Common use of Proceeds of Recovery Clause in Contracts

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings instituted or step taken under any of the Security Documents are to be applied by the Bank: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer in respect of the Property charged or assigned to the Bank as security for the Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank under the Security Documents THIRDLY in or towards payment to the Bank of all profit then accrued and remaining unpaid in respect of the Facility; FOURTHLY in or towards payment to the Bank of the facility sum due and remaining unpaid under the Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY any surplus will be paid to persons entitled to such surplus. PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which the sum ultimately realised from the security may be sufficient to pay.

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings instituted or step taken under any of the Security Documents are to be applied by the Bank: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer in respect of the Property charged or assigned to the Bank as security for the Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank under the Security Documents THIRDLY in or towards payment to the Bank of all profit then accrued and remaining unpaid in respect of the Facility; FOURTHLY in or towards payment to the Bank of the facility sum due and remaining unpaid under the Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY any surplus will be paid to persons entitled to such surplus. PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which the sum ultimately realised from the security may be sufficient to pay.

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are to shall be applied by the BankBank as follows: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Borrower in respect of the Property charged or assigned to the Bank as security for the Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank in realising any security under the Security Documents (this include the fees and charges mentioned herein); THIRDLY in or towards payment to the Bank of all profit interest then accrued and remaining unpaid in respect of the Facility; FOURTHLY in or towards payment to the Bank of the facility principal sum due and remaining unpaid under the Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY in payment of any surplus will be paid to the Borrower or the persons entitled to such surplus. PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit interest bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it the Bank would have been entitled if the primary order had been observed, or any lesser amount which the sum is ultimately realised from the security may be sufficient to paysecurity.

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are to shall be applied by the BankBank as follows: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Borrower in respect of the Property charged or assigned to the Bank as security for the Property Financing/Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank in realising any security under the Security Documents (this include the fees and charges mentioned herein); THIRDLY in or towards payment to the Bank of all profit interest then accrued and remaining unpaid in respect of the Property Financing/Facility; FOURTHLY in or towards payment to the Bank of the facility principal sum due and remaining unpaid under the Property Financing/Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY in payment of any net surplus will be paid to the Borrower or the persons entitled to such surplus. PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which the sum ultimately realised from the security may be sufficient to pay.surplus within sixty

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are to shall be applied by the BankBank as follows: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Borrower in respect of the Property charged or assigned to the Bank as security for the FacilityHousing Loan; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank in realising any security under the Security Documents (this include the fees and charges mentioned herein); THIRDLY in or towards payment to the Bank of all profit interest then accrued and remaining unpaid in respect of the FacilityHousing Loan; FOURTHLY in or towards payment to the Bank of the facility principal sum due and remaining unpaid under the FacilityHousing Loan; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY in payment of any surplus will be paid to the Borrower or the persons entitled to such surplus. PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit interest bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it the Bank would have been entitled if the primary order had been observed, or any lesser amount which the sum is ultimately realised from the security may be sufficient to paysecurity.

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are to be applied by the Bank: FIRSTLY in payment of or any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Borrower in respect of the Property charged or assigned to the Bank as security for the Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank under the Security Documents Documents; THIRDLY in or towards payment to the Bank of all profit interest then accrued and remaining unpaid in respect of the Facility; FOURTHLY in or towards payment to the Bank of the facility principal sum due and remaining unpaid under the Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY any surplus will be paid to persons entitled to such surplus. ; PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit interest bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which the sum ultimately realised from the security may be sufficient to pay.

