Common use of Application of Monies Clause in Contracts

Application of Monies. All monies received or recovered by the Security Agent or any Receiver pursuant to this Debenture or the powers conferred by it shall (subject to the claims of any person having prior rights thereto and by way of variation of the provisions of the Law of Property Act 1925) be applied first in the payment of the costs, charges and expenses incurred and payments made by the Receiver, the payment of his remuneration and the discharge of any liabilities incurred by the Receiver in, or incidental to, the exercise of any of his powers, and thereafter shall be applied by the Security Agent (notwithstanding any purported appropriation by any Company) in accordance with the terms of the Credit Agreement.

Application of Monies. All monies received or recovered by the Security Agent or any Receiver pursuant to this Debenture Agreement or the powers conferred by it shall (subject to the claims of any person having prior rights thereto and by way of variation of the provisions of the Law of Property Act 1925) be applied first in the payment of the costs, charges and expenses incurred and payments made by the Receiver, the payment of his remuneration and the discharge of any liabilities incurred by the Receiver in, or incidental to, the exercise of any of his powers, and thereafter shall be applied by the Security Agent (notwithstanding any purported appropriation by any Companythe Chargor) in accordance with the terms of the Credit Agreement.

Application of Monies. All monies received or recovered by the Interim Security Agent or any Receiver pursuant to this Debenture Security Agreement or the powers conferred by it shall (subject to the claims of any person having prior rights thereto and by way of variation of the provisions of the Law of Property Act 1925) be applied first in the payment of the costs, charges and expenses incurred and payments made by the Receiver, the payment of his remuneration and the discharge of any liabilities incurred by the Receiver in, or incidental to, the exercise of any of his powers, and thereafter shall be applied by the Interim Security Agent (notwithstanding any purported appropriation by any CompanyChargor) in accordance with or towards the terms payment of the Credit AgreementSecured Obligations in such order as the Interim Security Agent thinks fit. Any surplus shall be paid to the relevant Chargor or other person entitled to it.

Application of Monies. All monies received or recovered by the Interim Security Agent or any Receiver pursuant to this Debenture Deed or the powers conferred by it shall (subject to the claims of any person having prior rights thereto and by way of variation of the provisions of the Law of Property Act 1925) be applied first in the payment of the costs, charges and expenses incurred and payments made by the such Interim Security Agent or Receiver, the payment of his their remuneration and the discharge of any liabilities incurred by the Receiver such parties in, or incidental to, the exercise of any of his their powers, and thereafter shall be applied by the Interim Security Agent (notwithstanding any purported appropriation by any Companythe Chargor) in accordance with the terms and conditions of the Credit Interim Facilities Agreement.

Application of Monies. All monies received or recovered by the Interim Security Agent or any Receiver pursuant to this Debenture or the powers conferred by it shall (subject to the claims of any person having prior rights thereto and by way of variation of the provisions of the Law of Property Act 1925) be applied first in the payment of the costs, charges and expenses incurred and payments made by the Receiver, the payment of his remuneration and the discharge of any liabilities incurred by the Receiver in, or incidental to, the exercise of any of his powers, and thereafter shall be applied by the Interim Security Agent (notwithstanding any purported appropriation by any Charging Company) in accordance with or towards the terms payment of the Credit AgreementSecured Obligations in such order as the Interim Security Agent thinks fit. Any surplus shall be paid to the relevant Charging Company or other person entitled to it.