Common use of Crystallisation: Automatic Clause in Contracts

Crystallisation: Automatic. Notwithstanding Clause 4.1 (Crystallisation: By Notice) and without prejudice to any law which may have a similar effect, the floating charge will automatically be converted (without notice) with immediate effect into a fixed charge as regards all the assets subject to the floating charge if: 4.2.1 any person levies any distress, execution, diligence or other similar process against, or appoints a Receiver over, any of the Charged Property; or 4.2.2 a resolution is passed or an order is made for the winding-up, dissolution or re-organisation of the Company other than in connection with a solvent reconstruction of the Company permitted under the Indentures.