Common use of Payments and Proceeds Clause in Contracts

Payments and Proceeds. In the event that the Senior Note Trustee ever receives any amounts pursuant to this Pledge Agreement, or otherwise receives any amounts with respect to the Pledged Collateral following the occurrence of an Event of Default, such amounts shall first be applied to the reasonable costs and expenses, including attorneys' fees, incurred by the Senior Note Trustee in taking such action and thereafter shall be applied by the Senior Note Trustee as provided in the Senior Note 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.