Common use of Expenses; Proceeds of Collateral Clause in Contracts

Expenses; Proceeds of Collateral. The Borrower shall pay to the Bank on demand any and all reasonable out-of-pocket expenses, including reasonable attorneys' fees, incurred or paid by the Bank in protecting the Collateral or the existence, perfection or priority of the Bank's security interest therein. After deducting all of such expenses, the residue of any Proceeds of collection or sale of the Collateral shall be applied to the payment of principal or interest on Liabilities in such order of preference as the Bank may determine, proper allowance for interest on Liabilities not then due being made, and any excess shall be returned to the Borrower.

Expenses; Proceeds of Collateral. The Borrower shall pay to the Bank on demand any and all reasonable out-of-pocket expenses, including reasonable attorneys' ’ fees, incurred or paid by the Bank in protecting the Collateral or the existence, perfection or priority of the Bank's ’s security interest therein. After deducting all of such expenses, the residue of any Proceeds of collection or sale of the Collateral shall be applied to the payment of principal or interest on Liabilities in such order of preference as the Bank may determine, proper allowance for interest on Liabilities not then due being made, and any excess shall be returned to the Borrower.