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are to shall be applied by the BankBank as follows: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Borrower in respect of the Property charged or assigned to the Bank as security for the Housing Loan/Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank in realising any security under the Security Documents (this include the fees and charges mentioned herein); THIRDLY in or towards payment to the Bank of all profit interest then accrued and remaining unpaid in respect of the Housing Loan/Facility; FOURTHLY in or towards payment to the Bank of the facility principal sum due and remaining unpaid under the Housing Loan/Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY in payment of any net surplus will be paid to the Borrower or the persons entitled to such surplus. PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which the sum ultimately realised from the security may be sufficient to pay.surplus within sixty

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts a) All monies received by the Bank from any proceedings instituted or step steps taken under any of the Security Documents are to this Agreement will be applied by in the Bank: FIRSTLY in payment of any rentsfollowing order:- (i) Firstly, to pay the quit rent, rates, taxes, assessments, fees, lawful outgoings assessments and other fees outgoings due and payable to the relevant authorities by authorities. (ii) Secondly, to pay all costs (including the Customer in respect of the Property charged or assigned to the Bank as security for the Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costsBank‟s solicitors costs on a solicitor and client basis), charges, expenses expenses, and liabilities incurred by the Bank and every receiver or other person appointed by the Bank under in realising the Security Documents THIRDLY or in performing any duties or towards payment exercising any powers. (iii) Thirdly, to pay the Bank all interests, costs, charges, commission and other monies which are outstanding in connection with the Banking Facilities. (iv) Fourthly, to pay all principal monies owing to the Bank of all profit then accrued and remaining unpaid in respect of connection with the Facility; FOURTHLY in or towards payment Banking Facilities. (v) Fifthly, to pay the Bank of the facility sum due and remaining unpaid under the Facility; FIFTHLY in or towards payment to the Bank of all other moneys monies due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment . (vi) Sixthly, to pay the Bank any of the Borrower‟s and/or the Security Party‟s liabilities to the Bank (whether present, future, contingent, primary, secondary, collateral, secured or unsecured, several or joint) under any account, agreement, or contract with the Bank. (vii) Seventhly, towards settlement of all any monies owing by any other moneys due company in the Borrower‟s and/or the Security Party‟s group of companies (including holding, subsidiary, and remaining unpaid; SEVENTHLY any surplus will be paid associated companies) to persons entitled to such surplus. PROVIDED ALWAYS THAT the Bank may alter (if any). (viii) Eighthly, to the above Borrower and/or the Security Party or any other entitled persons. (b) The Bank can at its sole and absolute discretion change the order of payment above, or keep such amounts in a non-profit interest bearing suspense account. Such alteration However, the change in the order of payment, or payment into a suspense account, will not affect the Bank‟s right of the Bank to receive the full amount to which it the Bank would have been entitled to receive if the primary order of payment had been observed, or any lesser amount which the sum ultimately realised from the security may be sufficient to pay.

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are to shall be applied by the BankBank as follows: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Borrower in respect of the Property charged or assigned to the Bank as security for the Housing Loan/Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank in realising any security under the Security Documents (this include the fees and charges mentioned herein); THIRDLY in or towards payment to the Bank of all profit interest then accrued and remaining unpaid in respect of the Housing Loan/Facility; FOURTHLY in or towards payment to the Bank of the facility principal sum due and remaining unpaid under the Housing Loan/Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY any surplus will be paid ; (a) where the Bank has exhausted all reasonable means to contact the Borrower or the persons entitled to such surplus, and the Borrower or the persons entitled to such surplus do/does not have a deposit account with the Bank and where the Unclaimed Moneys Xxx 0000 applies; or (b) in the event that the surplus or the net surplus or any part thereof becomes or has become or is likely to become the subject matter or part thereof in any legal proceeding. PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit interest bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it the Bank would have been entitled if the primary order had been observed, or any lesser amount which the sum is ultimately realised from the security may be sufficient to paysecurity.

