ASSETS
EXCEPT AS OTHERWISE STATED IN ANY NOTICE GIVEN UNDER CLAUSE 5.1 (CRYSTALLISATION
BY NOTICE) OR UNLESS THE CRYSTALLISATION RELATES TO ALL ITS FLOATING CHARGE
ASSETS, PROSPECTIVE FLOATING CHARGE ASSETS ACQUIRED BY THE CHARGOR AFTER
CRYSTALLISATION HAS OCCURRED UNDER CLAUSE 5.1 (CRYSTALLISATION BY NOTICE) OR
CLAUSE 5.2 (AUTOMATIC CRYSTALLISATION) SHALL BECOME SUBJECT TO THE FLOATING
CHARGE CREATED BY CLAUSE 4.4 (CREATION OF FLOATING CHARGE), SO THAT THE
CRYSTALLISATION SHALL BE EFFECTIVE ONLY AS TO THE SPECIFIC FLOATING CHARGE
ASSETS AFFECTED BY THE CRYSTALLISATION.
5.4
RECONVERSION
ANY CHARGE WHICH HAS CRYSTALLISED UNDER CLAUSE 5.1 (CRYSTALLISATION BY NOTICE)
OR 5.2 (AUTOMATIC CRYSTALLISATION) MAY, BY NOTICE IN WRITING GIVEN AT ANY TIME
BY THE CHARGEE TO THE CHARGOR, BE RECONVERTED INTO A FLOATING CHARGE IN RELATION
TO THE ASSETS SPECIFIED IN SUCH NOTICE.
6.
Title documents, insurance policies and transfers
6.1
DOCUMENTS
SUBJECT TO THE RIGHTS OF ANY PRIOR CHARGEE AND EXCEPT AS OTHERWISE EXPRESSLY
AGREED IN WRITING BY THE CHARGEE, THE CHARGOR SHALL:
(A)
DEPOSIT WITH THE CHARGEE, AND THE CHARGEE SHALL BE ENTITLED TO
RETAIN DURING THE CONTINUANCE OF THE SECURITY CREATED BY THIS DEBENTURE, ALL
DEEDS AND DOCUMENTS OF TITLE RELATING TO ALL ITS FIXED SECURITY ASSETS, ALL
POLICIES OF INSURANCE AND ASSURANCE, CERTIFICATES OF REGISTRATION AND
CERTIFICATES CONSTITUTING OR EVIDENCING SPECIFIED INVESTMENTS AND INTELLECTUAL
PROPERTY RIGHTS; AND
(B)
EXECUTE AND DELIVER TO THE CHARGEE SUCH DOCUMENTS AND TRANSFERS
AND GIVE SUCH INSTRUCTIONS AND PERFORM SUCH OTHER ACTS AS THE CHARGEE MAY
REQUIRE AT ANY TIME TO
9
CONSTITUTE OR PERFECT AN EQUITABLE OR LEGAL CHARGE (AT THE CHARGEE'S OPTION)
OVER ITS SPECIFIED INVESTMENTS, INCLUDING ANY ELIGIBLE TO PARTICIPATE IN A
RELEVANT SYSTEM.
6.2
INSURANCE
(A)
THE CHARGOR SHALL:
(I)
MAINTAIN AT ALL TIMES:
(A)
INSURANCE ON THE PLANT, MACHINERY & EQUIPMENT (THE "P&M INSURANCE")
IN RESPECT OF LOSS OR DAMAGE TO ANY OF THE SAME, HOWSOEVER OCCURRING, IN AN
AMOUNT EQUAL TO:
(1)
ITS MARKET REPLACEMENT VALUE FROM TIME TO TIME; OR
(2)
IF HIGHER, ON AN AGREED VALUE BASIS; AND
(B)
ALL SUCH OTHER INSURANCE POLICIES AGAINST SUCH RISKS (BUT IN ANY
EVENT TO INCLUDE THIRD PARTY LIABILITY INSURANCE AND INSURANCE AGAINST ACTS OF
TERRORISM) AS ARE USUAL FOR COMPANIES CARRYING ON A BUSINESS SUCH AS THAT
CARRIED OUT BY THE CHARGOR, AND IN AN AMOUNT AT LEAST EQUAL TO THE REINSTATEMENT
COSTS OF THE ASSETS THEREBY INSURED,
IN EACH CASE WITH INSURERS ACCEPTABLE TO THE CHARGEE AND IN ANY SUCH CASE COMPLY
WITH THE TERMS OF ALL SUCH INSURANCE POLICIES, INCLUDING ANY STIPULATIONS OR
RESTRICTIONS AS TO USE OR OPERATION OF ANY ASSET, AND SHALL NOT DO OR PERMIT
ANYTHING WHICH MAY MAKE ANY INSURANCE POLICY VOID OR VOIDABLE;
(II)
MAKE NOTIFICATIONS TO INSURERS OF ANY CLAIMS OR PROSPECTIVE CLAIMS
IN ACCORDANCE WITH THE PROVISIONS OF THE RELEVANT INSURANCE POLICY AND
DILIGENTLY PURSUE THE MAKING OF RECOVERIES FROM INSURERS;
(III)
PROCURE THAT THE CHARGEE BE SHOWN AS FIRST LOSS PAYEE ON THE FACE
OF ALL ITS INSURANCE POLICIES IN SUCH FORM AS THE CHARGEE MAY REQUIRE;