Common use of Excess Proceeds Clause in Contracts

Excess Proceeds. Any amounts received from any sale or liquidation of the Collateral pursuant to this Section 12.3 will be applied in accordance with the applicable clause of the Flow of Funds and any amount remaining after payment in full of the Obligations will be returned to the Borrower, its successors or assigns, or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may otherwise direct.