Common use of Crystallisation of Floating Charge Clause in Contracts

Crystallisation of Floating Charge. 8.1 In addition and without prejudice to any other event resulting in crystallisation of the floating charge, but subject to any prohibition or restriction imposed by law, if at any time: (a) an Event of Default occurs and is continuing; or (b) the Agent considers that the Charged Assets or any part thereof is in danger of being seized or sold under any form of distress, execution, diligence or other legal process levied or threatened or is otherwise in jeopardy; or (c) if any other circumstance occurs which the Agent considers does or is likely to threaten, jeopardise or prejudice any of the Charged Assets or Charges or the priority of any Charges; the Agent may by notice in writing to the Company convert the floating charge created by Clause 3.3 and/or the floating charge created by Clause 3.4 into a fixed charge as regards any relevant Floating Charge Assets as may be specified (generally or specifically) in that notice or, if none is specified, all relevant Floating Charge Assets. 8.2 In addition and without prejudice to any law or other event resulting in crystallisation of any floating charge, but subject to any prohibition or restriction imposed by law, the floating charges created by Clause 3.3 and Clause 3.4 shall without notice automatically be converted into a fixed charge over: (a) all Floating Charge Assets, if and when: (i) the Company ceases to carry on business or a material part thereof or ceases to be a going concern and such cessation constitutes a breach of the Credit Agreement; (ii) an Insolvency Event occurs in relation to the Company; (iii) (without prejudice to sub-Clause (b) of this Clause 8.2) the holder of any other Security Interest whether ranking in priority to or pari passu with or after the Charges appoints a receiver or any floating charge given by the Company to any other person crystallises for any reason whatsoever; or (b) any Floating Charge Assets which become subject or continue to be subject to any actual or purported Security Interest (other than a Permitted Lien) in favour of any person other than the Agent or which is/are the subject of any actual or purported sale, transfer or other disposition, in either case contrary to the covenants contained in this Deed or any of the Loan Documents, immediately prior to such actual or purported Security Interest arising or such actual or purported sale, transfer or other disposition being made; or (c) any Floating Charge Assets affected by any expropriation, attachment, sequestration, distress or execution, immediately prior to such expropriation, attachment, sequestration, distress or execution.

Crystallisation of Floating Charge. 8.1 11.1 In addition and without prejudice to any other event resulting in crystallisation of the floating charge, but subject to any prohibition or restriction imposed by law, if at any time: (a) an Event of Default occurs and is continuing; or (b) the Collateral Agent (acting reasonably) considers that any of the Floating Charged Assets or any part thereof Assets, which is material to the context of the business as a whole, are in danger of being seized or sold under any form of distress, execution, diligence or other legal process levied or threatened or is otherwise in jeopardy; or (c) if any other circumstance occurs which , the Agent considers does or is likely to threaten, jeopardise or prejudice any of the Charged Assets or Charges or the priority of any Charges; the Collateral Agent may by notice in writing to the Company convert the floating charge created by Clause 3.3 and/or the floating charge created by Clause 3.4 6.5 (Floating Charge) into a fixed charge as regards any relevant Floating Charge Assets as may be specified (generally or specifically) in that notice or(and for the avoidance of doubt, if none is specifiedin the case of paragraph (b) above, all relevant only to the extent that paragraph (b) applies to such Floating Charge AssetsAsset). 8.2 11.2 In addition and without prejudice to any law or other event resulting in crystallisation of any the floating charge, but subject to any prohibition or restriction imposed by law, the floating charges charge created by Clause 3.3 and Clause 3.4 6.5 (Floating Charge) shall without notice automatically be converted into a fixed charge over: (a) all Floating Charge Assets, if and when: (i) the Company ceases to carry on business or a material part thereof or ceases to be a going concern and such cessation constitutes a breach of the Credit Agreement; (ii) an Insolvency Event occurs in relation to the Company; (iii) (without prejudice to sub-Clause (b) of this Clause 8.2) the holder of any other Security Interest whether ranking in priority to or pari passu with or after the Charges appoints a receiver or any floating charge given by the Company to any other person crystallises for any reason whatsoever; or (b) any Floating Charge Assets which become subject or continue to be subject to any actual or purported Security Interest (other than a Permitted Lien) in favour of any person other than the Collateral Agent or which is/are the subject of any actual or purported sale, transfer or other disposition, in either case contrary to the covenants contained in this Deed or any of the other Loan Documents, immediately prior to such actual or purported Security Interest arising or such actual or purported sale, transfer or other disposition being made; or (cb) any Floating Charge Assets affected by any expropriation, attachment, sequestrationdistress, distress execution or executionother legal process against such Floating Charge Asset, immediately prior to such expropriationdistress, attachment, sequestration, distress execution or executionother legal process.

