Common use of SUBSEQUENT SECURITY INTERESTS Clause in Contracts

SUBSEQUENT SECURITY INTERESTS. At any time following: (a) the European Agent or any other Secured Party’s receipt of notice (either actual or constructive) of any subsequent Security Interest affecting the Secured Assets except such Security Interests as are permitted by the Revolving Credit Agreement; (b) the Insolvency of the Chargor; or (c) any disposal of all or any of the Secured Assets in breach of Clause 6.2 (No disposals) except such dispositions as are permitted by the Revolving Credit Agreement, any Secured Party may open a new account or accounts in the name of the Chargor (whether or not it permits any existing account to continue). If a Secured Party does not open such a new account, it shall nevertheless be treated as if it had done so at the time when the notice was received or was deemed to have been received or, as the case may be, the Insolvency commenced or the assignment or transfer occurred and from that time all payments made by the Chargor to, the Secured Party or received by the Secured Party for the account of the Chargor shall be credited or treated as having been credited to the new account and shall not operate to reduce the amount secured by this Debenture at the time when the Secured Party received or was deemed to have received that notice or, as the case may be, the Insolvency commenced or the assignment or transfer occurred.

SUBSEQUENT SECURITY INTERESTS. At any time following: (a) the European Administrative Agent or any other Secured Credit Party’s receipt of notice (either actual or constructive) of any subsequent Security Interest affecting the Secured Assets except such Security Interests as are permitted by the Revolving Credit AgreementAssets; (b) the Insolvency of the either Chargor; or (c) any disposal of all or any of the Secured Assets in breach of Clause 6.2 7.2 (No disposals) except such dispositions as are permitted by the Revolving Credit Agreement), any Secured Credit Party may open a new account or accounts in the name of the relevant Chargor (whether or not it permits any existing account to continue). If a Secured Credit Party does not open such a new account, it shall nevertheless be treated as if it had done so at the time when the notice was received or was deemed to have been received or, as the case may be, the Insolvency commenced or the assignment or transfer occurred and from that time all payments made by the relevant Chargor to, to the Secured Credit Party or received by the Secured Credit Party for the account of the relevant Chargor shall be credited or treated as having been credited to the new account and shall not operate to reduce the amount secured by this Debenture Deed at the time when the Secured Credit Party received or was deemed to have received that notice or, as the case may be, the Insolvency commenced or the assignment or transfer occurred.

SUBSEQUENT SECURITY INTERESTS. At any time following: (a) the European French Administrative Agent or any other Secured Party’s receipt of notice (either actual or constructive) of any subsequent Security Interest affecting the Secured Assets except such Security Interests other than as are permitted by under the Revolving Credit AgreementLoan Documents; (b) the Insolvency (except for any solvent liquidation, reconstruction, reorganisation, scheme of arrangement or other analogous proceeding) of the English Chargor; or (c) any disposal of all or any of the Secured Assets in breach of Clause 6.2 (No disposals) except such dispositions as are permitted by the Revolving Credit Agreement), any Secured Party may open a new account or accounts in the name of the English Chargor (whether or not it permits any existing account to continue). If a Secured Party does not open such a new account, it shall nevertheless be treated as if it had done so at the time when the notice was received or was deemed to have been received or, as the case may be, the Insolvency commenced or the assignment or transfer occurred and from that time all payments made by the English Chargor to, the Secured Party or received by the Secured Party for the account of the English Chargor shall be credited or treated as having been credited to the new account and shall not operate to reduce the amount secured by this Debenture at the time when the Secured Party received or was deemed to have received that notice or, as the case may be, the Insolvency commenced or the assignment or transfer occurred.