Common use of Application of Sale Proceeds Clause in Contracts

Application of Sale Proceeds. Any amounts received from the Dealing by Attorney must be applied in the way required by the Water Act and if there is no requirement, as follows: (a) firstly, in paying the costs of the Dealing by Attorney; (b) secondly, in discharging the Customer’s liability under the Water Act to the chief executive under the Water Act; (c) thirdly, in discharging the Secured Amounts; (d) fourthly, in discharging the Customer’s liability for any outstanding debt owing to the holder of the Resource Operations Licence under the Customer’s distribution contract with the holder of the Resource Operations Licence; (e) fifthly, in discharging, in accordance with the priorities of their registered interests, any liability owing by the Customer to a person who has a registered interest recorded over the Customer’s Allocation on the Water Allocations Register; and (f) sixthly, in payment of the balance (if any) to the Customer.

Application of Sale Proceeds. Any amounts received from the Dealing by Attorney must be applied in the way required by the Water Act and if there is no requirement, as follows: (a) firstly, in paying the costs of the Dealing by Attorney; (b) secondly, in discharging the Customer’s liability under the Water Act to the chief executive under the Water Act; (c) thirdly, in discharging the Secured Amounts; (d) fourthly, in discharging the Customer’s liability for any outstanding debt owing to the holder of the Resource Operations Licence under the Customer’s distribution supply contract with the holder of the Resource Operations Licence; (e) fifthly, in discharging, in accordance with the priorities of their registered interests, any liability owing by the Customer to a person who has a registered interest recorded over the Customer’s Allocation on the Water Allocations Register; and (f) sixthly, in payment of the balance (if any) to the Customer.