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  1. The clocks don't move in sequence.  You might infiltrate the enemy command tent and resolve the foe clock first, or cut back between field and foe.  Resolving one of the clocks first can effect your positioning on the other.  The enemy commander might be more inclined to surrender after their forces have been routed.  The enemy line might be less organized if their commander has been killed or captured.  The exception to this non-linearity is the fallout clock.  You might add sections based on the course of the battle, so I generally resolve this last (though I bet an artful GM could start at the fallout and flash back to the battle that led to that moment).
  2. I use the clock as a pacing cue.  Does Luthais surrender when his line breaks? Well the foe clock is not full so probably not, though the broken line will put the retinue in a good position to make demands (and roll to see if they are met).  From the Blades SRD: "Remember that a clock tracks progress. It reflects the fictional situation, so the group can gauge how they’re doing. A clock is like a speedometer in a car. It shows the speed of the vehicle—it doesn’t determine the speed."
  3. Wraiths and collateral damage are the most likely fallout.  You could also focus on treating the wounded and rallying the broken spirit of your levies.  "Do you have to fill all the clocks?" is an interesting questions.  For "victory", yes.  Filling all clocks means you broke the enemy line, destroyed their command, and dealt with the fallout of the battle.  You can march home victorious.  However, you could just kill the enemy commander and run.  That's not winning the battle, but it might accomplish your strategic goals.  Similarly, if you are there to pillage a holding, you might not care about the fallout clock; let the city burn and wraiths roam.  In these instances, the clocks can help everyone get on the same page as to how the battle ended and the likely consequences.
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Thank you for the clarifications and your time. 

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You're welcome.  Thanks for the questions!  I'm sure other folks wondered the same things.