Common use of IMPUTATION OF PAYMENTS Clause in Contracts

IMPUTATION OF PAYMENTS. Except as herein otherwise expressly provided, to the greatest extent permitted by applicable law, all monies arising from any sale or realization of the Charged property, in whole or in part, whether under any sale by the Trustee or by judicial process or otherwise, shall be applied, together with any other monies then in the hands of the Trustee and available for such purpose, in the first place to pay or reimburse the Trustee's fees, charges, expenses, borrowing, advances and all other moneys provided or obtained by it or at its request in or about the execution of its powers and rights with respect to these presents, with interest thereon as herein provided, and the residue of the said moneys shall be applied on account of Secured Obligations or, at the option of the Trustee, may be held unappropriated in a collateral account in order to provide for payment of any charge ranking prior to the Hypothec. The Grantor shall only be credited with amounts received by the Trustee in cash from the possession, sale, lease or other disposition of, or realization upon, the Charged property as and when such cash is received.