Common use of SUBSEQUENT SECURITY INTERESTS Clause in Contracts

SUBSEQUENT SECURITY INTERESTS. If the Issuer or the Bond Trustee (acting in its capacity as trustee or otherwise) or any of the other Borrower Secured Creditors at any time receives or is deemed to have received notice of any subsequent Security Interest affecting all or any part of the Charged Property or any assignment, assignation, conveyance or transfer of the Charged Property which is prohibited by the terms of this Agreement or any other Transaction Document, all payments thereafter by or on behalf of the relevant Obligor to the Issuer or the Bond Trustee (as its assignee) or any of the other Borrower Secured Creditors shall be treated as having been credited to a new account of such Obligor. If the Issuer or the Bond Trustee (as the case may be) does not open a new account it shall nevertheless be treated as if it had done so at the time when it received or was deemed to have received notice and, as from that time, all payments made to the Issuer or the Bond Trustee shall be credited or be treated as having been credited to the new account and not as having been applied in reduction of the OFCA Secured Liabilities as at the time when the Issuer or the Bond Trustee received such notice.