Common use of NEW ACCOUNT Clause in Contracts

NEW ACCOUNT. At any time following (i) SEOCH receiving notice (either actual or constructive) of any subsequent Security Interest affecting the Charged Property or (ii) the Dissolution of the SEOCH Participant, SEOCH may open a new account in the name of the SEOCH Participant (whether or not it permits any existing account to continue). If SEOCH does not open such a new account, it shall nevertheless be treated as if it had done so at the time when the notice was received or was deemed to have been received or, as the case may be, the Dissolution commenced. Thereafter, all payments made by the SEOCH Participant to SEOCH or received by SEOCH for the account of the SEOCH Participant shall be credited or treated as having been credited to the new account and shall not operate to reduce the amount secured by this deed at the time when SEOCH received or was deemed to have received such notice or, as the case may be, the Dissolution commenced.

NEW ACCOUNT. At any time following (i) SEOCH receiving notice (either actual or constructive) of any subsequent Security Interest affecting the Charged Property or (ii) the Dissolution of the SEOCH Participant, SEOCH may open a new account in the name of the SEOCH Participant (whether or not it permits any existing account to continue). If SEOCH does not open such a new account, it shall nevertheless be treated as if it had done so at the time when the notice was received or was deemed to have been received or, as the case may be, the Dissolution commenced. Thereafter, all payments made by the SEOCH Participant to SEOCH or received by SEOCH for the account of the SEOCH Participant shall be credited or treated as having been credited to the new account and shall not operate to reduce the amount secured by this deed at the time when SEOCH XXXXX received or was deemed to have received such notice or, as the case may be, the Dissolution commenced.