Application of Monies. All monies (including, without limitation, Distributions) received or collected by Secured Party pursuant to this Agreement shall be held as Collateral by Secured Party and after the occurrence of an Event of Default shall be applied by Secured Party first, to the payment of all costs incurred in the collection of such monies (including attorneys' fees and expenses) and second, to the payment of the Indebtedness in such order and priority as Secured Party may in its sole discretion determine. The balance, if any, of such monies remaining after payment in full of such costs and the Obligations shall be remitted to Pledgor or as otherwise directed by a court of competent jurisdiction.
Appears in 8 contracts
Samples: Pledge and Security Agreement (Lazard Freres Real Estate Investors LLC), Pledge and Security Agreement (Lazard Freres Real Estate Investors LLC), Pledge and Security Agreement (Lazard Freres Real Estate Investors LLC)
Application of Monies. All monies (including, without limitation, Distributions) received or collected by Secured Party pursuant to this Agreement shall be held as Collateral by Secured Party and after the occurrence of an Event of Default shall be applied by Secured Party first, to the payment of all costs incurred in the collection of such monies (including attorneys' fees and legal expenses) and second, to the payment of the Indebtedness in such order and priority as Secured Party may in its sole discretion determine. The balance, if any, of such monies remaining after payment in full of such costs and the Obligations shall be remitted to Pledgor or as otherwise directed by a court of competent jurisdiction.
Appears in 3 contracts
Samples: Pledge and Security Agreement (Lazard Freres Real Estate Investors LLC), Pledge and Security Agreement (Lf Strategic Realty Investors Ii L P), Pledge and Security Agreement (Lazard Freres Real Estate Investors LLC)
