Common use of Payments and Proceeds Clause in Contracts

Payments and Proceeds. All distributions to the Trustee with respect to the Pledged Collateral after the occurrence of an Event of Default shall first be applied to the reasonable costs and expenses, including attorneys' fees, incurred by the Trustee in taking such foreclosure action and thereafter shall be applied by the Trustee as provided in the Indenture. After payment in full of all Indenture Obligations, the remaining proceeds from any foreclosure hereunder shall be paid to the Pledgor, or its successors or assigns, or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct, any surplus then remaining from such Proceeds.