RULING OFF. If the Note Trustee receives notice of any Encumbrance affecting the whole or any part of the Current Issuer Charged Property or any security granted hereunder in contravention of the provisions hereof:
(a) the Note Trustee may open a new account in the name of the Current Issuer and, if it does not, it shall nevertheless be deemed to have done so at the time it received such notice; and
(b) all payments made by the Current Issuer to the Note Trustee after the Note Trustee receives such notice shall be credited or deemed to have been credited to the new account, and in no circumstances whatsoever shall operate to reduce the Current Issuer Secured Obligations as at the time the Note Trustee received such notice.
RULING OFF. If the Security Agent or any other Secured Party receives notice of any subsequent Security or other interest affecting any of the Charged Property (except as permitted by the Secured Debt Documents) it may open a new account for the Chargor in its books. If it does not do so then (unless it gives express notice to the contrary to the Chargor), as from the time it receives that notice, all payments made by the Chargor to it (in the absence of any express appropriation to the contrary) shall be treated as having been credited to a new account of the Chargor and not as having been applied in reduction of the Secured Obligations.
RULING OFF. If the Issuer Security Trustee receives notice of any Encumbrance affecting the whole or any part of the Issuer Charged Property or any security granted hereunder in contravention of the provisions hereof:
(a) the Issuer Security Trustee may open a new account in the name of the Master Issuer and, if it does not, it shall nevertheless be deemed to have done so at the time it received such notice; and
(b) all payments made by the Master Issuer to the Issuer Security Trustee after the Issuer Security Trustee receives such notice shall be credited or deemed to have been credited to the new account, and in no circumstances whatsoever shall operate to reduce the Issuer Secured Obligations as at the time the Issuer Security Trustee received such notice.
RULING OFF. In the event of the commencement of any form of bankruptcy or insolvency proceeding affecting the Debtor or of all or any part of this agreement ceasing for any reason to be binding on the Debtor or if the Secured Party receives notice (actual or otherwise) of any other or subsequent Encumbrance affecting the Collateral, the Secured Party may at any time rule off the Debtor's obligations and then subsisting account or accounts of the Debtor with the Secured Party and open a new account or accounts in the name of the Debtor . No monies paid into such new account or accounts shall thereby discharge or reduce the amount recoverable pursuant to this agreement. If the Secured Party in any of the above cases does not rule off the obligations of the Debtor or open any new account or accounts, it shall nevertheless be treated as if it had done so at the time when it first had notice (actual or otherwise) of the event in question and all payments made by or on behalf of the Debtor to the Secured Party shall be treated as having been credited to the new account or accounts and shall not operate to reduce the amount recoverable pursuant to this agreement.
RULING OFF. If the Security Trustee receives notice of any Encumbrance affecting the whole or any part of the Sixth Issuer Charged Property or any Security Interests created under this Deed in contravention of the provisions hereof:
(a) the Security Trustee may open a new account in respect of the Sixth Issuer and, if it does not, it shall nevertheless be deemed to have done so at the time it received such notice; and
(b) all payments made by the Sixth Issuer to the Security Trustee after the Security Trustee receives such notice shall be credited or deemed to have been credited to the new account, and in no circumstances whatsoever shall operate to reduce the Sixth Issuer Secured Obligations as at the time the Security Trustee received such notice.
RULING OFF. If the Security Trustee receives notice of any Encumbrance affecting the whole or any part of the Funding Charged Property or any security granted hereunder in contravention of the provisions hereof, in each case other than the Security Interests created under or pursuant to the First Priority Funding Deed of Charge:
(a) the Security Trustee may open a new account in the name of Funding and, if it does not, it shall nevertheless be deemed to have done so at the time it received such notice; and
(b) all payments made by Funding to the Security Trustee after the Security Trustee receives such notice shall be credited or deemed to have been credited to the new account, and in no circumstances whatsoever shall operate to reduce the Funding Secured Obligations as at the time the Security Trustee received such notice.
RULING OFF. If the Security Trustee receives notice of any Encumbrance affecting the whole or any part of the Funding 2 Charged Property or any Security Interests created under this Deed in contravention of the provisions hereof:
(a) the Security Trustee may open a new account in the name of Funding 2 and, if it does not, it shall nevertheless be deemed to have done so at the time it received such notice; and
(b) all payments made by Funding 2 to the Security Trustee after the Security Trustee receives such notice shall be credited or deemed to have been credited to the new account, and in no circumstances whatsoever shall operate to reduce the Funding 2 Secured Obligations as at the time the Security Trustee received such notice.
RULING OFF. If the Interim Security Agent or any other Secured Party receives notice or is deemed to have received notice of any subsequent Security or other interest affecting all or any part of the Charged Property or any assignment or transfer of the Charged Property (in each case, except as permitted by the Finance Documents or where the Required Creditor Consent has been obtained) it may open a new account for the relevant Chargor in its books. If it does not do so then (unless it gives express notice in writing to the contrary to the relevant Chargor), as from the time it receives that notice, all payments made by or on behalf of the relevant Chargor to it (in the absence of any express appropriation to the contrary) shall be treated as having been credited to a new account of the relevant Chargor and not as having been applied in reduction of the Secured Obligations as at the time the relevant notice was received or deemed to have been received.
RULING OFF. If the Security Trustee receives notice of any subsequent Security Interest affecting the Deposit:
RULING OFF. If the Ninth Issuer Security Trustee receives notice of any encumbrance affecting the Ninth Issuer Charged Property in contravention of the provisions hereof:
(a) the Ninth Issuer Security Trustee may open a new account in respect of the Ninth Issuer and, if it does not, it shall nevertheless be deemed to have done so at the time it received such notice; and
(b) all payments made by the Ninth Issuer to the Ninth Issuer Security Trustee after the Ninth Issuer Security Trustee receives such notice shall be credited or deemed to have been credited to the new account, and in no circumstances whatsoever shall operate to reduce the Ninth Issuer Secured Obligations as at the time the Ninth Issuer Security Trustee received such notice.
