Common use of Crystallisation of Floating Charge Clause in Contracts

Crystallisation of Floating Charge. After the occurrence of an Acceleration Event, the Security Trustee shall be entitled at any time by notice in writing to the Borrower to convert the floating charge created by Clause 3 into a fixed charge affecting all property and assets which for the time being are the subject of such floating charge or, as the case may be, such of the said property and assets as are specified by such notice and, in such an event, the Borrower covenants with the Security Trustee, upon demand, to execute, at the Borrower's own cost, as a continuing security for the payment or discharge of the Secured Debt, a first fixed charge on substantially the same terms herein contained of all or any part of the Charged Property (or such part thereof as is specified in such notice) which is for the time being subject to such floating charge.