Application of proceeds of enforcement. The Secured Party will apply the proceeds of any sale of Collateral by the Secured Party in the manner required by Section 117 of the PPSA in respect of Personal Property and in the manner required by the PLA in relation to any Other Property, except that the Secured Party will not be obliged to pay any surplus to the Customer until: (a) the Secured Party has first received an amount equivalent to all costs incurred by it in enforcing its rights; (b) the Secured Party is satisfied that any amounts payable to preferential creditors entitled to be paid by law in priority to the Customer have been paid; (c) the Secured Party is satisfied that all of the Customer's obligations to the Secured Party have been met; and (d) the Secured Party is satisfied that no payment received by the Secured Party, whether from the Customer or otherwise, is at risk of being set aside under any relevant law; and (e) the Secured Party is satisfied that the Secured Party has no contingent liabilities referable to this Agreement or the Customer.
Appears in 10 contracts
Samples: Security Agreement, Security Agreement, Security Agreement
