Procedure on notice of further charge. (a) If the Assignor (or any one or more of them) executes or creates any further or subsequent charge, mortgage, or encumbrance over all or any part of the Property in favour of any other corporation or persons, and the Bank receives actual or constructive notice of this, the Bank can immediately open a new or separate account with the Assignor in its books.
(b) If the Bank does not open such new or separate account, the Bank will nevertheless be deemed to have done so at the time when the Bank received or was deemed to have received such notice (“the time of notice”).
(c) From the time of notice, all payments in account made by the Borrower and/or the Assignor and/or any party to the Bank will (regardless of any legal or equitable rule of presumption to the contrary) be placed or deemed to have been placed to the credit of the new or separate account so opened or deemed to have been opened. Such payments will not go towards reducing the amount due by the Borrower and/or the Assignor to the Bank at the time of notice.
(d) Nothing in this Section will affect the security which the Bank otherwise would have had under this Assignment for the payment of the Indebtedness, even though it may become due or owing or be incurred after the time of notice.
Procedure on notice of further charge. If the Company shall execute or create any further or subsequent mortgage charge lien or incumbrance fixed or floating over or otherwise deal with any of the Property secured under the Bank Security Documents or any part or parts thereof in favour of any other person of which the Bank receives notice either actual or constructive the Bank may on receiving such notice forthwith open a new or separate account with the Company in the books of the Bank and if the Bank does not in fact open such new or separate account the Bank shall nevertheless be deemed to have done so at the time when the Bank received or was deemed to have received such notice (hereinafter called "the time of notice") and as from and after the time of notice all payments in account made by the Company or by or on behalf of the Company to the Bank shall (notwithstanding any legal or equitable rule of presumption to the contrary) be placed or deemed to have been placed to the credit of the new or separate account so opened or deemed to have been opened as aforesaid and be in reduction of amounts owing and incurred by the Company to the Bank after the time of notice and shall not go in reduction of the amount owing by the Company to the Bank at the time of notice. PROVIDED ALWAYS that nothing in this paragraph contained shall prejudice the security which the Bank otherwise would have had under the Bank Security Documents for the payment of the monies costs charges and expenses herein referred to notwithstanding that the same may become due or owing or be incurred after the time of notice or be construed as an admission by the Bank that the said subsequent mortgage charge lien or encumbrance is valid and affecting the security and PROVIDED ALWAYS that nothing in this Clause contained shall be deemed to be a waiver of the Bank's rights against the Company for breach of the covenant not to execute or create any further mortgage charge pledge, lien or other incumbrance without the prior written consent of the Bank. PROVIDED FURTHER this Clause shall not apply to statutory liens created in the Company's ordinary course of business and such liens are discharged within thirty (30) days after final adjudication.
Procedure on notice of further charge. (a) If the Borrower (or any one or more of them) executes or creates any further or subsequent charge, mortgage, or encumbrance over all or any part of its assets or properties assigned, mortgaged or charged to the Bank in favour of any other corporation or persons, and the Bank receives actual or constructive notice of this, the Bank can immediately open a new or separate account with the Borrower in its books.
(b) If the Bank does not open such new or separate account, the Bank will nevertheless be deemed to have done so at the time when the Bank received or was deemed to have received such notice (“the time of notice”).
(c) From the time of notice, all payments in account made by the Borrower and/or any party to the Bank will (regardless of any legal or equitable rule of presumption to the contrary) be placed or deemed to have been placed to the credit of the new or separate account so opened or deemed to have been opened. Such payments will not go towards reducing the amount due by the Borrower to the Bank at the time of notice.
(d) Nothing in this Section will affect the security which the Bank otherwise would have had under this Agreement for the payment of the Indebtedness, even though it may become due or owing or be incurred after the time of notice.
Procedure on notice of further charge. It is hereby agreed that if the Chargor(s) (or any one or more of them) shall execute or create any further or subsequent charge, mortgage or encumbrance over the Property or any or parts thereof in favour of any other corporation, persons of which the Bank shall receive notice either actual or constructive the Bank may on receiving such notice forthwith open a new or separate account with the Chargor(s) in its books and if the Bank does not in fact open such new or separate account the Bank shall nevertheless be deemed to have done so at the time when the Bank received or was deemed to have such notice (hereinafter called the “Time of Notice”) and so as from and after the Time of Notice all payments into the account made by the Chargor(s) (or any other Security Party(ies) or any one or more of them) to the Bank shall (notwithstanding any legal or equitable rule of presumption to the contrary) be placed or deemed to have been placed to the credit of the new or separate account so opened or deemed to have been opened as aforesaid and shall not go in reduction of the amount due to the Bank at the Time Of Notice PROVIDED ALWAYS THAT nothing in this Section contained shall prejudice the security which the Bank otherwise would have had hereunder for the payment of the monies, costs, charges and expenses herein this Charge referred to notwithstanding that the same may become due or owing or be incurred after the Time Of Notice.
