Common use of Procedure on notice of further charge Clause in Contracts

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.

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 Rental Proceeds in favour of any other corporation or persons, and the Bank receives actual or constructive notice of thisthis transaction, the Bank can immediately open a new or separate account with the Assignor in its books.