Common use of Opening of New Accounts Clause in Contracts

Opening of New Accounts. If for any reason this Guarantee ceases to be a continuing security, the Lender may open a new account for each Principal. If the Lender does not open a new account, it shall nevertheless be treated as if it had done so at the time this Guarantee ceased to be a continuing security. As from that time all payments made to the Lender will be credited or treated as having been credited to the new account and will not operate to reduce the obligations of the Guarantor under this Guarantee.

Opening of New Accounts. If for any reason this Guarantee ceases to be a continuing security, the Lender may open a new account for each Principal. If the Lender does not open a new account, it shall nevertheless be treated as if it had done so at the time this Guarantee ceased to be a continuing security. As from that time all payments made to the Lender will be credited or treated as having been credited to the new account and will not operate to reduce the obligations of the Guarantor under this Guarantee.. Deed of Guarantee and Indemnity 4