Common use of Application of Clause in Contracts

Application of. Proceeds Any moneys received by the Security Trustee or by any Receiver appointed by it pursuant to this Debenture and/or under the powers hereby conferred shall, after the security constituted in this Debenture shall have become enforceable in accordance with its terms, but subject to the payment of any claims having priority to the security constituted by this Debenture and to the Security Trustee’s and such Receiver’s rights under Clauses 11.5 (Contingencies) and 12.2 (Powers of Receiver), be applied against the amounts due and payable under the Loan Documents in accordance with the provisions of Clause 5 (Application of Proceeds) of the Security Trust Deed.