Common use of Crystallisation: Automatic Clause in Contracts

Crystallisation: Automatic. Notwithstanding Clause 9.1 (Crystallisation: By Notice) above, and without prejudice to any law which may have a similar effect, the OFCA Floating Security will automatically be converted (without notice) with immediate effect into a fixed charge as regards all the assets subject to the OFCA Floating Security if: 9.3.1 any Obligor creates or attempts to create any Security Interest (other than a Permitted Security Interest) over any of the Charged Property; 9.3.2 a resolution is passed or an order is made for the winding-up, dissolution or reorganisation (whether by way of voluntary arrangement, scheme of arrangement or otherwise, other than a solvent reorganisation) of an Obligor; 9.3.3 any person (who is entitled to do so) presents an application for the appointment of an administrator of an Obligor, gives notice of its intention to appoint an administrator to an Obligor or files such a notice with the court or files a notice of appointment of an administrator of an Obligor with the court; or 9.3.4 if the Security Agreement Floating Security has crystallised for any reason or been enforced in any way, and the relevant Obligor shall forthwith on demand, execute and deliver to the Issuer a first fixed charge or security over any such assets in such form as is satisfactory to the Bond Trustee.