Crystallisation by notice Sample Clauses
The 'Crystallisation by notice' clause allows a party to formally convert a floating charge into a fixed charge by issuing a notice. In practice, this means that upon giving written notice to the relevant party, the floating charge—typically over a company's assets—immediately becomes fixed, restricting the chargor's ability to deal with those assets freely. This mechanism is commonly used to protect the interests of a lender or secured party when certain events occur, such as default or insolvency, ensuring that the secured assets are preserved and not dissipated.
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Crystallisation by notice. The Security Agent may at any time by notice in writing to the relevant Company convert the floating charge created by Clause 3.3 (Floating Charge) with immediate effect into a fixed charge as regards any property or assets specified in the notice if an Event of Default has occurred and is continuing.
Crystallisation by notice. The Security Agent may at any time immediately ------------------------- upon or at any time after the occurrence of an Event of Default by notice in writing to the Company and notwithstanding any delay or waiver of any previous default, convert any charge created under this Deed which then operates as a floating charge to a fixed charge in respect of any of the Security Assets specified in the notice.
Crystallisation by notice. The Security Trustee may at any time by notice in writing to the Company convert the floating charge referred to in Clause 3.3 (Floating charge) into a fixed charge with immediate effect as regards any Secured Asset specified in the notice which the Security Trustee shall consider to be in danger of seizure, distress, diligence or other legal process or otherwise for any reason whatsoever in jeopardy.
Crystallisation by notice. The floating charge created by each Chargor in Clause 3.3 (Creation of floating charge) may, subject to Clauses 4.5 (Moratorium Assets) and 4.6 (Crystallisation exceptions), be crystallised into a fixed charge by notice in writing given at any time by the Security Agent to the relevant Chargor (or to the Parent on its behalf) if:
(a) a Declared Default has occurred and is continuing; or
(b) the Security Agent reasonably considers that any of the Assets expressed to be charged to the Security Agent by this Debenture is in danger of being seized or sold pursuant to any form of legal process; or
(c) a circumstance envisaged by paragraph (a) of Clause 4.2 (Automatic Crystallisation) occurs and the Security Agent in good faith considers that such crystallisation is necessary in order to protect the priority of its security constituted by the floating charge created by Clause 3.3 (Creation of floating charge). 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.
Crystallisation by notice. The floating charge created by each Chargor in Clause 3.3 (Creation of floating charge) may be crystallised into a fixed charge by notice in writing given at any time by the Security Trustee to the relevant Chargor (or to the Issuer on its behalf) if:
Crystallisation by notice. The Agent may at any time convert the floating charge created by the Company in Clause 3.3 (Floating charge) into a fixed charge with immediate effect:
(a) if a Termination Event has occurred;
(b) by notice in writing to the Company as regards any Security Asset specified in such notice if the Agent considers that:
(i) any Security Asset may be in danger of being seized or sold pursuant to any form of legal process or otherwise in jeopardy; or
(ii) it is desirable to protect the priority of the Security.
Crystallisation by notice. The floating charge created by the Chargor in clause 4.4 (Creation of floating charge) may be crystallised into a fixed charge by notice in writing given at any time by the Chargee to the Chargor if:
(a) a Declared Default has occurred;
(b) the Chargee in good faith considers that a Default has occurred and is continuing; or
(c) the Chargee in good faith considers that any of the Assets expressed to be charged to the Chargee by this Debenture may be in jeopardy or in danger of being seized or sold pursuant to any form of legal process; or
(d) a circumstance envisaged by paragraph (a) of clause 5.2 (Automatic Crystallisation) occurs and the Chargee in good faith considers that such crystallisation is desirable in order to protect the priority of its security. 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 Chargor.
Crystallisation by notice. Subject to Clause 11.8 (Part A1 of the Insolvency Act 1986), the Purchaser may at any time by notice in writing to the Company convert the floating charge created by Clause 3.3 (Floating Charge) with immediate effect into a fixed charge as regards any property or assets specified in the notice if:
(a) Event of Default has occurred; or
(b) the Purchaser reasonably considers that any of the Security Assets may be in danger of being seized or sold pursuant to any form of legal process or otherwise in jeopardy; or
(c) the Purchaser reasonably considers that it is necessary or prudent in order to protect the priority of the Security.
Crystallisation by notice. The French Administrative Agent may at any time by notice in writing to the English Chargor convert the floating charge created by the English Chargor in Clause 3.3 (Floating charge) into a fixed charge with immediate effect as regards any Secured Asset specified in the notice if:
(a) an Enforcement Event has occurred and is continuing unremedied and unwaived; or
(b) the French Administrative Agent reasonably considers that any Secured Asset may be in danger of being seized or sold pursuant to any form of legal process or otherwise in jeopardy. Table of Contents
Crystallisation by notice. The Security Holder may at any time by notice in writing (including by email) to the Company convert the floating charge created by clause 3.1 (Floating Charge) with immediate effect into a fixed charge as regards any property or assets specified in the notice if:
4.1.1 an Event of Default has occurred and is continuing;
4.1.2 the Security Holder reasonably considers that any of the Charged Property may be in jeopardy or in danger of being seized or sold pursuant to any form of legal process; or
4.1.3 the Security Holder reasonably considers that it is desirable in order to protect the priority of the security.