Common use of Application of Sale Proceeds Clause in Contracts

Application of Sale Proceeds. In the event of a sale of Collateral pursuant to Section 8, the proceeds shall first be applied to the payment of the expenses of the sale, including brokers' commissions, counsel fees, any taxes or other charges imposed by law upon the Collateral or the transfer thereof and all other charges paid or incurred by Pledgee pertaining to the sale; and, second, to satisfy outstanding Obligations, in the order in which Pledgee elects in its sole discretion; and, third, the surplus (if any) shall be paid to Pledgor.

Application of Sale Proceeds. In the event of a sale of Collateral ---------------------------- pursuant to Section 8, the proceeds shall first be applied to the payment of the expenses of the sale, including brokers' commissions, counsel fees, any taxes or other charges imposed by law upon the Collateral or the transfer thereof and all other charges paid or incurred by Pledgee pertaining to the sale; and, second, to satisfy outstanding Obligations, in the order in which Pledgee elects in its sole discretion; and, third, the surplus (if any) shall be paid to Pledgor.

Application of Sale Proceeds. In the event of a sale of Collateral pursuant to Section 8Collateral, the proceeds shall first be applied to the payment of the expenses of the sale, including brokers' commissions, counsel fees, any taxes or other charges imposed by law upon the Collateral or the transfer thereof and all other charges paid or incurred by Pledgee pertaining to the sale; and, second, to satisfy outstanding Obligations, in the order in which Pledgee elects in its sole discretion, any statute, custom, or usage to the contrary notwithstanding; and, third, the surplus (if any) shall be paid to Pledgor.

Application of Sale Proceeds. In the event of a sale of the ---------------------------- Collateral pursuant to Section 8upon a default, the proceeds shall first be applied to the payment of the reasonable expenses of the sale, including brokers' broker's commissions, counsel reasonable attorneys' fees, any taxes or other charges imposed by law upon the Collateral or the transfer thereof and all other charges paid or incurred by Pledgee pertaining to the sale; and, second, to satisfy outstanding Obligations, in the order in which Pledgee elects in its sole discretion; and, and third, the surplus (if any) shall be paid to Pledgor.