Common use of RULING OFF Clause in Contracts

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 Sixth Fifth 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 Fifth 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 Fifth 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 Fifth 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 Sixth Fourth 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 Fourth 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 Fourth 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 Fourth 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 Sixth Seventh 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 Seventh 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 Seventh 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 Seventh Issuer Secured Obligations as at the time the Security Trustee received such notice.