APPLICATION OF COMPENSATION MONEYS Clause Samples

APPLICATION OF COMPENSATION MONEYS. (a) All monies received as or by way of compensation in respect of any of the matters referred to in Section 24.1.3 hereof shall be applied in or towards the discharge or payment of the Indebtedness and any other money or liability secured by this Agreement and the documents creating security for the Facility and the Customer shall and hereby declare that the Customer will hold all such monies if paid to and received by the Customer hereunder in trust for the Bank and the Customer agrees and confirms that the Bank may receive and give a good discharge for all such monies. (b) In the event of all such monies as aforesaid being less than the amount due to the Bank hereunder the Customer shall forthwith pay to the Bank the difference between the amount due and the amount so received.

APPLICATION OF COMPENSATION MONEYS. All moneys received as or by way of compensation in respect of any of the matters referred to in Section 7.01 hereof shall be applied in or towards the discharge or repayment of the Indebtedness and any money or liability secured by this Assignment and the Assignor shall, and hereby declares that it will hold all such moneys if paid to and received by it hereunder in trust for the Bank and the Assignor agrees and confirms that the Bank may receive and give a good discharge for all such moneys. In the event of all such moneys as aforesaid being less than the amount due to the Bank herein including interest and all other moneys and charges due and payable by the Assignor to the Bank, the Assignor shall forthwith pay to the Bank the difference between the amount due and the amount so received and until such payment shall also pay interests on such balance at the Prescribed Rate and the default interest with such rests or at such other rates as the Bank may stipulate and the Bank’s decision shall be final and conclusive and shall not be questioned on any account whatsoever.

APPLICATION OF COMPENSATION MONEYS. All moneys received as or by way of compensation in respect of any of the matters referred to in Section 9.01 hereof shall be applied in or towards the discharge or payment of the Indebtedness secured by this Assignment and the Property Sale Agreement and the Customer shall and hereby declare that the Customer will hold all such moneys if paid to and received by the Customer hereunder in trust for the Bank and the Customer agrees and confirms that the Bank may receive and give a good discharge for all such moneys.

APPLICATION OF COMPENSATION MONEYS. (a) All moneys received as or by way of compensation in respect of any of the matters referred to in Section 11.01 hereof shall be applied in or towards the discharge or payment of the Indebtedness secured by this Assignment and the Assignor shall and hereby declare that he will hold all such moneys if paid to and received by him hereunder in trust for the Bank and the Assignor agrees and confirms that the Bank may receive and give a good discharge for all such moneys. (b) In the event of all such monies aforesaid being less than the amount due to the Bank hereunder, the Assignor shall forthwith pay to the Bank the difference between the amount due and the amount so received and until such payment, shall also pay late payment charge on such difference calculated in the manner then applicable to the monies hereby or intended to be hereby secured.

APPLICATION OF COMPENSATION MONEYS. All moneys received as or by way of compensation in respect of any of the matters referred to in Section 6.01 be applied in or towards the discharge or repayment or any money or liability secured by this Agreement and the Borrower shall, and hereby declares that he will hold all such moneys if paid to and received by him in trust for the Bank and the Borrower agrees and confirms that the Bank may receive and give a good discharge for all such moneys.

APPLICATION OF COMPENSATION MONEYS. All sums collected as or by way of reimbursement pertaining to any of the matters stated in Section 8.01 hereof shall be applicable or towards the discharge or compensation of any sum or liability secured by this Assignment and the Assignor shall, and hereby proclaims that it shall hold all such sums if paid to and collected by it hereunder in trust for the Bank and the Assignor consents and affirms that the Bank may collect and give a good discharge for all such sums. In the circumstances where all such sums as aforementioned being less than the quantity due to the Bank comprising interest and all sums and other charges due and payable by the Assignor to the Bank. the Assignor shall immediately pay the deduction between the amount due and the amount collected and until such payment shall also pay interest on such balance based on the Prescribed Rate or at such other rate of interest as the Bank shall specified. The decision of the Bank shall be final and conclusive and shall not be questioned on any account.

APPLICATION OF COMPENSATION MONEYS. All moneys received as or by way of compensation in respect of any of the matters referred to in Section 10 .01 hereof shall be applied in or towards the discharge or payment of the Selling Price and any other money or liability secured by this Agreement and the documents creating security for the Facility and the Customer shall and hereby declare that the Customer will hold all such moneys if paid to and received by the Customer hereunder in trust for the Bank and the Customer agrees and confirms that the Bank may receive and give a good discharge for all such moneys. In the event of all such moneys as aforesaid being less than the amount due to the Bank hereunder the Customer shall forthwith pay to the Bank the difference between the amount due and the amount so received.

APPLICATION OF COMPENSATION MONEYS. All monies received as or by way of compensation in respect of any of the matters referred to in Section 6.01 shall be applied in or towards the discharge or repayment of any monies or liability secured by this Agreement and the Borrower shall, and hereby declares that he and/or the Security Party will hold all such monies if paid to and received by him and/or the Security Party in trust for the Bank and the Borrower and/or the Security Party agrees and confirms that the Bank may receive and give a good discharge for all such monies.