NEW ACCOUNT. If the Charge shall for any cause whatsoever cease to be binding as a continuing security or we shall at any time receive notice of any mortgage, assignment, charge or other interest affecting the whole or any part of the Deposits, we may without prejudice to our rights under the Charge open a fresh account or accounts and continue any existing account(s) in the name of Chargor and may appropriate to any such fresh account(s) in the name of Chargor any moneys hereafter paid in, transferred to, received or realised for the credit of Chargor without being under any obligation to apply the said moneys or any part of them in discharge of the Secured Obligations or ▇▇▇▇▇▇▇’s liabilities to us, and if we shall fail to open such fresh account(s), it shall be deemed that we have done so with the effect that the said moneys (in the absence of express appropriation by notice in writing to Chargor) shall not operate to reduce the Secured Obligation or Chargor’s liabilities to us and shall be treated as having been credited to such new account(s) in the name of Chargor and shall not affect our rights under the Charge at the time the Charge so ceases to be a continuing security or from the date of receipt of such notice.
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Sources: Cimb Credit Card Cardmember's Agreement, Cimb Credit Card Cardmember's Agreement
NEW ACCOUNT. If the Charge shall for any cause whatsoever cease to be binding as a continuing security or we shall at any time receive notice of any mortgage, assignment, charge or other interest affecting the whole or any part of the Deposits, we may without prejudice to our rights under the Charge open a fresh account or accounts and continue any existing account(s) in the name of Chargor and may appropriate to any such fresh account(s) in the name of Chargor any moneys hereafter paid in, transferred to, received or realised for the credit of Chargor without being under any obligation to apply the said moneys or any part of them in discharge of the Secured Obligations or ▇▇▇▇▇▇▇Chargor’s liabilities to us, and if we shall fail to open such fresh account(s), it shall be deemed that we have done so with the effect that the said moneys (in the absence of express appropriation by notice in writing to Chargor) shall not operate to reduce the Secured Obligation or Chargor’s liabilities to us and shall be treated as having been credited to such new account(s) in the name of Chargor and shall not affect our rights under the Charge at the time the Charge so ceases to be a continuing security or from the date of receipt of such notice.
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