Common use of Further Charge Clause in Contracts

Further Charge. If the Assignor shall execute or create any further or subsequent assignment charge mortgage or encumbrance over the Property or any part thereof in favour of any other corporation person or persons of which the Bank shall receive notice either actual or constructive, the Bank may on receiving such notice forthwith open a new or separate account with the Assignor in its books and if the Bank does not in fact open such new or separate account the Bank shall nevertheless be deemed to have done so at the time when the Bank received or was deemed to have received such notice and as from and after the time of notice all payments in account made by the Assignor to the Bank shall (notwithstanding any legal or equitable rule of presumption to the contrary) be placed or deemed to have been placed to the credit of the new or separate account so opened or deemed to have been opened as aforesaid and shall not go in reduction of the amount due by the Assignor to the Bank at the time of notice. PROVIDED ALWAYS that nothing in this Section contained shall prejudice the security which the Bank otherwise would have had hereunder for the payment of the moneys costs charges and expenses herein this Assignment referred to notwithstanding that the same may become due and owing or be incurred after the time of notice.

Further Charge. If the Assignor Borrower and/or the Security Party shall execute or create any further or subsequent assignment charge mortgage or encumbrance over the Property or any part thereof currently or hereafter charged in favour of any other corporation person or persons of which the Bank shall receive notice either actual or constructive, the Bank may on receiving such notice forthwith open a new or separate account with the Assignor Borrower in its books and if the Bank does not in fact open such new or separate account the Bank shall nevertheless be deemed to have done so at the time when the Bank received or was deemed to have received such notice and as from and after the time of notice all payments in account made by the Assignor Borrower to the Bank shall (notwithstanding any legal or equitable rule of presumption to the contrary) be placed or deemed to have been placed to the credit of the new or separate account so opened or deemed to have been opened as aforesaid and shall not go in reduction of the amount due by the Assignor Borrower to the Bank at the time of notice. PROVIDED ALWAYS that nothing in this Section contained shall prejudice the security which the Bank otherwise would have had hereunder for the payment of the moneys costs charges and expenses herein this Assignment Agreement referred to notwithstanding that the same may become due and owing or be incurred after the time of notice.

Further Charge. If the Assignor Borrower and/or the Security Party shall execute or create any further or subsequent assignment charge mortgage or encumbrance over the Property or any part thereof currently or hereafter assigned, charged in favour of any other corporation person or persons of which the Bank shall receive notice either actual or constructive, the Bank may on receiving such notice forthwith open a new or separate account with the Assignor Borrower in its books and if the Bank does not in fact open such new or separate account the Bank shall nevertheless be deemed to have done so at the time when the Bank received or was deemed to have received such notice and as from and after the time of notice all payments in account made by the Assignor Borrower to the Bank shall (notwithstanding any legal or equitable rule of presumption to the contrary) be placed or deemed to have been placed to the credit of the new or separate account so opened or deemed to have been opened as aforesaid and shall not go in reduction of the amount due by the Assignor Borrower to the Bank at the time of notice. PROVIDED ALWAYS that nothing in this Section contained shall prejudice the security which the Bank otherwise would have had hereunder for the payment of the moneys costs charges and expenses herein this Assignment Agreement referred to notwithstanding that the same may become due and owing or be incurred after the time of notice.