PREJUDICE TO, AND DOES NOT
MERGE WITH, ANY RIGHTS WHATSOEVER WHICH THE BANK MAY HAVE, WHETHER IN RESPECT OF
THE SECURED LIABILITIES OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, ANY RIGHTS
ARISING UNDER ANY OTHER SECURITY INTEREST, ANY BILL, NOTE, GUARANTEE, CONTRACT
OR APPLICABLE RULE OF LAW.
22.3
ANY RECEIPT, RELEASE OR DISCHARGE OF THE SECURITY
CONSTITUTED BY, OR OF ANY LIABILITY ARISING UNDER, THIS DEBENTURE SHALL NOT
RELEASE OR DISCHARGE THE CHARGOR FROM ANY LIABILITY WHICH MAY EXIST
INDEPENDENTLY OF THIS DEBENTURE TO THE BANK.
22.4
WHERE THE SECURITY CONSTITUTED BY THIS DEBENTURE
INITIALLY TAKES EFFECT AS A COLLATERAL OR FURTHER SECURITY TO ANY OTHER SECURITY
INTEREST HELD BY THE BANK THEN, NOTWITHSTANDING ANY RECEIPT, RELEASE OR
DISCHARGE GIVEN IN RESPECT OF SUCH OTHER SECURITY INTEREST, THIS DEBENTURE SHALL
TAKE EFFECT AS AN INDEPENDENT SECURITY FOR ANY MONIES, LIABILITIES OR OTHER SUMS
SECURED BY SUCH OTHER SECURITY INTEREST.
23.
AVOIDANCE OF PAYMENTS
23.1
WHERE ANY DISCHARGE (WHETHER IN RESPECT OF THE
OBLIGATIONS OF THE CHARGOR THIS DEBENTURE ANY OTHER SECURITY OR OTHERWISE) IS
MADE IN WHOLE OR IN PART OR ANY ARRANGEMENT IS MADE ON THE FAITH OF ANY PAYMENT,
SECURITY OR OTHER DISPOSITION WHICH IS AVOIDED OR MUST BE RESTORED ON
INSOLVENCY, LIQUIDATION OR OTHERWISE WITHOUT LIMITATION, THE SECURITY AND THE
LIABILITY OF THE CHARGOR UNDER THIS DEBENTURE SHALL CONTINUE AS IF THE DISCHARGE
OR ARRANGEMENT HAD NOT OCCURRED.
23.2
THE BANK MAY CONCEDE OR COMPROMISE ANY CLAIM THAT
ANY PAYMENT SECURITY OR OTHER DISPOSITION IS LIABLE TO AVOIDANCE OR RESTORATION.
24.
PRIOR CHARGES
24.1
IF THERE SUBSISTS ANY PRIOR SECURITY INTEREST
AGAINST THE CHARGED PROPERTY AND EITHER ANY STEP IS TAKEN TO EXERCISE ANY POWER
OR REMEDY CONFERRED BY SUCH SECURITY
29
INTEREST OR THE BANK OR THE RECEIVER OR ADMINISTRATOR EXERCISES ANY POWER OF
SALE PURSUANT TO THIS DEBENTURE, THE BANK MAY REDEEM SUCH PRIOR SECURITY
INTEREST OR PROCURE THE TRANSFER OF SUCH SECURITY INTEREST TO ITSELF AND MAY
SETTLE AND PASS THE ACCOUNTS OF THE PERSON ENTITLED TO SUCH SECURITY INTEREST.
ANY ACCOUNTS SO SETTLED AND PASSED ARE CONCLUSIVE AND BINDING ON THE CHARGOR.
24.2
THE CHARGOR SHALL REIMBURSE THE BANK FOR ANY
COSTS INCURRED BY THE BANK IN EXERCISE OF ITS RIGHTS UNDER THIS CLAUSE.
25.
OPENING A NEW ACCOUNT
25.1
IF THE BANK RECEIVES NOTICE OF ANY SUBSEQUENT
SECURITY INTEREST AFFECTING THE CHARGED PROPERTY OTHER THAN ANY PERMITTED LIEN,
THE BANK MAY OPEN A NEW ACCOUNT FOR THE CHARGOR IN ITS BOOKS.
25.2
IF THE BANK DOES NOT OPEN SUCH NEW ACCOUNT, THEN,
UNLESS THE BANK GIVES EXPRESS WRITTEN NOTICE TO THE CONTRARY TO THE CHARGOR, ALL
PAYMENTS BY OR ON BEHALF OF THE CHARGOR TO THE BANK WILL BE TREATED AS FROM THE
TIME OF RECEIPT OF NOTICE OF SUCH SUBSEQUENT SECURITY INTEREST BY THE BANK AS
HAVING BEEN CREDITED TO A NEW ACCOUNT OF THE CHARGOR AND NOT AS HAVING BEEN
APPLIED IN REDUCTION OF THE AMOUNT OF THE SECURED LIABILITIES AS AT THE TIME
WHEN THE NOTICE WAS RECEIVED.
26.
SUSPENSE