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are to shall be applied by the BankBank as follows: FIRSTLY in payment of or any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Borrower in respect of the Property charged or assigned to the Bank as security for the Housing Loan/Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank in realising any security under the Security Documents (this include the fees and charges mentioned herein); THIRDLY in or towards payment to the Bank of all profit interest then accrued and remaining unpaid in respect of the Housing Loan/Facility; FOURTHLY in or towards payment to the Bank of the facility principal sum due and remaining unpaid under the Housing Loan/Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY any surplus will be paid ; (a) where the Bank has exhausted all reasonable means to contact the Borrower or the persons entitled to such surplus. , and the Borrower or the persons entitled to such surplus do/does not have a deposit account with the Bank and where the Unclaimed Moneys Act 1965 applies; or (b) in the event that the surplus or the net surplus or any part thereof becomes or has become or is likely to become the subject matter or part thereof in any legal proceeding, PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit interest bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it the Bank would have been entitled if the primary order had been observed, or any lesser amount which the sum is ultimately realised from the security may be sufficient to paysecurity.

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are to shall be applied by the BankBank as follows: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Borrower in respect of the Property charged or assigned to the Bank as security for the Staff Loan/Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank in realising any security under the Security Documents (this include the fees and charges mentioned herein); THIRDLY in or towards payment to the Bank of all profit interest then accrued and remaining unpaid in respect of the Staff Loan/Facility; FOURTHLY in or towards payment to the Bank of the facility principal sum due and remaining unpaid under the Staff Loan/Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY in payment of any net surplus will be paid to the Borrower or the persons entitled to such surplus. PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which the sum ultimately realised from the security may be sufficient to pay.surplus within sixty

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are to be applied by the Bank: FIRSTLY in payment of or any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Borrower in respect of the Property charged or assigned to the Bank as security for the FacilityHousing Loan; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank under the Security Documents Documents; THIRDLY in or towards payment to the Bank of all profit interest then accrued and remaining unpaid in respect of the FacilityHousing Loan; FOURTHLY in or towards payment to the Bank of the facility principal sum due and remaining unpaid under the FacilityHousing Loan; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY any surplus will be paid to persons entitled to such surplus. ; PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit interest bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which the sum ultimately realised from the security may be sufficient to pay.

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings instituted or step taken under any of the Security Documents are to be applied by the Bank: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer in respect of the Property charged or assigned to the Bank as security for the Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank under the Security Documents Documents; THIRDLY in or towards payment to the Bank of all profit then accrued and remaining unpaid in respect of the Facility; FOURTHLY in or towards payment to the Bank of the facility sum due and remaining unpaid under the Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY any surplus will be paid to persons entitled to such surplus. PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which the sum ultimately realised from the security may be sufficient to pay.

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are to be applied by the Bank: FIRSTLY in payment of or any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Borrower in respect of the Property charged or assigned to the Bank as security for the Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank under the Security Documents Documents; THIRDLY in or towards payment to the Bank of all profit interest then accrued and remaining unpaid in respect of the Facility; FOURTHLY in or towards payment to the Bank of the facility principal sum due and remaining unpaid under the Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY any surplus will be paid to persons entitled to such surplus. ; PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit interest bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which the sum ultimately realised realized from the security may be sufficient to pay.

Proceeds of Recovery. To delete the existing provision in the Agreement with respect to application of proceeds and insert the following new clause: “Subject to statutory priorities (if any), laws and guidelines issued by any regulatory authorities, all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are to be applied by the Bank: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Security Party in respect of the Property charged or assigned to the Bank as security for the Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by , (a) where the Bank and every person appointed by has exhausted all reasonable means to contact the Bank under Borrower or the Security Documents THIRDLY in or towards payment to the Bank of all profit then accrued and remaining unpaid in respect of the Facility; FOURTHLY in or towards payment to the Bank of the facility sum due and remaining unpaid under the Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY any surplus will be paid to persons entitled to such surplus, and the Borrower or the persons entitled to such surplus do/does not have a deposit account with the Bank and where the Unclaimed Moneys Act 1965 applies; or (b) in the event that the surplus or the net surplus or any part thereof becomes or has become or is likely to become the subject matter or part thereof in any legal proceeding. PROVIDED ALWAYS THAT the Bank may alter the above order of payment payment, by giving adequate prior written notice to the Borrower, or keep such amounts in a non-profit interest bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which is the sum ultimately realised from the security may be sufficient to pay.”