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

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. If 24.1 It is hereby agreed that if the Company Chargor shall execute or create any further or subsequent charge, mortgage charge lien or incumbrance fixed or floating encumbrance over or otherwise deal with any of the Property secured under the Bank Security Documents Said Land hereby charged or any part or parts thereof in favour favor of any other corporation, person or persons of which the Bank receives Agent or the Lenders shall receive notice either actual or constructive constructive, the Bank may Agent may, on receiving such notice notice, forthwith open a new or separate account with the Company Chargor in the its books of the Bank and if the Bank Agent does not in fact open such new or separate account the Bank Agent shall nevertheless be deemed to have done so as at the time when the Bank Agent received or was deemed to have received such notice (hereinafter called "the time of notice") and as from and after the time of notice such time, all payments in account made by the Company or by or on behalf of the Company Chargor to the Bank Agent 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 due by the Company Chargor to the Bank Agent and the Lenders at the time of when the Agent received or was deemed to have received the aforesaid notice. PROVIDED ALWAYS Provided always that nothing in the provisions of this paragraph contained Clause shall not prejudice the security which the Bank Agent and the Lenders otherwise would have had under the Bank Security Documents this Charge for the payment of the monies costs charges amount of the Indebtedness for the time being outstanding and expenses herein referred due to the Agent and the Lenders under the Loan Agreement notwithstanding that the same may become due or owing or be incurred after the time of notice when the Agent received 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 was deemed to be a waiver of have received 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 adjudicationaforesaid notice.

Procedure on notice of further charge. If It is hereby agreed that if the Company Chargor(s) (or any one or more of them) shall execute or create any further or subsequent charge mortgage charge lien or incumbrance fixed or floating encumbrances over or otherwise deal with any of the said Property secured under the Bank Security Documents hereby charged or any part or parts thereof in favour of any other corporation person or persons of which the Bank receives MBSB shall receive notice either actual or constructive the Bank MBSB may on receiving such notice forthwith open a new or separate account with the Company Chargor(s) in the its books of the Bank and if the Bank MBSB does not in fact open such new or separate account the Bank MBSB shall nevertheless be deemed to have done so at the time when the Bank MBSB received or was deemed to have received such notice (hereinafter called "the time “Time of notice"Notice”) and as from and after the time Time of notice Notice all payments in account made by the Company Chargor(s) (or by any one or on behalf more of the Company them) to the Bank MBSB shall (notwithstanding any legal or equitable rule of or 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 due by the Company Chargor(s) to the Bank MBSB at the time Time of notice. PROVIDED ALWAYS Notice Provided Always that nothing in this paragraph Clause contained shall prejudice the security which the Bank MBSB otherwise would have had under the Bank Security Documents hereunder for the payment of the monies moneys costs charges and expenses herein this Charge referred to notwithstanding that the same may day become due or owing or be incurred after the time 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 adjudicationNotice.

Procedure on notice of further charge. If It is hereby agreed that if the Company Assignor(s) (or any one or more of them) shall execute or create any further or subsequent charge, mortgage charge lien or incumbrance fixed or floating encumbrance over or otherwise deal with any of the Said Property secured under the Bank Security Documents or any part or parts thereof in favour of any other corporation, person or persons of which the Bank receives Lender shall receive notice either actual or constructive the Bank Lender may on receiving such notice forthwith open a new or separate account with the Company Borrower(s) in the its books of the Bank and if the Bank Lender does not in fact open such new or separate account the Bank Lender shall nevertheless be deemed to have done so at the time when the Bank Lender received or was deemed to have received such notice (hereinafter called the "the time of noticeTime Of Notice") and so as from and after the time of notice Time Of Notice all payments in account made by the Company Borrower(s) (or by any one or on behalf more of the Company them) to the Bank Lender 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 due by the Company Borrower(s) to the Bank Lender at the time of notice. Time Of Notice PROVIDED ALWAYS that nothing in this paragraph Section contained shall prejudice the security which the Bank Lender otherwise would have had under the Bank Security Documents hereunder for the payment of the monies costs monies, costs, charges and expenses herein this Agreement 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 adjudicationTime Of Notice.

Procedure on notice of further charge. If It is hereby agreed that if the Company Chargor(s) (or any one or more of them) shall execute or create any further or subsequent charge mortgage charge lien or incumbrance fixed or floating encumbrances over or otherwise deal with any of the said Property secured under the Bank Security Documents hereby charged or any part or parts thereof in favour of any other corporation person or persons of which the Bank receives MBSB shall receive notice either actual or constructive the Bank MBSB may on receiving such notice forthwith open a new or separate account with the Company Chargor(s) in the its books of the Bank and if the Bank MBSB does not in fact open such new or separate account the Bank MBSB shall nevertheless be deemed to have done so at the time when the Bank MBSB received or was deemed to have received such notice (hereinafter called "the time “Time of notice"Notice”) and as from and after the time Time of notice Notice all payments in account made by the Company Chargor(s) (or by any one or on behalf more of the Company them) to the Bank MBSB shall (notwithstanding any legal or equitable rule of or 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 due by the Company Chargor(s) and/or the Borrower(s) to the Bank MBSB at the time Time of notice. PROVIDED ALWAYS Notice Provided Always that nothing in this paragraph Clause contained shall prejudice the security which the Bank MBSB otherwise would have had under the Bank Security Documents hereunder for the payment of the monies moneys costs charges and expenses herein this Charge referred to notwithstanding that the same may day become due or owing or be incurred after the time 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 adjudicationNotice.