Common use of DEFICIENCY IN PROCEEDS OF SALE Clause in Contracts

DEFICIENCY IN PROCEEDS OF SALE. The parties agree that, regardless of any other provisions contained in this Agreement to the contrary: (a) if the actual amount ultimately received by the Bank towards the indebtedness under the terms of the Security Documents and/or on a sale or disposal of the assets or properties charged and/or assigned to the Bank under the Security Documents, after deduction of all fees (including but not limited to the Bank’s solicitors fees on a solicitor and client basis), costs, rates, taxes and other outgoings on the assets or properties charged and/or assigned to the Bank under the Security Documents in accordance with Section 8.02 hereof, is less than the amount due to the Bank under the Letter of Offer and this Agreement, the Customer will be liable for the amount of such shortfall; (b) paragraph (a) applies whether or not the Bank is the purchaser of all assets or properties charged and/or assigned to the Bank under the Security Documents at such sale or disposal; (c) until payment is made for the amount of the shortfall, the Customer will (regardless of any foreclosure proceedings taken or sale made by the Bank) also pay late payment compensation on the amount of the shortfall at the prevailing Islamic Interbank Money Market (IIMM) Rate until full settlement of such shortfall and all other moneys due and payable to the Bank.

DEFICIENCY IN PROCEEDS OF SALE. The parties agree that, regardless of any other provisions contained in this Agreement to the contrary: (a) if the actual amount ultimately received by the Bank towards the indebtedness under the terms of the Security Documents and/or and /or on a sale or disposal of the assets or properties charged and/or assigned to the Bank under the Security Documents, after deduction of all fees (including but not limited to the Bank’s solicitors fees on a solicitor and client basis), costs, rates, taxes and other outgoings on the assets or properties charged and/or assigned to the Bank under the Security Documents in accordance with Section 8.02 hereof, is less than the amount due to the Bank under the Letter of Offer and this Agreement, the Customer will be liable for the amount of such shortfall; (b) paragraph (a) applies whether or not the Bank is the purchaser of all assets or properties charged and/or assigned to the Bank under the Security Documents at such sale or disposal; (c) until payment is made for the amount of the shortfall, the Customer will (regardless of any foreclosure proceedings taken or sale made by the Bank) also pay late payment compensation Late Payment Charges on the amount of the shortfall at the prevailing Islamic Interbank Money Market (IIMM) Rate until full settlement of such shortfall and all other moneys due and payable to the Bank.