Common use of Notice of subsequent Security Interests Clause in Contracts

Notice of subsequent Security Interests. (a) If any Mortgagee receives actual or constructive notice of a subsequent Security Interest affecting any of the Mortgaged Property it may open a separate account in the name of the Chargor in the books of that Mortgagee. (b) If that Mortgagee does not open a new account it will be treated as if it had done so at the time it received actual or constructive notice of the Security Interest. (c) From the time the new account is opened or is taken to be opened: (i) all advances and accommodation made available by that Mortgagee to the Chargor; (ii) all payments and repayments made by the Chargor to that Mortgagee; and (iii) moneys to be applied towards the Secured Moneys under clause 16.1, will be or will be taken to be debited or credited, as appropriate, to the new account. Payments, repayments and other moneys will only be applied in reduction of other Secured Moneys owing to that Mortgagee to the extent that there is no debit balance in that account.

Notice of subsequent Security Interests. (a) If any Mortgagee receives actual or constructive notice of a subsequent Security Interest affecting any of the Mortgaged Property it may open a separate account in the name of the Chargor Mortgagor or the relevant Borrower in the books of that Mortgagee. (b) If that Mortgagee does not open a new account it will be treated as if it had done so at the time it received actual or constructive notice of the Security Interest. (c) From the time the new account is opened or is taken to be opened: (i) all advances and accommodation made available by that Mortgagee to the ChargorMortgagor or the relevant Borrower; (ii) all payments and repayments made by the Chargor Mortgagor or the relevant Borrower to that Mortgagee; and (iii) moneys to be applied towards the Secured Moneys Money under clause 16.112.1(e), will be or will be taken to be debited or credited, as appropriate, to the new account. Payments, repayments and other moneys will only be applied in reduction of other Secured Moneys owing to that Mortgagee Money to the extent that there is no debit balance in that account.

Notice of subsequent Security Interests. (a) If any the Mortgagee receives actual or constructive notice of a subsequent Security Interest affecting any of the Mortgaged Property it may open a separate account in the name of the Chargor Mortgagor in the books of that the Mortgagee. (b) If that the Mortgagee does not open a new account it will be treated as if it had done so at the time it received actual or constructive notice of the Security Interest. (c) From the time the new account is opened or is taken to be opened: (i) all advances and accommodation made available by that the Mortgagee to the ChargorMortgagor; (ii) all payments and repayments made by the Chargor Mortgagor to that Mortgagee; and (iii) moneys to be applied towards the Secured Moneys Money under clause 16.1, Clause 12.1(e). will be or will be taken to be debited or credited, credited as appropriate, to the new account. Payments, repayments and other moneys will only be applied in reduction of other Secured Moneys owing to that Mortgagee Money to the extent that that, there is no debit balance in that account.

Notice of subsequent Security Interests. (a) If any the Mortgagee receives actual or constructive notice of a subsequent Security Interest affecting any of the Mortgaged Property it may open a separate account in the name of the Chargor Mortgagor in the books of that Mortgageeits books. (b) If that the Mortgagee does not open a new account it will be treated as if it had done so at the time it received actual or constructive notice of the Security Interest. (c) From the time the new account is opened or is taken to be opened: (i) all advances and accommodation made available by that the Mortgagee to the ChargorMortgagor; (ii) all payments and repayments made by the Chargor Mortgagor to that the Mortgagee; and (iii) moneys to be applied towards the Secured Moneys Money under clause 16.113.l(e) (ORDER), will be or will be taken to be debited or credited, as appropriate, to the new account. Payments, repayments and other moneys will only be applied in reduction of other Secured Moneys owing to that Mortgagee Money to the extent that there is no debit balance in that account.