Common use of Application of Payments During Existence of Special Defaults or Events of Default Clause in Contracts

Application of Payments During Existence of Special Defaults or Events of Default. Any amount referred to in this Article V which is payable to or retainable by the Borrower shall not be paid to or retained by the Borrower if at the time of such payment or retention a Special Default or an Event of Default shall have occurred and be continuing, but shall be held by or paid over to the Administrative Agent as security for the obligations of the Borrower under this Mortgage and, if the Administrative Agent declares this Mortgage to be in default pursuant to Section 12 of the Credit Agreement, applied against the Borrower's obligations hereunder as and when due. At such time as there shall not be continuing any such Special Default or Event of Default, such amount shall be paid to the Borrower to the extent not previously applied in accordance with the preceding sentence.

Application of Payments During Existence of Special Defaults or Events of Default. Any amount referred to in this --------------------------------------------------------------------------------- Article V which is payable to or retainable by the Borrower shall not be paid to or retained by the Borrower if at the time of such payment or retention a Special Default or an Event of Default shall have occurred and be continuing, but shall be held by or paid over to the Administrative Agent as security for the obligations of the Borrower under this Mortgage and, if the Administrative Collateral Agent declares this Mortgage to be in default pursuant to Section 12 of the Credit Agreement, applied against the Borrower's obligations hereunder as and when due. At such time as there shall not be continuing any such Special Default or Event of Default, such amount shall be paid to the Borrower to the extent not previously applied in accordance with the preceding sentence.