Common use of Subsequent Interests Clause in Contracts

Subsequent Interests. If the Issuing Bank at any time receives notice of any subsequent mortgage, assignment, charge or other interest affecting all or any part of any Account and/or any Deposit, all payments thereafter made by the Company to the Issuing Bank 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 Issuing Bank received notice.