Common use of Crystallisation Clause in Contracts

Crystallisation. 5.1 The floating charge created by each Chargor in Clause 4.3 may be crystallised into a fixed charge by notice in writing given at any time by the Collateral Agent to the relevant Chargor. 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. 5.2 If, without the Collateral Agent’s prior written consent: (a) any Chargor resolves to take or takes any step to: (i) charge or otherwise encumber any of its Floating Charge Assets (except under this Debenture or a lien arising by operation of law in the ordinary course of such Chargor’s business); (ii) create a trust over any of its Floating Charge Assets; or (iii) dispose of any Floating Charge Asset, except by way of sale in the ordinary course of such Chargor’s business, or (b) any person resolves to take or takes any step to levy any distress, execution, sequestration or other process against any Floating Charge Asset, then the floating charge created by Clause 4.3 shall be automatically and instantly crystallised (without the necessity of notice) into a fixed charge over such Floating Charge Asset. 5.3 Except as otherwise stated in any notice given under Clause 5.1 or unless such notice relates to all its Floating Charge Assets, prospective Floating Charge Assets acquired by any Chargor after crystallisation has occurred under Clause 5.1 or Clause 5.2 shall become subject to the floating charge created by Clause 4.3, so that the crystallisation shall be effective only as to the relevant Floating Charge Assets in existence at the date of crystallisation. 5.4 Any charge which has crystallised under Clause 5.1 or Clause 5.2 may, by notice in writing given at any time by the Collateral Agent to the relevant Chargor, be reconverted into a floating charge in relation to the Assets specified in such notice.

Crystallisation. 5.1 The floating charge created by each Chargor in Clause 4.3 4.2 may be crystallised into a fixed charge by notice in writing given at any time by the Collateral Agent to the relevant ChargorChargor (or to the Company on its behalf). 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. 5.2 If, without the Collateral Agent’s prior written consent: (a) any Chargor resolves to take or takes any step to: (i) charge or otherwise encumber any of its Floating Charge Assets (except under this Debenture Debenture, the Existing Security or a lien arising by operation of law in the ordinary course of such Chargor’s business); (ii) create a trust over any of its Floating Charge Assets; or (iii) dispose of any Floating Charge Asset, except by way of sale in the ordinary course of such Chargor’s business, or (b) any person resolves to take or takes any step to levy any distress, execution, sequestration or other process against any Floating Charge Asset, then the floating charge created by Clause 4.3 4.2 shall be automatically and instantly crystallised (without the necessity of notice) into a fixed charge over such Floating Charge Asset. 5.3 Except as otherwise stated in any notice given under Clause 5.1 or unless such notice relates to all its Floating Charge Assets, prospective Floating Charge Assets acquired by any Chargor after crystallisation has occurred under Clause 5.1 or Clause 5.2 shall become subject to the floating charge created by Clause 4.34.2, so that the crystallisation shall be effective only as to the relevant Floating Charge Assets in existence at the date of crystallisation. 5.4 Any charge which has crystallised under Clause 5.1 or Clause 5.2 may, by notice in writing given at any time by the Collateral Agent to the relevant Chargor, be reconverted into a floating charge in relation to the Assets specified in such notice.