Common use of Application of Amounts Clause in Contracts

Application of Amounts. 9.1 All amounts received or recovered, or applied, by us or any Receiver from the security created under this Agreement will be applied in the manner and order determined by us or the Receiver. In the absence of any determination, those amounts will be applied in the order described in clause 9.2 below. This clause is subject to: (a) any claims ranking in priority to the security created under this Agreement; and (b) any mandatory provisions of law. 9.2 Subject to clause 9.3 below, amounts received or recovered by us or any Receiver from the security created under this Agreement will be applied in payment: (a) first, of all expenses incurred by one or both of us, and any attorney in the exercise, or attempted exercise, of rights under, or otherwise in connection with, any Relevant Document; (b) secondly, of the Receiver’s remuneration; (c) thirdly, of all other Secured Money in such order as determined by us; (d) fourthly, to each holder of a security of which we are aware and which ranks after this Agreement in relation to the Secured Property, to the extent, and in the order, of such priority; and (e) fifthly, of any surplus to you. 9.3 If any Secured Money is contingently owing or not yet owing at the time any application of money is made, we or any Receiver: (a) may retain an amount equal to all or part of the amount of such Secured Money; (b) will place that retained amount in an interest bearing deposit account until such Secured Money becomes actually due and payable or ceases to be contingently owing; (c) will pay from the amount retained, all amounts which become actually due and payable after that time; and (d) will apply the balance of the amount retained, together with interest earned whilst on deposit, in accordance with clause 9.2 above.

Application of Amounts. 9.1 All amounts received or recovered, or applied, by us or any Receiver receiver from the security created under this Agreement will be applied in the manner and order determined by us or the Receiverreceiver. In in the absence of any determination, those amounts will be applied in the order described in clause 9.2 below. This clause is subject to: (a) any claims ranking in priority to the security created under this Agreement; and (b) any mandatory provisions of law. 9.2 Subject to clause 9.3 below, amounts received or recovered by us or any Receiver receiver from the security created under this Agreement will be applied in payment: (a) first, of all expenses incurred by one or both of us, and any attorney in the exercise, or attempted exercise, of rights under, or otherwise in connection with, any Relevant Documentrelevant document; (b) secondly, of the Receiverreceiver’s remuneration; (c) thirdly, of all other Secured Money money in such order as determined by us; (d) fourthly, to each holder of a security of which we are aware and which ranks after this Agreement in relation to the Secured Property, to the extent, and in the order, of such priority; and (e) fifthly, of any surplus to you. 9.3 If if any Secured Money money is contingently owing or not yet owing at the time any application of money is made, we or any Receiverreceiver: (a) may retain an amount equal to all or part of the amount of such Secured Moneymoney; (b) will place that retained amount in an interest bearing deposit account until such Secured Money money becomes actually due and payable or ceases to be contingently owing; (c) will pay from the amount retained, all amounts which become actually due and payable after that time; and (d) will apply the balance of the amount retained, together with interest earned whilst on deposit, in accordance with clause 9.2 above.