Common use of NEW ACCOUNT Clause in Contracts

NEW ACCOUNT. At any time after (i) the Security Trustee having received notice (either actual or constructive) of any subsequent security affecting the Assigned Assets or (ii) the Dissolution of the Assignor, the Security Trustee may open a new account in the name of the Assignor (whether or not it permits any existing account to continue). If the Security Trustee 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 Assignor to the Security Trustee or received by the Security Trustee for the account of the Assignor 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 the Security Trustee received or was deemed to have received such notice or, as the case may be, the Dissolution commenced.

NEW ACCOUNT. At any time after following: (iA) the Security Trustee having received receiving notice (either actual or constructive) of any subsequent security Security affecting the Assigned Assets or Charged Property or, (iiB) the Dissolution of the AssignorChargor, the Security Trustee may open a new account in the name of the Assignor Chargor (whether or not it permits any existing account to continue). If the Security Trustee 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 Assignor Chargor to the Security Trustee or received by the Security Trustee for the account of the Assignor Chargor 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 deed at the time when the Security Trustee received or was deemed to have received such notice or, as the case may be, the Dissolution commenced.