Common use of Crystallisation of Floating Charge Clause in Contracts

Crystallisation of Floating Charge. 4.1 CRYSTALLISATION: BY NOTICE By notice in writing to Marconi Corporation and the Company, the Security Trustee may and shall, if so instructed pursuant to the Security Trust and Intercreditor Deed, 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: 4.1.1 an Event of Default has occurred and is continuing; or 4.1.2 any person attempts to levy any distress, execution, diligence or other similar process against or to appoint a Receiver over any of the Charged Property; or 4.1.3 the Security Trustee 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, other than a voluntary sale of Charged Property entered into by the Company and permitted by the Indentures PROVIDED THAT the Security Trustee shall not be under any duty to monitor the Charged Property.

Crystallisation of Floating Charge. 4.1 CRYSTALLISATION: BY NOTICE By notice in writing to Marconi Corporation for and on behalf of the CompanyCompanies, the Security Trustee may and shall, if so instructed pursuant to the Security Trust and Intercreditor Deed, 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: 4.1.1 an Event of Default has occurred and is continuing; or 4.1.2 any person attempts to levy any distress, execution, diligence or other similar process against or to appoint a Receiver over any of the Charged Property; or 4.1.3 the Security Trustee 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, other than a voluntary sale of Charged Property entered into by the relevant Company and permitted by the Indentures PROVIDED THAT the Security Trustee shall not be under any duty to monitor the Charged Property.