Common use of Continuation of accounts Clause in Contracts

Continuation of accounts. At any time after (a) the receipt by any Finance Party of notice (either actual or otherwise) of any subsequent Security affecting the Assigned Contracts of any Chargor; or (b) the presentation of a petition or the passing of a resolution in relation to the Winding-up of the Assignor, any Finance Party may open a new account in the name of the Assignor with that Finance Party (whether or not it permits any existing account to continue). If that Finance Party does not open such a new account, it shall nevertheless be treated as if it had done so when the relevant event occurred. No moneys paid into any account, whether new or continuing, after that event shall discharge or reduce the amount recoverable pursuant to any Finance) Document to which the Assignor is party.

Continuation of accounts. At any time after: (a) the receipt by any Finance Party of notice (either actual or otherwise) of any subsequent Security affecting the Assigned Contracts of any Chargor; or (b) the presentation of a petition or the passing of a resolution in relation to the Winding-up of the Assignor, any Finance Party may open a new account in the name of the Assignor with that Finance Party (whether or not it permits any existing account to continue). If that Finance Party does not open such a new account, it shall nevertheless be treated as if it had done so when the relevant event occurred. No moneys paid into any account, whether new or continuing, after that event shall discharge or reduce the amount recoverable pursuant to any Finance) Finance Document to which the Assignor is party.