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 proceeding instituted or step taken under any of the Security Documents shall be applied by the Bank 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 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 interest then accrued and remaining unpaid in respect of the Staff Loan/Facility; FOURTHLY in or towards payment to the Bank of the 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 to the Borrower or the persons entitled to such surplus within sixty

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceeding instituted or step taken under any of the Security Documents shall be applied by the Bank 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 Borrower in respect of the Property charged or assigned to the Bank as security for the Staff 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 interest then accrued and remaining unpaid in respect of the Staff Housing Loan/Facility; FOURTHLY in or towards payment to the Bank of the principal sum due and remaining unpaid under the Staff 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 to the Borrower or the persons entitled to such surplus within sixty;

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceeding instituted or step taken under any of the Security Documents shall be applied by the Bank 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 Borrower in respect of the Property charged or assigned to the Bank as security for the Staff 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 interest then accrued and remaining unpaid in respect of the Staff Housing Loan/Facility; FOURTHLY in or towards payment to the Bank of the principal sum due and remaining unpaid under the Staff 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 to the Borrower or the persons entitled to such surplus within sixty;

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceeding instituted or step taken under any of the Security Documents shall be applied by the Bank 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 Borrower in respect of the Property charged or assigned to the Bank as security for the Staff 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 interest then accrued and remaining unpaid in respect of the Staff Housing Loan/Facility; FOURTHLY in or towards payment to the Bank of the principal sum due and remaining unpaid under the Staff 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 to the Borrower or the persons entitled to such surplus within sixty