Common use of APPLICATION OF PAYMENTS DURING EXISTENCE OF DEFAULT Clause in Contracts

APPLICATION OF PAYMENTS DURING EXISTENCE OF DEFAULT. Any amount referred to in this Section 10 which is payable or creditable to or retainable by Lessee shall not be paid or credited to or retained by Lessee if, at the time of such payment, credit or retention, a Lease Event of Default or Lease Default shall have occurred and be continuing hereunder but shall be paid to and held by Indenture Trustee and applied by it as provided in the Trust Indenture, or, if the Trust Indenture is no longer in effect, held by Lessor as security for the obligations of Lessee under this Lease and applied against Lessee's obligations hereunder as and when due; at such time as there shall not be continuing any such Lease Event of Default or Lease Default, or at such earlier time as Lessee shall have paid in full all Rent and other amounts due and payable hereunder and under the other Operative Agreements by Lessee, any remaining balance of such amount shall be paid to Lessee to the extent not previously applied in accordance with the preceding clause of this sentence.

APPLICATION OF PAYMENTS DURING EXISTENCE OF DEFAULT. Any amount referred to in this Section 10 which is payable or creditable to or retainable by Lessee shall not be paid or credited to or retained by Lessee if, at the time of such payment, credit or retention, (A) a Lease Event of Default or (B) a Lease Default under Section 14.1 or 14.5 shall have occurred and be continuing hereunder hereunder, but shall be paid to and held by Indenture Trustee and applied by it as provided in the Trust Indenture, or, if the Trust Indenture is no longer in effect, held by Lessor as security for the obligations of Lessee under this Lease and applied against Lessee's obligations hereunder as and when due; at such time as there shall not be continuing any such Lease Event of Default or Lease Default, or at such earlier time as Lessee shall have paid in full all Rent and other amounts due and payable hereunder and under the other Operative Agreements by Lessee, any remaining balance of such amount shall be paid to Lessee to the extent not previously applied in accordance with the preceding clause of this sentence.

APPLICATION OF PAYMENTS DURING EXISTENCE OF DEFAULT. Any amount referred to in this Section 10 which is payable or creditable to or retainable by Lessee shall not be paid or credited to SALE AND LEASE AGREEMENT [N603SW] -41- 48 or retained by Lessee if, at the time of such payment, credit or retention, a Lease Event of Default or Lease Default shall have occurred and be continuing hereunder but shall be paid to and held by Indenture Trustee and applied by it as provided in the Trust Indenture, or, if the Trust Indenture is no longer in effect, held by Lessor as security for the obligations of Lessee under this Lease and applied against Lessee's obligations hereunder as and when due; at such time as there shall not be continuing any such Lease Event of Default or Lease Default, or at such earlier time as Lessee shall have paid in full all Rent and other amounts due and payable hereunder and under the other Operative Agreements by Lessee, any remaining balance of such amount shall be paid to Lessee to the extent not previously applied in accordance with the preceding clause of this sentence.

APPLICATION OF PAYMENTS DURING EXISTENCE OF DEFAULT. Any amount referred to in this Section 10 which is payable or creditable to or retainable by Lessee shall not be paid or SALE AND LEASE AGREEMENT [N396SW] -43- 50 credited to or retained by Lessee if, at the time of such payment, credit or retention, a Lease Event of Default or Lease Default of the type specified in Section 14.1 or 14.5 shall have occurred and be continuing hereunder but shall be paid to and held by Indenture Trustee and applied by it as provided in the Trust Indenture, or, if the Trust Indenture is no longer in effect, held by Lessor as security for the obligations of Lessee under this Lease and applied against Lessee's obligations hereunder as and when due; at such time as there shall not be continuing any such Lease Event of Default or Lease Default, or at such earlier time as Lessee shall have paid in full all Rent and other amounts due and payable hereunder and under the other Operative Agreements by Lessee, any remaining balance of such amount shall be paid to Lessee to the extent not previously applied in accordance with the preceding clause of this sentence.

APPLICATION OF PAYMENTS DURING EXISTENCE OF DEFAULT. Any amount referred to in this Section 10 which is payable or creditable to or retainable by Lessee shall not be paid or SALE AND LEASE AGREEMENT [N397SW] -43- 50 credited to or retained by Lessee if, at the time of such payment, credit or retention, a Lease Event of Default or Lease Default of the type specified in Section 14.1 or 14.5 shall have occurred and be continuing hereunder but shall be paid to and held by Indenture Trustee and applied by it as provided in the Trust Indenture, or, if the Trust Indenture is no longer in effect, held by Lessor as security for the obligations of Lessee under this Lease and applied against Lessee's obligations hereunder as and when due; at such time as there shall not be continuing any such Lease Event of Default or Lease Default, or at such earlier time as Lessee shall have paid in full all Rent and other amounts due and payable hereunder and under the other Operative Agreements by Lessee, any remaining balance of such amount shall be paid to Lessee to the extent not previously applied in accordance with the preceding clause of this sentence.