Subsequent Security Clause Samples
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Subsequent Security. At any time following the Effective Date, the Bank may, in its sole discretion, require any Subsidiary to grant the Bank such further security interests over their present and future undertaking and assets as the Bank may require, including for the avoidance of doubt, a fixed charge over all book and other debts and monetary claims due or owing or incurred to any Subsidiary, including all accounts with banks and the moneys deposited therein and interest accruing and arrears and claims arising in respect of accounts, together with the full benefit of all guarantees and securities therefore and indemnities in respect thereof and all liens, reservations of title, rights of tracing and other rights enabling any Subsidiary to enforce any such debts or claims.
Subsequent Security. At any time following:
10.7.1 the Collateral Agent or any other Secured Party’s receipt of notice (either actual or constructive) of any subsequent Lien affecting the Charged Property;
10.7.2 the Insolvency of a Chargor; or
10.7.3 any disposal of all or any of the Charged Property in breach of paragraph 2 of schedule 4, any Secured Party may open a new account or accounts in the name of a Chargor (whether or not it permits any existing account to continue). If a Secured Party does not open such a new account, it shall nevertheless be treated as if it had done so at the time when the notice was received or was deemed to have been received or, as the case may be, the Insolvency commenced or the assignment or transfer occurred and from that time all payments made by such Chargor to, the Secured Party or received by the Secured Party for the account of the Chargor shall be credited or treated as having been credited to the new account and shall not operate to reduce the amount secured by this Deed at the time when the Secured Party received or was deemed to have received that notice or, as the case may be, the Insolvency commenced or the assignment or transfer occurred. STRICTLY PRIVATE AND CONFIDENTIAL
Subsequent Security. If the Collateral Agent receives notice of any subsequent Security or other interest affecting all or any of the Secured Assets it may open a new account or accounts for the Chargor in its books. If it does not do so then, unless it gives express written notice to the contrary to the Chargor, as from the time of receipt of such notice by the Collateral Agent, all payments made by the Chargor to the Collateral Agent shall not be treated as having been applied in reduction of the Secured Obligations.
Subsequent Security. If the Agent receives notice of any other subsequent Security (other than Permitted Security) or other interest affecting all or any of the Secured Assets it may open a new account or accounts for the relevant Chargor in its books. If it does not do so then, unless it gives express written notice to the contrary to the relevant Chargor, as from the time of receipt of such notice by the Agent, all payments made by that Chargor to the Agent or to any other Agent shall be treated as having been credited to a new account of that Chargor and not as having been applied in reduction of the Secured Obligations.
Subsequent Security. At any time following the Effective Date, the Bank may, in its sole discretion, require any Subsidiary to grant the Bank such further security interests over their present and future undertaking and assets as the Bank may require, including for the avoidance of doubt, a fixed charge over all book and other debts and monetary claims due or owing or incurred to any Subsidiary, including all accounts with banks and the moneys deposited therein and interest accruing and arrears and claims arising in respect of accounts, together with the full benefit of all guarantees and securities therefore and indemnities in respect thereof and all liens, reservations of title, rights of tracing and other rights enabling any Subsidiary to enforce any such debts or claims. Borrower agrees to take all such steps as Bank may request in order to establish and maintain such further first priority perfected security interests (subject only to Permitted Liens that expressly or by operation of law have superior priority to Bank’s Lien under this Agreement). In addition to the foregoing, at Bank’s request, in its sole discretion, Borrower shall take all such action as may be reasonably required by Bank, to cause Australian Guarantor, Canadian Guarantor and/or any of Borrower’s or Guarantor’s Subsidiaries, to become a co-Borrower under the Loan Documents and grant a continuing pledge and security interest in and to the assets of such entity (substantially as described on Exhibit A hereto).