Common use of Application of Proceeds of Realization Clause in Contracts

Application of Proceeds of Realization. Upon enforcement of the rights and remedies of the Holder herein, any net profits of carrying on the business of the Company and the net proceeds of realization of any assets of the Company shall be applied by the Holder or the receiver, interim receiver or receiver-manager, if any, subject to claims ranking in priority to this Debenture: (i) firstly, in payment of all costs, charges and expenses of and incidental to the appointment of the receiver, interim receiver or receiver-manager, and the exercise by such person of all or any of the powers aforesaid, including his reasonable remuneration and all outgoings properly paid by him; (ii) secondly, in payment of all costs, charges and expenses of the Holder incidental to the enforcement of this Debenture and the exercise by the Holder of all or any of the powers aforesaid, including all outgoings properly paid by such Holder; (iii) thirdly, in payment of all outstanding indebtedness then due and payable pursuant to this Debenture; and (iv) fourthly, in payment of all claims ranking subordinate to this Debenture, by remitting any surplus to the Company.

Application of Proceeds of Realization. Upon enforcement of the rights and remedies of the Holder herein, any net profits of carrying on the business of the Company and the net proceeds of realization of any assets of the Company shall be applied by the Holder or the receiver, interim receiver or receiver-manager, if any, subject to claims ranking in priority to this Debenture: (i) firstly, in payment of all costs, charges and expenses of and incidental to the appointment of the receiver, interim receiver or receiver-manager, and the exercise by such person of all or any of the powers aforesaid, including his reasonable remuneration and all outgoings properly paid by him; ; (ii) secondly, in payment of all costs, charges and expenses of the Holder incidental to the enforcement of this Debenture and the exercise by the Holder of all or any of the powers aforesaid, including all outgoings properly paid by such Holder; ; (iii) thirdly, in payment of all outstanding indebtedness then due and payable pursuant to this Debenture; and and (iv) fourthly, in payment of all claims ranking subordinate to this Debenture, by remitting any surplus to the Company.