Common use of AUTOMATIC CRYSTALLISATION Clause in Contracts

AUTOMATIC CRYSTALLISATION. Subject as set out below, in addition and without prejudice to any other event resulting in a crystallisation of the floating charge created by this Deed, the floating charge contained herein shall automatically be converted into a fixed charge over all property, assets or undertaking of the Third Issuer subject to the floating charge, if and when: (a) a Third Issuer Note Event of Default occurs; or (b) the Third Issuer ceases to carry on all or a substantial part of its business or ceases to be a going concern or thereafter to do any of the foregoing; or (c) the Third Issuer stops making payments to its creditors or gives notice to creditors that it intends to stop payment; or (d) the holder of any other Encumbrance in relation to the Third Issuer, whether ranking in priority to or pari passu with or after the charges contained in this Deed, appoints a Receiver; or (e) any floating charge granted by the Third Issuer to any other person (whether permitted by the Third Issuer Transaction Documents or not) crystallises for any reason whatsoever. The floating charge created by CLAUSE 3.4 (Floating Charge) of this Deed may not be converted into a fixed charge solely as a result of the obtaining of a moratorium (or anything done with a view to obtaining a moratorium) under the Insolvency Act 2000 except with leave of the court.

AUTOMATIC CRYSTALLISATION. Subject as set out below, in addition and without prejudice to any other event resulting in a crystallisation of the floating charge created by this Deed, the floating charge contained herein shall automatically be converted into a fixed charge over all property, assets or undertaking of the Third Seventh Issuer subject to the floating charge, if and when: (a) a Third Seventh Issuer Note Event of Default occurs; or (b) the Third Seventh Issuer ceases to carry on all or a substantial part of its business or ceases to be a going concern or thereafter to do any of the foregoing; or (c) the Third Seventh Issuer stops making payments to its creditors or gives notice to creditors that it intends to stop payment; or (d) the holder of any other Encumbrance in relation to the Third Seventh Issuer, whether ranking in priority to or pari passu with or after the charges contained in this Deed, appoints a Receiver; or (e) any floating charge granted by the Third Seventh Issuer to any other person (whether permitted by the Third Seventh Issuer Transaction Documents or not) crystallises for any reason whatsoever. The floating charge created by CLAUSE 3.4 (Floating Charge) of this Deed may not be converted into a fixed charge solely as a result of the obtaining of a moratorium (or anything done with a view to obtaining a moratorium) under the Insolvency Act 2000 ▇▇▇ ▇▇▇▇ except with leave of the court.

AUTOMATIC CRYSTALLISATION. Subject as set out below, in addition and without prejudice to any other event resulting in a crystallisation of the floating charge created by this Deed, the floating charge contained herein shall automatically be converted into a fixed charge over all property, assets or undertaking of the Third Fifth Issuer subject to the floating charge, if and when: (a) a Third Fifth Issuer Note Event of Default occurs; or (b) the Third Fifth Issuer ceases to carry on all or a substantial part of its business or ceases to be a going concern or thereafter to do any of the foregoing; or (c) the Third Fifth Issuer stops making payments to its creditors or gives notice to creditors that it intends to stop payment; or (d) the holder of any other Encumbrance in relation to the Third Fifth Issuer, whether ranking in priority to or pari passu with or after the charges contained in this Deed, appoints a Receiver; or (e) any floating charge granted by the Third Fifth Issuer to any other person (whether permitted by the Third Fifth Issuer Transaction Documents or not) crystallises for any reason whatsoever. The floating charge created by CLAUSE 3.4 (Floating Charge) of this Deed may not be converted into a fixed charge solely as a result of the obtaining of a moratorium (or anything done with a view to obtaining a moratorium) under the Insolvency Act 2000 except with leave of the court.

