Common use of Subsequent Interests Clause in Contracts

Subsequent Interests. If the Collateral Agent (acting in its capacity as security agent or otherwise) or any of the Secured Parties at any time receives notice or is deemed to have received notice of any subsequent Lien affecting all or any part of any Deposit or any assignment or transfer of any Deposit which in either case is prohibited by the terms of this Agreement or the Principal Finance Documents, all payments made by the Company to the Collateral Agent or any of the Secured Parties after that time 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 Liabilities as at the time when the Collateral Agent received notice.