Common use of DEFICIENCY IN PROCEEDS OF SALE Clause in Contracts

DEFICIENCY IN PROCEEDS OF SALE. It is expressly agreed and declared between the parties hereto that notwithstanding, any other provision herein contained in the other documents creating security for the Facility to the contrary, the Customer shall be liable to the Bank for the difference between the amount due and the actual amount ultimately received by the Bank and /or upon a sale of the Property in the event that the actual amount ultimately received by the Bank under the terms of this Agreement or any of the documents creating security for the Facility and /or on sale of the Property after deduction and payment from the proceeds so recovered, or realized or received of all fee (including but not limited to the Bank’s solicitor fees on a solicitor and client basis) dues costs rates taxes and other outgoings on the Property is less than the amount due to the Bank hereunder and under the other documents creating security for the Facility and notwithstanding whether or not the Bank is the purchaser of the Property at such sale and the Customer shall pay late payment charges on the differential sum until the date of actual payment made. PROVIDED THAT nothing herein contained shall be construed as imposing any obligation (whether at law or in equity) upon the Bank to exhaust its remedy to sell the Property before commencing any separate action or before enforcing any other remedies or exercising any other rights against the Customer AND the Customer hereby irrevocably and unconditionally agrees and consents to the Bank commencing separate proceedings, enforcing other remedies and exercising any other rights which the Bank may have against the Customer prior to or simultaneously with and without having exhausted its rights to sell or to proceed against the Property or to realize its security under the documents creating security for the Facility.

DEFICIENCY IN PROCEEDS OF SALE. It is expressly agreed and declared between the parties hereto that notwithstanding, any other provision herein contained in the other documents creating security for the Facility to the contrary, the Customer shall be liable to the Bank for the difference between the amount due and the actual amount ultimately received by the Bank and /or or upon a sale of the Property in the event that the actual amount ultimately received by the Bank under the terms of this Agreement or any of the other documents creating security for the Facility and /or or on sale of the Property after deduction and payment from the proceeds so recovered, or realized realised or received of all fee (including but not limited to the Bank’s solicitor fees on a solicitor and client basis) dues costs rates taxes and other outgoings on the Property is less than the amount due to the Bank hereunder under this Agreement and under the other documents creating security for the Facility and notwithstanding whether or not the Bank is the purchaser of the Property at such sale and the Customer shall pay late payment charges on the differential sum until the date of actual payment madesale. PROVIDED THAT nothing herein contained shall be construed as imposing any obligation (whether at law or in equity) upon the Bank to exhaust its remedy to sell the Property before commencing any separate action or before enforcing any other remedies or exercising any other rights against the Customer AND the Customer hereby irrevocably and unconditionally agrees and consents to the Bank commencing separate proceedings, enforcing other remedies and exercising any other rights which the Bank may have against the Customer prior to or simultaneously with and without having exhausted its rights to sell or to proceed against the Property or to realize realise its security under the documents creating security for the Facility.

DEFICIENCY IN PROCEEDS OF SALE. It is expressly agreed and declared between the parties hereto that notwithstanding, any other provision herein contained in the other documents creating security for the Facility to the contrary, the Customer shall be liable to the Bank for the difference between the amount due and the actual amount ultimately received by the Bank and /or or upon a sale of the Property in the event that the actual amount ultimately received by the Bank under the terms of this Agreement or any of the documents creating security for the Facility and /or or on sale of the Property after deduction and payment from the proceeds so recovered, or realized realised or received of all fee (including but not limited to the Bank’s solicitor fees on a solicitor and client basis) dues costs rates taxes and other outgoings on the Property is less than the amount due to the Bank hereunder and under the other documents creating security for the Facility and notwithstanding whether or not the Bank is the purchaser of the Property at such sale and the Customer shall pay late payment charges on the differential sum until the date of actual payment madesale. PROVIDED THAT nothing herein contained shall be construed as imposing any obligation (whether at law or in equity) upon the Bank to exhaust its remedy to sell the Property before commencing any separate action or before enforcing any other remedies or exercising any other rights against the Customer AND the Customer hereby irrevocably and unconditionally agrees and consents to the Bank commencing separate proceedings, enforcing other remedies and exercising any other rights which the Bank may have against the Customer prior to or simultaneously with and without having exhausted its rights to sell or to proceed against the Property or to realize realise its security under the documents creating security for the Facility.. ARTICLE IX