Common use of Proceeds of Recovery Clause in Contracts

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings instituted or step taken under any of the Security Documents are be applied by the Bank: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer in respect of the Property charged or assigned to the Bank as security for the Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank under the Security Documents THIRDLY in or towards payment to the Bank of all profit then accrued and remaining unpaid in respect of the Facility; FOURTHLY in or towards payment to the Bank of the facility sum due and remaining unpaid under the Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY any surplus will be paid to persons entitled to such surplus. PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which the sum ultimately realised from the security may be sufficient to pay.

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings instituted or step taken under any of the Security Documents are to be applied by the Bank: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer in respect of the Property charged or assigned to the Bank as security for the Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank under the Security Documents THIRDLY in or towards payment to the Bank of all profit then accrued and remaining unpaid in respect of the Facility; FOURTHLY in or towards payment to the Bank of the facility sum due and remaining unpaid under the Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY any surplus will be paid to persons entitled to such surplus. PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which the sum ultimately realised from the security may be sufficient to pay.

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are shall be applied by the BankBank as follows: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Borrower in respect of the Property charged or assigned to the Bank as security for the Property Financing/Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank in realising any security under the Security Documents (this include the fees and charges mentioned herein); THIRDLY in or towards payment to the Bank of all profit interest then accrued and remaining unpaid in respect of the Property Financing/Facility; FOURTHLY in or towards payment to the Bank of the facility principal sum due and remaining unpaid under the Property Financing/Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY in payment of any net surplus will be paid to the Borrower or the persons entitled to such surplus. PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which the sum ultimately realised from the security may be sufficient to pay.surplus within sixty

Proceeds of Recovery. 9.2 Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are shall be applied by the BankBank as follows: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Borrower in respect of the Property charged or assigned to the Bank as security for the Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank in realising any security under the Security Documents (this include the fees and charges mentioned herein); THIRDLY in or towards payment to the Bank of all profit interest then accrued and remaining unpaid in respect of the Facility; FOURTHLY in or towards payment to the Bank of the facility principal sum due and remaining unpaid under the Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY in payment of any surplus will be paid to the Borrower or the persons entitled to such surplus. PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit interest bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it the Bank would have been entitled if the primary order had been observed, or any lesser amount which the sum is ultimately realised from the security may be sufficient to paysecurity.

Proceeds of Recovery. 9.2 Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are be applied by the Bank: FIRSTLY in payment of or any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Borrower in respect of the Property charged or assigned to the Bank as security for the Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank under the Security Documents Documents; THIRDLY in or towards payment to the Bank of all profit interest then accrued and remaining unpaid in respect of the Facility; FOURTHLY in or towards payment to the Bank of the facility principal sum due and remaining unpaid under the Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; AmBank Standard Housing Loan Agreement (for RM500,000 and below) (1st Party) (SHL/012018/V4) SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY any surplus will be paid to persons entitled to such surplus. ; PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit interest bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which the sum ultimately realised from the security may be sufficient to pay.

Proceeds of Recovery. 9.2 Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are be applied by the Bank: FIRSTLY in payment of or any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Borrower in respect of the Property charged or assigned to the Bank as security for the FacilityHousing Loan; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank under the Security Documents Documents; THIRDLY in or towards payment to the Bank of all profit interest then accrued and remaining unpaid in respect of the FacilityHousing Loan; FOURTHLY in or towards payment to the Bank of the facility principal sum due and remaining unpaid under the FacilityHousing Loan; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY any surplus will be paid to persons entitled to such surplus. ; PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit interest bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which the sum ultimately realised from the security may be sufficient to pay.

Proceeds of Recovery. Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings instituted or step taken under any of the Security Documents are be applied by the Bank: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer in respect of the Property charged or assigned to the Bank as security for the Facility; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank under the Security Documents Documents; THIRDLY in or towards payment to the Bank of all profit then accrued and remaining unpaid in respect of the Facility; FOURTHLY in or towards payment to the Bank of the facility sum due and remaining unpaid under the Facility; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY any surplus will be paid to persons entitled to such surplus. PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it would have been entitled if the primary order had been observed, or any lesser amount which the sum ultimately realised from the security may be sufficient to pay.

Proceeds of Recovery. 9.2 Subject to statutory priorities (if any), all amounts received by the Bank from any proceedings proceeding instituted or step taken under any of the Security Documents are shall be applied by the BankBank as follows: FIRSTLY in payment of any rents, taxes, assessments, fees, lawful outgoings and other fees due and payable to the relevant authorities by the Customer Borrower in respect of the Property charged or assigned to the Bank as security for the FacilityHousing Loan; SECONDLY in the enforcement of any of the Security Documents or in the performance of any duties or the exercise of any powers vested in the Bank, in payment of any costs, charges, expenses and liabilities incurred by the Bank and every person appointed by the Bank in realising any security under the Security Documents (this include the fees and charges mentioned herein); THIRDLY in or towards payment to the Bank of all profit interest then accrued and remaining unpaid in respect of the FacilityHousing Loan; FOURTHLY in or towards payment to the Bank of the facility principal sum due and remaining unpaid under the FacilityHousing Loan; FIFTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid under any or all of the Security Documents; SIXTHLY in or towards payment to the Bank of all other moneys due and remaining unpaid; SEVENTHLY in payment of any surplus will be paid to the Borrower or the persons entitled to such surplus. PROVIDED ALWAYS THAT the Bank may alter the above order of payment or keep such amounts in a non-profit interest bearing suspense account. Such alteration in the order of payment, or payment into a suspense account, will not affect the right of the Bank to receive the full amount to which it the Bank would have been entitled if the primary order had been observed, or any lesser amount which the sum is ultimately realised from the security may be sufficient to paysecurity.