Proceeds of Disposition. The proceeds of the sale, lease or other disposition of the whole or any part of the Collateral will be applied as follows: (a) FIRSTLY to pay and discharge all rents, taxes, rates, insurance premiums and out-goings affecting the Collateral; (b) SECONDLY to pay all costs and expenses of taking possession and/or sale or lease or otherwise (including the Receiver's remuneration, if any); (c) THIRDLY to pay such amounts as are necessary to keep in good standing all liens and charges on the Collateral prior to the security interests hereby created; (d) FOURTHLY to pay any principal, interest and other monies due and payable hereunder (in such order as the Secured Party may require); and (e) should any surplus remain in the hands of the Receiver or the Secured Party then the Debtor will be entitled to such surplus but only upon demand in writing made therefor.
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Sources: Commercial Security Agreement (Icon Laser Eye Centers Inc)
Proceeds of Disposition. The proceeds of the sale, lease or other disposition of the whole or any part of the Collateral will be applied as follows:
(a) FIRSTLY to pay and discharge all rents, taxes, rates, insurance premiums and out-goings affecting the Collateral;
(b) SECONDLY to pay all costs and expenses of taking possession and/or sale or lease or otherwise (including the Receiver's ’s remuneration, if any);
(c) THIRDLY to pay such amounts as are necessary to keep in good standing all liens and charges on the Collateral prior ranking in priority to the security interests hereby created;
(d) FOURTHLY to pay any principal, interest and other monies due and payable hereunder (in such order as the Secured Party may require); and
(e) should if any surplus remain remains in the hands of the Receiver or the Secured Party then the Debtor will be entitled to such surplus but only upon demand in writing made therefor.
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