Common use of Subsequent Encumbrances Clause in Contracts

Subsequent Encumbrances. (a) If the Security Trustee at any time receives notice of any subsequent mortgage, assignment, charge or other interest affecting all or any part of the Assigned Rights, all payments thereafter made by the Company to the Security Trustee or any of the Beneficiaries shall be treated as having been credited to a new account of the Company and not as having been applied in reduction of the Secured Obligations as at the time when the Security Trustee received notice. (b) All monies received, recovered or realised by the Security Trustee under this Assignment (including the proceeds of any conversion of currency) may in its discretion be credited to and held in any interest-bearing suspense account pending their application from time to time in or towards the discharge of any of the Secured Obligations.

Subsequent Encumbrances. (a) If the Security Trustee at any time receives notice of any subsequent mortgage, assignment, charge or other interest affecting all or any part of the Assigned RightsDeposits, all payments thereafter made by the Company Chargor to the Security Trustee or any of the Beneficiaries shall be treated as having been credited to a new account of the Company Chargor and not as having been applied in reduction of the Secured Obligations as at the time when the Security Trustee received notice. (b) All monies received, recovered or realised by the Security Trustee under this Assignment Charge (including the proceeds of any conversion of currency) may in its discretion be credited to and held in any interest-bearing suspense account pending their application from time to time in or towards the discharge of any of the Secured Obligations.