Common use of Subsequent Charges Clause in Contracts

Subsequent Charges. 8.1.1 If the Security Trustee receives notice (whether actual or constructive) of any subsequent Lien or other interest affecting any of the Investments or any interest in any of the Investments, or of any other matter which may cause the security created by or pursuant to the terms of this Deed to cease to be a continuing security the Security Trustee may open a new account or accounts for the Mortgagor. 8.1.2 If the Security Trustee does not open a new account pursuant to clause 8.1.1 then, unless the Security Trustee shall notify the Mortgagor to the contrary, it shall nevertheless be treated as if it had done so at the time when it received such notice and as from that time all payments made by or on behalf of the Mortgagor to the Security Trustee shall be credited or deemed to have been credited to the new account and shall not operate to reduce the amount due from the Mortgagor at the time when it received such notice.