Crystallisation by notice. The floating charge created by each Chargor in Clause 3.3 (Creation of floating charge) may, subject to Clauses 4.5 (Moratorium Assets) and 4.6 (Crystallisation exceptions), be crystallised into a fixed charge by notice in writing given at any time by the Security Agent to the relevant Chargor (or to the Parent on its behalf) if: (a) a Declared Default has occurred and is continuing; or (b) the Security Agent reasonably considers that any of the Assets expressed to be charged to the Security Agent by this Debenture is in danger of being seized or sold pursuant to any form of legal process; or (c) a circumstance envisaged by paragraph (a) of Clause 4.2 (Automatic Crystallisation) occurs and the Security Agent in good faith considers that such crystallisation is necessary in order to protect the priority of its security constituted by the floating charge created by Clause 3.3 (Creation of floating charge). 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.
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