Common use of Upon Enforcement Clause in Contracts

Upon Enforcement. 6.1 All moneys received or recovered by the Bank in respect of the Secured Obligations (including moneys received pursuant to clause 12.10) on or after the Enforcement Date shall be held by the Bank, and all moneys received by the Counterparty in respect of the Charged Property (other than moneys received pursuant to this clause 6.1) on or after the Enforcement Date shall forthwith be paid to (and, pending such payment, the Counterparty shall hold such moneys on trust for) the Bank and shall be paid in accordance with the following order of priority: (a) first, in or towards satisfaction, pro rata according to their respective terms, of all amounts due and payable to the Bank and the Receiver in respect of their fees, costs and expenses as referred to in clause 9 hereof; (b) second, to the Bank for the account of the Noteholders in respect of all amounts due and payable as Secured Obligations; and (c) third, the surplus (if any) to the Counterparty. 6.2 The provisions of clauses 6.1 and 12.10 shall take effect as and by way of variation of the provisions of sections 106(3), 107 and 109 of the Conveyancing Act, which provisions as so varied and extended shall be deemed incorporated herein, and as regards section 109 as if they related to a receiver of the Charged Property and not merely a receiver of the income thereof.

Upon Enforcement. 6.1 All moneys received or recovered by the Bank or any Receiver in respect of the Secured Obligations (including moneys received pursuant to clause 12.10) on or after the Enforcement Date shall be held by the BankBank or the Receiver (as applicable), and all moneys received by the Counterparty in respect of the Charged Property (other than moneys received pursuant to this clause 6.1) on or after the Enforcement Date shall forthwith be paid to (and, pending such payment, the Counterparty shall hold such moneys on trust for) the Bank Receiver and shall be paid in accordance with the following order of priority: (a) first, in or towards satisfaction, pro rata according to their respective terms, of all amounts due and payable to the Bank and the Receiver in respect of their fees, costs and expenses as referred to in clause 9 hereof; (b) second, to the Bank for the account of the Noteholders in respect of all amounts due and payable as Secured Obligations; and (c) third, the surplus (if any) to the Counterparty. 6.2 The provisions of clauses 6.1 and 12.10 shall take effect as and by way of variation of the provisions of sections 106(322(2), 107 21(3) and 109 24(8) of the Conveyancing Act, which provisions as so varied and extended shall be deemed incorporated herein, and as regards section 109 24(8) as if they related to a receiver of the Charged Property and not merely a receiver of the income thereof.

Upon Enforcement. 6.1 6.1. All moneys received or recovered by the Bank in respect of the Secured Obligations (including moneys received pursuant to clause 12.10) on or after the Enforcement Date shall be held by the Bank, and all moneys received by the Counterparty in respect of the Charged Property (other than moneys received pursuant to this clause Clause 6.1) on or after the Enforcement Date shall forthwith be paid to (and, pending such payment, the Counterparty shall hold such moneys on trust for) the Bank and shall be paid in accordance with the following order of priority: (a) first, in or towards satisfaction, pro rata according to their respective terms, of all amounts due and payable to the Bank and the Receiver in respect of their fees, costs and expenses as referred to in clause 9 hereof; (b) second, to the Bank for the account of the Noteholders in respect of all amounts due and payable as Secured Obligations; and (c) third, the surplus (if any) to the Counterparty. 6.2 6.2. The provisions of clauses 6.1 and 12.10 shall take effect as and by way of variation of from the provisions of sections 106(3), 107 and 109 of the Conveyancing Act, which provisions as so varied and extended shall be deemed incorporated herein, and as regards section 109 as if they related to a receiver of the Charged Property and not merely a receiver of the income thereof.