Continuation of accounts. At any time after:
(a) the receipt by the Chargee of notice (either actual or otherwise) of any subsequent Encumbrance affecting the Charged Assets; or
(b) any step is taken in relation to the winding-up or bankruptcy (as applicable) of the Chargor, the Chargee may open a new account in the name of the Chargor with a bank it chooses (whether or not it permits any existing account to continue). If the Chargee does not open such a new account, it shall nevertheless be treated as if it had done so when the relevant event occurred. No moneys paid into any account, whether new or continuing, after that event shall discharge or reduce the amount recoverable pursuant to this Deed.
Continuation of accounts. At any time following (i) Xxxxxx Xxxxxxx receiving notice (either actual or otherwise) of any subsequent security interest affecting any assets subject to the Security or (ii) the occurrence of any Act of Insolvency in respect of the Client, Xxxxxx Xxxxxxx may open a new Account in the Client’s name (whether or not Xxxxxx Xxxxxxx permits any existing Account to continue). If Xxxxxx Xxxxxxx does not open such a new Account, Xxxxxx Xxxxxxx will nevertheless be treated as if Xxxxxx Xxxxxxx had done so at the time, as the case may be, when the notice was received or deemed to have been received of
Continuation of accounts. At any time after:
(a) the receipt by Investor of notice (either actual or otherwise) of any subsequent Security affecting the Charged Assets of Chargor; or
(b) the presentation of a petition or the passing of a resolution in relation to the Winding-up of Chargor, Investor may open a new account in the name of Chargor. If Investor does not open such a new account, it shall nevertheless be treated as if it had done so when the relevant event occurred. No moneys paid into any account, whether new or continuing, after that event shall discharge or reduce the amount recoverable pursuant to any Transaction Document to which Chargor is party.
Continuation of accounts. (A) At any time if any subsequent Security affects any Charged Property or a petition is presented or resolution passed in relation to the winding-up of a Chargor, the Lender may open a new account in the name of that Chargor (whether or not it permits any existing account to continue).
(B) If the Lender does not open such a new account, it shall nevertheless be treated as if it had done so when the relevant event occurred.
(C) No moneys paid into any account, whether new or continuing, after that event shall discharge or reduce any Secured Liabilities.
Continuation of accounts. If the Collateral Agent receives notice of any subsequent mortgage, charge, assignment, or other disposition affecting any account opened with the Collateral Agent by the Chargor, or any part thereof or interest therein, the Collateral Agent may open a new account for the Chargor. If the Collateral Agent does not open a new account then unless the Collateral Agent gives express written notice to the contrary to the Chargor it shall nevertheless be treated as if it had done so at the time when it received such notice and as from that time all payments made by or on behalf of the Chargor to the Collateral Agent shall be credited or be treated as having been credited to the new account and shall not operate to reduce the amount due from the Chargor to the Collateral Agent at the time when it received notice.
Continuation of accounts. At any time after:
Continuation of accounts. At any time after:
(a) the receipt by any Finance Party of notice (either actual or otherwise) of any subsequent Security affecting the Assigned Contracts of any Chargor; or
(b) the presentation of a petition or the passing of a resolution in relation to the Winding-up of the Assignor, any Finance Party may open a new account in the name of the Assignor with that Finance Party (whether or not it permits any existing account to continue). If that Finance Party does not open such a new account, it shall nevertheless be treated as if it had done so when the relevant event occurred. No moneys paid into any account, whether new or continuing, after that event shall discharge or reduce the amount recoverable pursuant to any Finance Document to which the Assignor is party.
Continuation of accounts. (a) At any time after a Secured Party I has received or is deemed to have received notice of any subsequent Security affecting all or any part of the Security Assets I of the Assignor, that Secured Party I may open a new account in the name of the Assignor (whether or not it permits any existing account to continue).
(b) If that Secured Party I does not open such a new account, it shall be treated as if it had done so when the relevant notice was received or deemed to have been received and as from that time all payments made by or on behalf of the Assignor to that Secured Party I shall be credited or be treated as having been credited to the relevant new account and not as having been applied in reduction of the Secured Liabilities I as at the time the relevant notice was received or deemed to have been received.
Continuation of accounts. At any time following (1) the Agent receiving notice (either actual or otherwise) of any subsequent Security, other than Permitted Liens, affecting the Charged Assets or (2) the commencement of the Winding-up of the Company, the Agent may open a new account in the name of the Company with the Agent (whether or not it permits any existing account to continue). If the Agent does not open such a new account, it shall nevertheless be treated as if it had done so at the time, as the case may be, when the notice was received or was deemed to have been received of the subsequent Security or the Winding-up commenced. No moneys thereafter paid into any account, whether new or continuing, shall discharge or reduce the amount recoverable pursuant to this Debenture.
Continuation of accounts. At any time following the commencement of the winding-up of any Chargor or if any Secured Party receives notice or is deemed to have received notice of any subsequent Security affecting the Charged Assets or of any assignment or transfer (other than to the extent such Security is permitted or not restricted by the Loan Documents), the Secured Party may open a new account with it in the name of such Chargor. If the Secured Party does not open a new account, it shall nevertheless be treated as if it had done so at the time when the winding-up commenced or the Secured Party received, or was deemed to have received, notice of such subsequent Security. All payments made thereafter by a Chargor to that Secured Party shall be treated as having been credited to a new account of such Chargor and not as having been applied in reduction of the Secured Obligations as at the time when the winding-up commenced or the ABL Agent received such notice.