AUTOMATIC CRYSTALLISATION. Subject as set out below, in addition and without prejudice to any other event resulting in a crystallisation of the floating charge created by this Deed, the floating charge contained herein shall automatically be converted into a fixed charge over all property, assets or undertaking of the Third Second Issuer subject to the floating charge, if and when: (a) a Third Second Issuer Note Event of Default occurs; or (b) the Third Second Issuer ceases to carry on all or a substantial part of its business or ceases to be a going concern or thereafter to do any of the foregoing; or (c) the Third Second Issuer stops making payments to its creditors or gives notice to creditors that it intends to stop payment; or (d) the holder of any other Encumbrance in relation to the Third Second Issuer, whether ranking in priority to or pari passu with or after the charges contained in this Deed, appoints a Receiver; or (e) any floating charge granted by the Third Second Issuer to any other person (whether permitted by the Third Second Issuer Transaction Documents or not) crystallises for any reason whatsoever. The floating charge created by CLAUSE Clause 3.4 (Floating Charge) of this Deed may not be converted into a fixed charge solely as a result of the obtaining of a moratorium (or anything done with a view to obtaining a moratorium) under the Insolvency Act 2000 except with leave of the court.

AUTOMATIC CRYSTALLISATION. Subject as set out below, in addition and without prejudice to any other event resulting in a crystallisation of the floating charge created by this Deed, the floating charge contained herein shall automatically be converted into a fixed charge over all property, assets or undertaking of the Third Fourth Issuer subject to the floating charge, if and when: (a) a Third Fourth Issuer Note Event of Default occurs; or (b) the Third Fourth Issuer ceases to carry on all or a substantial part of its business or ceases to be a going concern or thereafter to do any of the foregoing; or (c) the Third Fourth Issuer stops making payments to its creditors or gives notice to creditors that it intends to stop payment; or (d) the holder of any other Encumbrance in relation to the Third Fourth Issuer, whether ranking in priority to or pari passu with or after the charges contained in this Deed, appoints a Receiver; or (e) any floating charge granted by the Third Fourth Issuer to any other person (whether permitted by the Third Fourth Issuer Transaction Documents or not) crystallises for any reason whatsoever. The floating charge created by CLAUSE 3.4 (Floating Charge) of this Deed may not be converted into a fixed charge solely as a result of the obtaining of a moratorium (or anything done with a view to obtaining a moratorium) under the Insolvency Act 2000 except with leave of the court.

AUTOMATIC CRYSTALLISATION. Subject as set out below, in addition and without prejudice to any other event resulting in a crystallisation of the floating charge created by this Deed, the floating charge contained herein shall automatically be converted into a fixed charge over all property, assets or undertaking of the Third Sixth Issuer subject to the floating charge, if and when: (a) a Third Sixth Issuer Note Event of Default occurs; or (b) the Third Sixth Issuer ceases to carry on all or a substantial part of its business or ceases to be a going concern or thereafter to do any of the foregoing; or (c) the Third Sixth Issuer stops making payments to its creditors or gives notice to creditors that it intends to stop payment; or (d) the holder of any other Encumbrance in relation to the Third Sixth Issuer, whether ranking in priority to or pari passu with or after the charges contained in this Deed, appoints a Receiver; or (e) any floating charge granted by the Third Sixth Issuer to any other person (whether permitted by the Third Sixth Issuer Transaction Documents or not) crystallises for any reason whatsoever. The floating charge created by CLAUSE 3.4 (Floating Charge) of this Deed may not be converted into a fixed charge solely as a result of the obtaining of a moratorium (or anything done with a view to obtaining a moratorium) under the Insolvency Act 2000 except with leave of the court.

AUTOMATIC CRYSTALLISATION. Subject as set out below, in addition and without prejudice to any other event resulting in a crystallisation of the floating charge created by this Deedcharge, the floating charge contained herein shall automatically be converted into a fixed charge over all property, assets or undertaking of the Third Ninth Issuer subject to the floating charge, if and when: (a) a Third Ninth Issuer Note Event of Default occurs; or; (b) the Third Ninth Issuer ceases to carry on all or a substantial part of its business or ceases to be a going concern or thereafter to do any of the foregoing; or; (c) the Third Ninth Issuer stops making payments to its creditors or gives notice to creditors that it intends to stop payment; or; (d) the holder of any other Encumbrance in relation to the Third Ninth Issuer, whether ranking in priority to or pari passu with or after the charges contained in this Deed, appoints a Receiver; or (e) any floating charge granted by the Third Ninth Issuer to any other person (whether permitted by the Third Ninth Issuer Transaction Documents or not) crystallises for any reason whatsoever. The floating charge created by CLAUSE 3.4 (Floating Charge) C▇▇▇▇▇ 3 of this Deed may not be converted into a fixed charge solely as a result of the obtaining of a moratorium (or anything done with a view to obtaining a moratorium) under the Insolvency Act 2000 except with leave of the court.