fixed charge over such Floating Charge Asset. 5.3 Except as otherwise stated in any notice given under Clause 5.1 or unless such notice relates to all its Floating Charge Assets, prospective Floating Charge Assets acquired by any Chargor after crystallisation has occurred under Clause 5.1 or Clause 5.2 shall become subject to the floating charge created by Clause 4.3, so that the crystallisation shall be effective only as to the relevant Floating Charge Assets in existence at the date of crystallisation. 5.4 Any charge which has crystallised under Clause 5.1 or Clause 5.2 may, by notice in writing given at any time by the Collateral Agent to the relevant Chargor, be reconverted into a floating charge in relation to the Assets specified in such notice.

Crystallisation. To the extent that this charge operates as a floating charge it will crystallise and become fixed with respect to: (a) (specific Secured Property) particular Secured Property on the Chargee giving the Chargor a notice to the effect that this charge has become crystallised with respect to that Secured Property, which notice may be given at any time; and (b) (all Secured Property) all Secured Property, automatically and without notice, if an Event of Crystallisation occurs.

Crystallisation. The floating charge of the Chargor created in clauses 2.1 and 2.3(b) automatically and immediately crystallises and becomes fixed:

Crystallisation. The floating charge referred to in clause 4.2 will automatically and immediately crystallise and operate as a fixed charge: (a) in respect of any asset: (i) upon notice to the Chargor from the Security Trustee (which it may only give following an Event of Default); -------------------------------------------------------------------------------- (ii) if without the prior written consent of the Security Trustee (and, subject to clause 40.17(d), the Note Trustee), the Chargor: (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 Trust Document, or agrees or attempts to do so or takes any step towards doing so; (iii) on the Commissioner of Taxation or his delegate or successor signing a notice under: (A) s218 or s255 of the Income Tax Assessment ▇▇▇ ▇▇▇▇; (B) s74 of the Sales Tax Assessment ▇▇▇ ▇▇▇▇; or (C) any similar legislation, which will affect that asset; or (iv) on a Government Agency taking any step which may result in an amount of Tax or an amount owing to a Government Agency ranking ahead of the floating charge with respect to that asset; or (b) in respect of all the Mortgaged Property: (i) if an Insolvency Event occurs with respect to the Chargor; 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 created by the Mortgagor under clause 2.1 (a) and 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 Mortgagee (which it may only give after the occurrence of an Event of Default while that Event of Default subsists); (ii) if without the prior written consent of the Mortgagee, the Mortgagor: (A) creates or allows any Security Interest over; Deed of Charge ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ [LOGO] (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 Act 1936 (Cth); (B) s260-5 of Schedule 1 of the Taxation Administration Act 1953 (Cth); or (C) any similar legislation, which may affect that asset; or (v) on a Government Agency taking any step which may result in an amount of Tax or an amount owing to a Government 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 Mortgagor; or (ii) on the security constituted by this Deed being enforced in any way. Except where expressly stated, no notice or action by the Mortgagee is necessary for the charge to crystallise.

Crystallisation. The floating charge referred to in clause 4.2 will automatically and immediately crystallise and operate as a fixed charge: (a) in respect of any asset: (i) upon the occurrence of an Event of Default; (ii) if the Chargor: (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 Trust Document, or agrees or attempts to do so or takes any step towards doing so; (iii) on the Commissioner of Taxation or his delegate or successor signing a notice under: (A) s218 or s255 of the Income Tax Assessment Act 1936; (B) s74 of the Sales Tax Assessment Act 1992; or (C) any similar legislation, which will affect that asset; or (iv) on a Government Agency taking any step which may result in an amount of Tax or an amount owing to a Government Agency ranking ahead of the floating charge with respect to that asset; or (b) in respect of all the Mortgaged Property: (i) if an Insolvency Event occurs with respect to the Chargor; (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. -------------------------------------------------------------------------------- Page 10 Security Trust ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ & ▇▇▇▇▇▇▇ --------------------------------------------------------------------------------