Common use of Crystallisation of Floating Charge Clause in Contracts

Crystallisation of Floating Charge. 3.1 Crystallisation: By Notice The Security Agent may at any time by notice in writing to the Chargor convert the floating charge created by Clause 2.5 (Floating Charge) with immediate effect into a fixed charge as regards any property or assets specified in the notice if: 3.1.1 an Enforcement Event has occurred; or 3.1.2 the Security Agent 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 3.1.3 the Security Agent reasonably considers that it is desirable in order to protect the priority of the security interests created pursuant to this Deed. 3.2 Crystallisation: Automatic Notwithstanding Clause 3.1 (Crystallisation: By Notice) and without prejudice to any law which may have a similar effect, the floating charge created by Clause 2.5 (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: 3.2.1 the Chargor creates or attempts to create any Encumbrance (other than any Permitted Encumbrance) over any of the Charged Property; or 3.2.2 any person levies or attempts to levy any distress, execution or other process against any of the Charged Property; or 3.2.3 a resolution is passed or an order is made for the winding-up, dissolution, administration or re-organisation of the Chargor or an administrator is appointed to the Chargor.

Crystallisation of Floating Charge. 3.1 4.1 Crystallisation: By Notice The Security Agent may at any time by notice in writing to the Chargor convert the floating charge created by Clause 2.5 3.2 (Floating Charge) with immediate effect into a fixed charge as regards any property or assets specified in the notice if: 3.1.1 4.1.1 an Enforcement Event has occurred; or 3.1.2 4.1.2 the Security Agent 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 3.1.3 4.1.3 the Security Agent reasonably considers that it is desirable in order to protect the priority of the security interests created pursuant to this Deed. 3.2 4.2 Crystallisation: Automatic Notwithstanding Clause 3.1 4.1 (Crystallisation: By Notice) and without prejudice to any law which may have a similar effect, the floating charge created by Clause 2.5 3.2 (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: 3.2.1 4.2.1 the Chargor creates or attempts to create any Encumbrance (other than any Permitted Encumbrance) over any of the Charged Property; or 3.2.2 4.2.2 any person levies or attempts to levy any distress, execution or other process against any of the Charged Property; or 3.2.3 4.2.3 a resolution is passed or an order is made for the winding-up, dissolution, administration or re-organisation of the Chargor or an administrator is appointed to the Chargor.