DISPOSITION OF MONIES. Subject to any applicable requirements of the Act, all monies collected or received by the Secured Party under or in exercise of any right it possesses with respect to Collateral shall be applied on account of the Obligations in such manner as the Secured Party deems best or, at the option of the Secured Party, may be held unappropriated in a collateral account or released to the Debtor, all without prejudice to the liability of the Debtor or the rights of the Secured Party under this Agreement, and any surplus shall be accounted for as required by law.
Appears in 4 contracts
Sources: Security Agreement (Niocorp Developments LTD), Loan Agreement (Niocorp Developments LTD), Security Agreement (Niocorp Developments LTD)
DISPOSITION OF MONIES. Subject to any applicable requirements of the ActAct and the Bridge Loan Agreement, all monies collected or received by the Secured Party under or in exercise of any right it possesses with respect to Collateral shall be applied on account of the Obligations in such manner as the Secured Party deems best or, at the option of the Secured Party, may be held unappropriated in a collateral account or released to the Debtor, all without prejudice to the liability of the Debtor or the rights of the Secured Party under this Agreement, and any surplus shall be accounted for as required by law.
Appears in 1 contract
DISPOSITION OF MONIES. Subject to any applicable requirements of the Act, all monies collected or received by the Secured Party under or in exercise of any right it possesses with respect to Collateral shall be applied on account of the Obligations in such manner as the Secured Party deems best or, at the option of the Secured Party, may be held unappropriated in a collateral account or released to the Debtor, all without prejudice to the liability of the Debtor or the rights of the Secured Party under this Agreement, and any surplus shall be accounted for as required by lawreturned to the Debtor.
Appears in 1 contract
Sources: General Security Agreement (Foremost Lithium Resources & Technology Ltd.)
DISPOSITION OF MONIES. Subject to any applicable requirements of the Act, all monies collected or received by the Secured Party under or in exercise of any right it possesses with respect to Collateral shall be applied on account of the Obligations in such manner as the Secured Party deems best or, at the option of the Secured Party, may be held unappropriated in a collateral account or released to the DebtorGuarantor, all without prejudice to the liability of the Debtor Guarantor or the rights of the Secured Party under this Agreement, and any surplus shall be accounted for as required by law.
Appears in 1 contract
Sources: General Security Agreement (Lithium Exploration Group, Inc.)