Common use of New Accounts Clause in Contracts

New Accounts. If the Collateral Agent receives notice of any security created or arising during the Security Period in respect of the Contracts or any of the Assigned Rights (other than pursuant to the Other Vessel 1 Assignment of Contracts), or following the occurrence and during the continuation of an Event of Default makes demand of the Parent or the applicable Borrower for payment of any or all of the Secured Obligations: (a) the Collateral Agent may open a new account or accounts in respect of any or all of the Secured Obligations (and if it does not do so it shall be treated as if it had done so at the time it received such notice or made such demand); and (b) thereafter any amounts paid by the Parent or the applicable Borrower to the Collateral Agent in respect of the Secured Obligations, or realised or recovered by the Collateral Agent under this Assignment, shall be credited (or be treated as having been credited) to a new account and not as having been applied in or towards payment of all or any of the Secured Obligations.

New Accounts. If the Collateral Agent receives notice of any security created or arising during the Security Period in respect of the Contracts or any of the Assigned Rights (other than pursuant to or any of the Other Vessel 1 Assignment of Contracts)Charged Property, or following the occurrence and during the continuation of an Event of Default makes demand of the Parent or the applicable Borrower for payment of any or all of the Secured Obligations: (a) the Collateral Agent may open a new account or accounts in respect of any or all of the Secured Obligations (and if it does not do so it shall be treated as if it had done so at the time it received such notice or made such demand); and (b) thereafter any amounts paid by the Parent or the applicable Borrower to the Collateral Agent in respect of the Secured Obligations, or realised or recovered by the Collateral Agent under this Assignment, shall be credited (or be treated as having been credited) to a new account and not as having been applied in or towards payment of all or any of the Secured Obligations.

New Accounts. If the Collateral Agent receives notice of any security created or arising during the Security Period in respect of the Contracts or any of the Assigned Rights (other than pursuant to the Other Vessel 1 2 Assignment of Contracts), or following the occurrence and during the continuation of an Event of Default makes demand of the Parent or the applicable Borrower for payment of any or all of the Secured Obligations: (a) the Collateral Agent may open a new account or accounts in respect of any or all of the Secured Obligations (and if it does not do so it shall be treated as if it had done so at the time it received such notice or made such demand); and (b) thereafter any amounts paid by the Parent or the applicable Borrower to the Collateral Agent in respect of the Secured Obligations, or realised or recovered by the Collateral Agent under this Assignment, shall be credited (or be treated as having been credited) to a new account and not as having been applied in or towards payment of all or any of the Secured Obligations.

New Accounts. If the Collateral Agent receives notice of any security created or arising during the Security Period in respect of the Contracts or any of the Assigned Rights (other than pursuant to the Other Vessel 1 Assignment of Contracts)Rights, or following the occurrence and during the continuation of an Event of Default makes demand of the Parent or the applicable Borrower for payment of any or all of the Secured Obligations: (a) the Collateral Agent may open a new account or accounts in respect of any or all of the Secured Obligations (and if it does not do so it shall be treated as if it had done so at the time it received such notice or made such demand); and (b) thereafter any amounts paid by the Parent or the applicable Borrower to the Collateral Agent in respect of the Secured Obligations, or realised or recovered by the Collateral Agent under this Assignment, shall be credited (or be treated as having been credited) to a new account and not as having been applied in or towards payment of all or any of the Secured Obligations.