Common use of Proceeds of Disposition Clause in Contracts

Proceeds of Disposition. Subject to applicable law and any Charges ranking in priority to the Charges created hereby, all amounts realized from Charged Property pursuant hereto will be applied as the Secured Party may see fit within the following constraints: (a) firstly, in or toward payment of all charges and expenses (including legal fees and disbursements on a solicitor and his own client basis) incurred or charged by the Secured Party or Receiver in connection with the exercise by the Secured Party or Receiver of the rights, remedies and powers granted pursuant hereto or otherwise, including the Receiver's remuneration and all amounts properly payable by the Receiver; and (b) secondly, in or toward payment to the Secured Party of the Secured Obligations.

Proceeds of Disposition. Subject to applicable law and any Charges ranking in priority to the Charges created hereby, all amounts realized from Charged Property pursuant hereto will be applied as the Secured Party may see fit within the following constraints: (a) firstly, in or toward payment of all charges and expenses (including legal fees and disbursements on a solicitor and his own client basis) incurred or charged by the Secured Party or Receiver in connection with the exercise by the Secured Party or Receiver of the rights, remedies and powers granted pursuant hereto or otherwise, including the Receiver's ’s remuneration and all amounts properly payable by the Receiver; and (b) secondly, in or toward payment to the Secured Party of the Secured Obligations.