Common use of Subsequent Liens Clause in Contracts

Subsequent Liens. If the Mortgagee at any time receives or is deemed to have received notice of any subsequent Lien or other interest affecting all or any part of the Collateral or any assignment or transfer of the Collateral which is prohibited by the terms of this Deed or any other Loan Document, all payments thereafter by or on behalf of any or all of the Loan Parties to the Mortgagee shall be treated as having been credited to a new account of the Mortgagee, and not as having been applied in reduction of the Secured Obligations as at the time when (or at any time after) the Mortgagee received such notice of such subsequent Lien or other interest or such assignment or transfer.