Common use of RULING OFF Clause in Contracts

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.