Application of Proceeds and Payments. Any proceeds realized by BMO InvestorLine pursuant to the exercise of any remedy set forth in Section 11 and any repayments or reimbursements to BMO InvestorLine on account of any Obligations to BMO InvestorLine shall be applied as follows: (a) firstly, to reduce the Indebtedness to BMO InvestorLine and, any interest thereon; (b) secondly, against any other Obligations to BMO InvestorLine; and (c) thirdly, to the Client unless otherwise required by applicable law. The Client shall remain liable for, and shall forthwith pay, without duplication, and subject always to Section 7, the balance of any Obligations to BMO InvestorLine, which remain outstanding after the application of such proceeds, together with interest thereon.
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Sources: Client Agreements, Client Agreements