Common use of Continuation of accounts Clause in Contracts

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 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 any Chargor, the Chargee may open a new account in the name of the relevant 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 after: (a) the receipt by the Chargee Lender of notice (either actual or otherwise) of any subsequent Encumbrance Security affecting the Charged AssetsAssets of the Chargor; or (b) any step is taken the presentation of a petition or the passing of a resolution in relation to the winding-up or bankruptcy (as applicable) of the Chargor, the Chargee Lender may open a new account in the name of the Chargor with a bank it chooses the Lender (whether or not it permits any existing account to continue). If lf the Chargee Lender 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 Deedany Finance Document to which the Chargor is party.