Common use of Breaking of Accounts Clause in Contracts

Breaking of Accounts. If for any reason the security constituted hereby ceases to be a continuing security in respect of the Chargor (other than by way of discharge of such security in accordance with the terms of this Debenture) or the Security Trustee or any other Secured Party receives, or is deemed to be affected by, notice, whether actual or constructive of any Lien affecting the Charged Assets, the Security Trustee may open a new account with or continue any existing account with the Chargor. If the Security Trustee does not open a new account, it shall nevertheless be treated as if it had done so at the date of such cessation or the time when it received or was deemed to have received notice. As from that time all payments made to the Security Trustee will be deemed to be credited or treated as being credited to the new account and the liability of the Chargor in respect of the Secured Obligations relating to it at the date of such cessation or the time when notice was received or deemed received shall remain and shall not be reduced regardless of any payments into or out of any such account.

Breaking of Accounts. If for any reason the security constituted hereby ceases to be a continuing security in respect of the a Chargor (other than by way of discharge of such security in accordance with the terms of this Debenture) or the Security Trustee Collateral Agent or any other Secured Party Holder receives, or is deemed to be affected by, notice, whether actual or constructive of any Lien affecting the Charged AssetsProperty, the Security Trustee Collateral Agent may open a new account with or continue any existing account with the Chargor. If the Security Trustee Collateral Agent does not open a new account, it shall nevertheless be treated as if it had done so at the date of such cessation or the time when it received or was deemed to have received notice. As from that time all payments made to the Security Trustee Collateral Agent will be deemed to be credited or treated as being credited to the new account and the liability of the Chargor in respect of the Secured Obligations relating to it at the date of such cessation or the time when notice was received or deemed received shall remain and shall not be reduced regardless of any payments into or out of any such account.

Breaking of Accounts. If for any reason the security constituted hereby ceases to be a continuing security in respect of the Chargor (other than by way of discharge of such security in accordance with the terms of this DebentureMortgage) or the Security Trustee or any other Secured Party Chargee receives, or is deemed to be affected by, notice, whether actual or constructive of any Lien affecting the Charged Security Assets, the Security Trustee Chargee may open a new account with or continue any existing account with the Chargor. If the Security Trustee Chargee does not open a new account, it shall nevertheless be treated as if it had done so at the date of such cessation or the time when it received or was deemed to have received notice. As from that time all payments made to the Security Trustee Chargee will be deemed to be credited or treated as being credited to the new account and the liability of the Chargor in respect of the Secured Obligations relating to it at the date of such cessation or the time when notice was received or deemed received shall remain and shall not be reduced regardless of any payments into or out of any such account.

Breaking of Accounts. If for any reason the security constituted hereby ceases to be a continuing security in respect of the Chargor any Assignor (other than by way of discharge of such security in accordance with the terms of this DebentureAssignment) or the Security Trustee Agent or any other Secured Party receives, or is deemed to be affected by, notice, whether actual or constructive of any Lien affecting the Charged AssetsAssigned Property, the Security Trustee Agent may open a new account with or continue any existing account with the Chargorsuch Assignor. If the Security Trustee Agent does not open a new account, it shall nevertheless be treated as if it had done so at the date of such cessation or the time when it received or was deemed to have received notice. As from that time all payments made to the Security Trustee Agent will be deemed to be credited or treated as being credited to the new account and the liability of the Chargor such Assignor in respect of the Secured Obligations relating to it at the date of such cessation or the time when notice was received or deemed received shall remain and shall not be reduced regardless of any payments into or out of any such account.