Common use of APPLICATION OF COMPENSATION MONEYS Clause in Contracts

APPLICATION OF COMPENSATION MONEYS. (a) All monies received as or by way of compensation in respect of any of the matters referred to in Section 24.1.3 hereof shall be applied in or towards the discharge or payment of the Indebtedness and any other money or liability secured by this Agreement and the documents creating security for the Facility and the Customer shall and hereby declare that the Customer will hold all such monies if paid to and received by the Customer hereunder in trust for the Bank and the Customer agrees and confirms that the Bank may receive and give a good discharge for all such monies. (b) In the event of all such monies as aforesaid being less than the amount due to the Bank hereunder the Customer shall forthwith pay to the Bank the difference between the amount due and the amount so received.

APPLICATION OF COMPENSATION MONEYS. (a) All monies received as or by way of compensation in respect of any of the matters referred to in Section 24.1.3 14.03 hereof shall be applied in or towards the discharge or payment of the Indebtedness and any other money or liability secured by this Agreement and the documents creating security for the Facility and the Customer shall and hereby declare that the Customer will hold all such monies if paid to and received by the Customer hereunder in trust for the Bank and the Customer agrees and confirms that the Bank may receive and give a good discharge for all such monies. (b) In the event of all such monies as aforesaid being less than the amount due to the Bank hereunder the Customer shall forthwith pay to the Bank the difference between the amount due and the amount so received.