Common use of Applications During Default Clause in Contracts

Applications During Default. Any amount which may become payable --------------------------- to Lessee pursuant to this Lease arising out of any insurance, warranty, governmental award or otherwise shall not be paid to Lessee, or if it shall have been paid to Lessee shall not be retained by Lessee, but shall be paid to Lessor or Agent, as the case may be, if at the time of such payment a Payment Default, Bankruptcy Default or an Event of Default shall have occurred and be continuing. In such event, all such amounts shall be paid to and held by Lessor or, to the extent required by the Loan Agreement, Agent, in trust as security for the obligations of Lessee, Seller, Contractor or Guarantor to make payments under this Lease and any other Operative Document or Xxxxxx Agreement or to pay Rent hereunder or, at the option of such holder, applied by such holder toward payment of any such obligations of Lessee, Seller, Guarantor or Contractor at the time due hereunder or under such other Operative Document or Xxxxxx Agreement. At such time as there shall not be continuing a Payment Default, Bankruptcy Default or an Event of Default all such amounts at the time held by Lessor or Agent, as the case may be, in excess of the amount, if any, which Lessor or Agent, as the case may be, shall have elected to apply as above provided shall be paid to Lessee, Seller or Contractor, as appropriate.

Applications During Default. Any amount which may become payable --------------------------- to Lessee pursuant to this Lease arising out of any insurance, warranty, governmental award or otherwise shall not be paid to Lessee, or if it shall have been paid to Lessee shall not be retained by Lessee, but shall be paid to Lessor or AgentIndenture 60 Trustee, as the case may be, if at the time of such payment a Payment Default, Bankruptcy Default or an Event of Default shall have occurred and be continuing. In such event, all such amounts shall be paid to and held by Lessor or, to the extent required by the Loan AgreementIndenture, AgentIndenture Trustee, in trust as security for the obligations of Lessee, Seller, Lessee or Contractor or Guarantor to make payments under this Lease and any other Operative Document or Xxxxxx Agreement or to pay Rent hereunder or, at the option of such holder, applied by such holder toward payment of any such obligations of Lessee, Seller, Guarantor Lessee or Contractor at the time due hereunder or under such other Operative Document or Xxxxxx Agreement. At such time as there shall not be continuing a Payment Default, Bankruptcy Default or an Event of Default all such amounts at the time held by Lessor or AgentIndenture Trustee, as the case may be, in excess of the amount, if any, which Lessor or AgentIndenture Trustee, as the case may be, shall have elected to apply as above provided shall be paid to Lessee, Seller Lessee or Contractor, as appropriate.

Applications During Default. Any amount which may become payable --------------------------- to Lessee pursuant to this Lease arising out of any insurance, warranty, governmental award or otherwise shall not be paid to Lessee, or if it shall have been paid to Lessee shall not be retained by Lessee, but shall be paid to Lessor or AgentIndenture Trustee, as the case may be, if at the time of such payment a Payment Default, Bankruptcy Default or an Event of Default shall have occurred and be continuing. In such event, all such amounts shall be paid to and held by Lessor or, to the extent required by the Loan AgreementIndenture, AgentIndenture Trustee, in trust as security for the obligations of Lessee, Seller, Contractor Seller or any Guarantor to make payments under this Lease and any other Operative Document or Xxxxxx XM Agreement or to pay Rent hereunder or, at the option of such holder, applied by such holder toward payment of any such obligations of Lessee, Seller, Seller or any Guarantor or Contractor at the time due hereunder or under such other Operative Document or Xxxxxx XM Agreement. At such time as there shall not be continuing a Payment Default, Bankruptcy Default or an Event of Default all such amounts at the time held by Lessor or AgentIndenture Trustee, as the case may be, in excess of the amount, if any, which Lessor or AgentIndenture Trustee, as the case may be, shall have elected to apply as above provided shall be paid to Lessee, Seller Lessee or ContractorSeller, as appropriate. For the avoidance of doubt, amounts paid or payable to Lessor or Indenture Trustee under Section 12(b) or (c) shall be applied as provided in those sections, and not held by Lessor or Indenture Trustee under this Section 12(d).

Applications During Default. Any amount which may become --------------------------- payable --------------------------- to Lessee pursuant to this Lease arising out of any insurance, warranty, governmental award or otherwise shall not be paid to Lessee, or if it shall have been paid to Lessee shall not be retained by Lessee, but shall be paid to Lessor or AgentIndenture Trustee, as the case may be, if at the time of such payment a Payment Default, Bankruptcy Default or an Event of Default shall have occurred and be continuing. In such event, all such amounts shall be paid to and held by Lessor or, to the extent required by the Loan AgreementIndenture, AgentIndenture Trustee, in trust as security for the obligations of Lessee, Seller, Contractor or Guarantor to make payments under this Lease and any other Operative Document or Xxxxxx Agreement or to pay Rent hereunder or, at the option of such holder, applied by such holder toward payment of any such obligations of Lessee, Seller, Guarantor or Contractor at the time due hereunder or under such other Operative Document or Xxxxxx Agreement. At such time as there shall not be continuing a Payment Default, Bankruptcy Default or an Event of Default all such amounts at the time held by Lessor or AgentIndenture Trustee, as the case may be, in excess of the amount, if any, which Lessor or AgentIndenture Trustee, as the case may be, shall have elected to apply as above provided shall be paid to Lessee, Seller or Contractor, as appropriate.

Applications During Default. Any amount which may become payable --------------------------- to Lessee pursuant to this Lease arising out of any insurance, warranty, governmental award or otherwise shall not be paid to Lessee, or if it shall have been paid to Lessee shall not be retained by Lessee, but shall be paid to Lessor or AgentIndenture Trustee, as the case may be, if at the time of such payment a Payment Default, Bankruptcy Default or an Event of or Default shall have occurred and be continuing. In such event, all such amounts shall be paid to and held by Lessor or, to the extent required by the Loan AgreementIndenture, AgentIndenture Trustee, in trust as security for the obligations of Lessee, Seller, Lessee or Contractor or Guarantor to make payments under this Lease and any other Operative Document or Xxxxxx Agreement or to pay Rent hereunder or, at the option of such holder, applied by such holder toward payment of any such obligations of Lessee, Seller, Guarantor Lessee or Contractor at the time due hereunder or under such other Operative Document or Xxxxxx Agreement. At such time as there shall not be continuing a Payment Default, . Bankruptcy Default or an Event of Default all such amounts at the time held by Lessor or AgentIndenture Trustee, as the case may be, in excess of the amount, if any, which Lessor or AgentIndenture Trustee, as the case may be, shall have elected to apply as above provided shall be paid to Lessee, Seller Lessee or Contractor, as appropriate.