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. (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. (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. (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 Customer 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 Customer and/or the Assignor to the Bank at the time of notice. (d) Nothing in this Section Clause 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. (a) If the Assignor Chargor (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 Lease in favour of any other corporation or persons, and the Bank Chargee receives actual or constructive notice of this, the Bank Chargee can immediately open a new or separate account with the Assignor Chargor in its books. (b) If the Bank Chargee does not open such new or separate account, the Bank Chargee will nevertheless be deemed to have done so at the time when the Bank Chargee 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 Customer and/or the Assignor Chargor and/or any party to the Bank Chargee 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 and payable by the Borrower Customer and/or the Assignor Chargor to the Bank Chargee at the time of notice. (d) Nothing in this Section will affect the security which the Bank Chargee otherwise would have had under this Assignment Charge 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. (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 Clause 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. (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. (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 Customer 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 Customer 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. (a) If the Assignor Chargor (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 Lease in favour of any other corporation or persons, and the Bank Chargee receives actual or constructive notice of this, the Bank Chargee can immediately open a new or separate account with the Assignor Chargor in its books. (b) If the Bank Chargee does not open such new or separate account, the Bank Chargee will nevertheless be deemed to have done so at the time when the Bank Chargee 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 Customer and/or the Assignor Chargor and/or any party to the Bank Chargee 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 and payable by the Borrower Customer and/or the Assignor Chargor to the Bank Chargee at the time of notice. (d) Nothing in this Section Clause will affect the security which the Bank Chargee otherwise would have had under this Assignment Charge for the payment of the Indebtedness, even though it may become due or owing or be incurred after the time of notice.