Crystallisation of Floating Charge. 8.1 11.1 In addition and without prejudice to any other event resulting in crystallisation of the floating charge, but subject to any prohibition or restriction imposed by law, if at any time: : (a) an Event of Default occurs and is continuing; or or (b) the Collateral Agent (acting reasonably) considers that any of the Floating Charged Assets or any part thereof Assets, which is material to the context of the business as a whole, are in danger of being seized or sold under any form of distress, execution, diligence or other legal process levied or threatened or is otherwise in jeopardy; or (c) if any other circumstance occurs which , the Agent considers does or is likely to threaten, jeopardise or prejudice any of the Charged Assets or Charges or the priority of any Charges; the Collateral Agent may by notice in writing to the Company convert the floating charge created by Clause 3.3 and/or the floating charge created by Clause 3.4 0 (6.5 Floating Charge) into a fixed charge as regards any relevant Floating Charge Assets as may be specified (generally or specifically) in that notice or(and for the avoidance of doubt, if none is specifiedin the case of paragraph (b) above, all relevant only to the extent that paragraph (b) applies to such Floating Charge AssetsAsset). 8.2 11.2 In addition and without prejudice to any law or other event resulting in crystallisation of any the floating charge, but subject to any prohibition or restriction imposed by law, the floating charges charge created by Clause 3.3 and Clause 3.4 0 (6.5Floating Charge) shall without notice automatically be converted into a fixed charge over: : (a) all Floating Charge Assets, if and when: (i) the Company ceases to carry on business or a material part thereof or ceases to be a going concern and such cessation constitutes a breach of the Credit Agreement; (ii) an Insolvency Event occurs in relation to the Company; (iii) (without prejudice to sub-Clause (b) of this Clause 8.2) the holder of any other Security Interest whether ranking in priority to or pari passu with or after the Charges appoints a receiver or any floating charge given by the Company to any other person crystallises for any reason whatsoever; or (b) any Floating Charge Assets which become subject or continue to be subject to any actual or purported Security Interest (other than a Permitted Lien) in favour of any person other than the Collateral Agent or which is/are the subject of any actual or purported sale, transfer or other disposition, in either case contrary to the covenants contained in this Deed or any of the other Loan Documents, immediately prior to such actual or purported Security Interest arising or such actual or purported sale, transfer or other disposition being made; or or (cb) any Floating Charge Assets affected by any expropriation, attachment, sequestrationdistress, distress execution or executionother legal process against such Floating Charge Asset, immediately prior to such expropriationdistress, attachment, sequestration, distress execution or executionother legal process.

Crystallisation of Floating Charge. 8.1 11.1 In addition and without prejudice to any other event resulting in crystallisation of the floating charge, but subject to any prohibition or restriction imposed by law, if at any time: (a) an Event of Default occurs and is continuing; or (b) the Collateral Agent (acting reasonably) considers that any of the Floating Charged Assets or any part thereof Assets, which is material to the context of the business as a whole, are in danger of being seized or sold under any form of distress, execution, diligence or other legal process levied or threatened or is otherwise in jeopardy; or (c) if any other circumstance occurs which , the Agent considers does or is likely to threaten, jeopardise or prejudice any of the Charged Assets or Charges or the priority of any Charges; the Collateral Agent may by notice in writing to the Company convert the floating charge created by Clause 3.3 and/or the floating charge created by Clause 3.4 6.4 (Floating Charge) into a fixed charge as regards any relevant Floating Charge Assets as may be specified (generally or specifically) in that notice or(and for the avoidance of doubt, if none is specifiedin the case of paragraph (b) above, all relevant only to the extent that paragraph (b) applies to such Floating Charge AssetsAsset). 8.2 11.2 In addition and without prejudice to any law or other event resulting in crystallisation of any the floating charge, but subject to any prohibition or restriction imposed by law, the floating charges charge created by Clause 3.3 and Clause 3.4 6.4 (Floating Charge) shall without notice automatically be converted into a fixed charge over: (a) all Floating Charge Assets, if and when: (i) the Company ceases to carry on business or a material part thereof or ceases to be a going concern and such cessation constitutes a breach of the Credit Agreement; (ii) an Insolvency Event occurs in relation to the Company; (iii) (without prejudice to sub-Clause (b) of this Clause 8.2) the holder of any other Security Interest whether ranking in priority to or pari passu with or after the Charges appoints a receiver or any floating charge given by the Company to any other person crystallises for any reason whatsoever; or (b) any Floating Charge Assets which become subject or continue to be subject to any actual or purported Security Interest (other than a Permitted Lien) in favour of any person other than the Collateral Agent or which is/are the subject of any actual or purported sale, transfer or other disposition, in either case contrary to the covenants contained in this Deed or any of the other Loan Documents, immediately prior to such actual or purported Security Interest arising or such actual or purported sale, transfer or other disposition being made; or (cb) any Floating Charge Assets affected by any expropriation, attachment, sequestrationdistress, distress execution or executionother legal process against such Floating Charge Asset, immediately prior to such expropriationdistress, attachment, sequestration, distress execution or executionother legal process.