Common use of Application of Sums Received Clause in Contracts

Application of Sums Received. Subject to the other provisions of this clause 27, the Security Trustee shall apply all amounts standing to the credit of any account referred to in clause 27.3 and any other amounts realised pursuant to the exercise of any rights or powers it might have pursuant to any of the Security Documents: 27.4.1 first, in the payment of any costs, charges and expenses of or incidental to the appointment of any Receiver pursuant to the Security Documents, the payment of his remuneration and the payment and discharge of any other Expenses incurred by or on behalf of the Receiver; 27.4.2 secondly, in or towards payment of any debts or claims which are by statute payable in preference to the Secured Obligations but only to the extent to which such debts or claims have such preference; 27.4.3 thirdly, in or towards payment and discharge pro rata of any Secured Obligations then due, owing or incurred to the Security Trustee, in its capacity as Security Trustee (and not in any other capacity) for its own account; and 27.4.4 fourthly, in payment to the Agent to be applied by the Agent in or towards payment and discharge of the balance of the Secured Obligations (if any) in accordance with the provisions of clause 20.10 provided that, when distributing sums in accordance with this clause 27.4, the Security Trustee will treat any contingent liability as an actual liability and distribute to the party entitled thereto accordingly. Any such party receiving sums in respect of a contingent liability shall place such sums on deposit with such bank (not being a bank entitled to exercise any right of set-off or combination or consolidation of accounts or having the benefit of any encumbrance over such deposit) and on such terms as the Security Trustee may approve and, if such contingent liability shall fail to mature, shall return such sums (together with any interest earned thereon) to the Security Trustee for distribution in accordance with the terms of this clause 27.4.

Application of Sums Received. Subject to the other provisions of this clause 27, the Security Trustee shall apply all amounts standing to the credit of any account referred to in clause 27.3 and any other amounts realised pursuant to the exercise of any rights or powers it might have pursuant to any of the Security Documents: 27.4.1 first, in the payment of any costs, charges and expenses of or incidental to the appointment of any Receiver pursuant to the Security Documents, the payment of his remuneration and the payment and discharge of any other Expenses incurred by or on behalf of the Receiver; 27.4.2 secondly, in or towards payment of any debts or claims which are by statute payable in preference to the Secured Obligations but 100 only to the extent to which such debts or claims have such preference; 27.4.3 thirdly, in or towards payment and discharge pro rata of any Secured Obligations then due, owing or incurred to the Security Trustee, in its capacity as Security Trustee (and not in any other capacity) for its own account; and 27.4.4 fourthly, in payment to the Agent to be applied by the Agent in or towards payment and discharge of the balance of the Secured Obligations (if any) in accordance with the provisions of clause 20.10 provided that, when distributing sums in accordance with this clause 27.4, the Security Trustee will treat any contingent liability as an actual liability and distribute to the party entitled thereto accordingly. Any such party receiving sums in respect of a contingent liability shall place such sums on deposit with such bank (not being a bank entitled to exercise any right of set-off or combination or consolidation of accounts or having the benefit of any encumbrance over such deposit) and on such terms as the Security Trustee may approve and, if such contingent liability shall fail to mature, shall return such sums (together with any interest earned thereon) to the Security Trustee for distribution in accordance with the terms of this clause 27.4.

Application of Sums Received. Subject to the other provisions of this clause 27, the Security Trustee shall apply all amounts standing to the credit of any account referred to in clause 27.3 and any other amounts realised pursuant to the exercise of any rights or powers it might have pursuant to any of the Security Documents: 27.4.1 first, in the payment of any costs, charges and expenses of or incidental to the appointment of any Receiver pursuant to the Security Documents, the payment of his remuneration and the payment and discharge of any other Expenses incurred by or on behalf of the Receiver; 27.4.2 secondly, in or towards payment of any debts or claims which are by statute payable in preference to the Secured Obligations but only to the extent to which such debts or claims have such preference; 27.4.3 thirdly, in or towards payment and discharge pro rata of any Secured Obligations then due, owing or incurred to the Security Trustee, in its capacity as Security Trustee (and not in any other capacity) for its own account; and 27.4.4 fourthly, in payment to the Agent to be applied by the Agent in or towards payment and discharge of the balance of the Secured Obligations (if any) in accordance with the provisions of clause 20.10 provided that, when distributing sums in accordance with this clause 27.4, the Security Trustee will treat any contingent liability as an actual liability and distribute to the party entitled thereto accordingly. Any such party receiving sums in respect of a contingent liability shall place such sums on deposit with such bank (not being a bank entitled to exercise any right of set-off or combination or consolidation of accounts or having the benefit of 118 any encumbrance over such deposit) and on such terms as the Security Trustee may approve and, if such contingent liability shall fail to mature, shall return such sums (together with any interest earned thereon) to the Security Trustee for distribution in accordance with the terms of this clause 27.4.