Common use of Proceeds of Realisation of Security Clause in Contracts

Proceeds of Realisation of Security. 8.1 The net proceeds of any sale or other realisation of the Goods shall be applied by Lending Crowd (subject to the claims of any person ranking in priority to the Loan Agreement): FIRST in payment of all costs, charges and expenses of and incidental to the exercise by Lending Crowd of all or any of Lending Crowd’s powers; SECOND in payment of the Secured Moneys to Lending Crowd (as agent for the Trustee); and THIRD in payment of any residue to you or such other person who shall otherwise be entitled to such residue.