Common use of Applications of Payments According to Applicable Clause in Contracts

Applications of Payments According to Applicable. Operative Document Provisions. (a) Any payments or amounts (other than ----------------------------- Excepted Payments) received by the Indenture Trustee, provision for the application of which is made in any Operative Document, shall be applied promptly as provided in such Operative Document, unless (i) in the case of payments or amounts that would be payable to the Charterer upon satisfaction of any applicable conditions, a Charter Event of Default shall have occurred and be continuing at the time the Indenture Trustee receives such payment and the Indenture Trustee has Actual Knowledge of such Charter Event of Default, in which case the Indenture Trustee shall hold such payments and amounts as cash collateral security for the obligations of the Charterer under the Operative Documents and shall invest such payments and amounts in accordance with the terms of Section 7.04, and, subject to earlier distribution thereof by the Indenture Trustee under Section 4.03 if the Charter shall have been declared in default in accordance with Article 22 thereof, or under Section 4.01(b) (subject to Section 4.05(b)), such payments and amounts, and the proceeds of any investment thereof, shall be paid by the Indenture Trustee to the Charterer at such time as any applicable conditions shall have been satisfied and no Charter Event of Default shall be continuing, and (ii) in the case of any other such payments and amounts, an Indenture Event of Default shall have occurred and be continuing at the time the Indenture Trustee receives such payment and the Indenture Trustee has Actual Knowledge of such Indenture Event of Default, in which case the Indenture Trustee shall hold such payment as part of the Indenture Estate, as cash collateral security hereunder for the performance of the Indenture Indebtedness and on the earlier of the next Business Day on which no Indenture Event of Default shall have occurred and be continuing or the first Business Day occurring more than 180 days after the receipt of such payment, and, subject to any prior application of such payment pursuant to Section 4.01(b) or 4.03, the Indenture Trustee shall apply such payment, and the proceeds of any investment thereof, to the purpose for which it was made. (b) Notwithstanding any other provision of this Indenture to the contrary, and whether or not any such provision refers to this Section 4.05, any Excepted Payment or other amount expressly provided by the terms of this Indenture to be paid directly to the Owner Trust or to the Owner Participant received by the Indenture Trustee shall be paid or distributed immediately by the Indenture Trustee to the Owner Trust or the Owner Participant, as the case may be.

Applications of Payments According to Applicable. Operative Document Provisions. (a) Any payments or amounts (other than ----------------------------- Excepted Payments) received by the Indenture Trustee, provision for the application of which is made in any Operative Document, shall be applied promptly as provided in such Operative DocumentDocument (including in the case of payments or amounts that would be payable to the Charterer as provided in Article 14 and 29(h) of the Charter), unless (i) in the case of payments or amounts that would be payable to the Charterer upon satisfaction of any applicable conditions, a Charter Event of Default shall have occurred and be continuing at the time the Indenture Trustee receives such payment and the Indenture Trustee has Actual Knowledge of such Charter Event of Default, in which case the Indenture Trustee shall hold such payments and amounts as cash collateral security for the obligations of the Charterer under the Operative Documents and shall invest such payments and amounts in accordance with the terms of Section 7.04, and, subject to earlier distribution thereof by the Indenture Trustee under Section 4.03 4.03, if the Charter shall have been declared in default in accordance with Article 22 thereof, or under Section 4.01(b) (subject to Section 4.05(b)), such payments and amounts, and the proceeds of any investment thereof, shall be paid by the Indenture Trustee to the Charterer at such time as any applicable conditions shall have been satisfied and no Charter Event of Default shall be continuing, and (ii) in the case of any other such payments and amounts, an Indenture Event of Default shall have occurred and be continuing at the time the Indenture Trustee receives such payment and the Indenture Trustee has Actual Knowledge of such Indenture Event of Default, in which case the Indenture Trustee shall hold such payment as part of the Indenture Estate, as cash collateral security hereunder for the performance of the Indenture Indebtedness and on the earlier of the next Business Day on which no Indenture Event of Default shall have occurred and be continuing or the first Business Day occurring more than 180 days after the receipt of such payment, and, subject to any prior application of such payment pursuant to Section 4.01(b) or 4.03, the Indenture Trustee shall apply such payment, and the proceeds of any investment thereof, to the purpose for which it was made. (b) Notwithstanding any other provision of this Indenture to the contrary, and whether or not any such provision refers to this Section 4.05, any Excepted Payment or other amount expressly provided by the terms of this Indenture to be paid directly to the Owner Trust or to the Owner Participant received by the Indenture Trustee shall be paid or distributed immediately by the Indenture Trustee to the Owner Trust or the Owner Participant, as the case may be. (c) The Indenture Trustee will distribute promptly upon receipt any indemnity or other payment received by it from the Owner Trust or the Charterer in respect of the Indenture Trustee in its individual capacity or any Holder pursuant to either Section 13.1 or 13.2 of the Participation Agreement directly to the Person entitled thereto.

Applications of Payments According to Applicable. Operative Document Provisions. (a) Any Notwithstanding Section 4.03 or any other ----------------------------- provision of this Indenture to the contrary, any payments or amounts (other than ----------------------------- Excepted Payments) received by the Indenture Trustee, provision for the application of which is made in any Operative Document, shall be applied promptly as provided in such Operative DocumentDocument (including in the case of payments or amounts that would be payable to the Charterer as provided in Sections 11(b), 11(c) and 21(g) of the Charter) unless (i) in the case of payments or amounts that would be payable to the Charterer upon satisfaction of any applicable conditions, a Charter Event of Default shall have occurred and be continuing at the time the Indenture Trustee receives such payment and the Indenture Trustee has Actual Knowledge of such Charter Event of Default, in which case the Indenture Trustee shall hold such payments and amounts as cash collateral security for the obligations of the Charterer under the Operative Documents and shall invest such payments and amounts in accordance with the terms of Section 7.04, and, subject to earlier distribution thereof by the Indenture Trustee under Section 4.03 if the Charter shall have been declared in default in accordance with Article 22 Section 18 thereof, or under Section 4.01(b) (subject to Section 4.05(b)), such payments and amounts, and the proceeds of any investment thereof, shall be paid by the Indenture Trustee to the Charterer at such time as any applicable conditions shall have been satisfied and no Charter Event of Default shall be continuing, and (ii) in the case of any other such payments and amounts, an Indenture Event of Default shall have occurred and be continuing at the time the Indenture Trustee receives such payment and the Indenture Trustee has Actual Knowledge of such Indenture Event of Default, in which case the Indenture Trustee shall hold such payment as part of the Indenture Estate, as cash collateral security hereunder for the performance of the Indenture Indebtedness and on the earlier of the next Business Day on which no Indenture Event of Default shall have occurred and be continuing or the first Business Day occurring more than 180 days after the receipt of such payment, and, subject to any prior application of such payment pursuant to Section 4.01(b) or 4.03, the Indenture Trustee shall apply such payment, and the proceeds of any investment thereof, to the purpose for which it was made. (b) Notwithstanding any other provision of this Indenture to the contrary, and whether or not any such provision refers to this Section 4.05, any Excepted Payment or other amount expressly provided by the terms of this Indenture to be paid directly to the Owner Trust Trustee or to the Owner Participant received by the Indenture Trustee shall be paid or distributed immediately promptly by the Indenture Trustee to the Owner Trust Trustee or the Owner Participant, as the case may be. (c) The Indenture Trustee will distribute promptly upon receipt any indemnity or other payment received by it from the Owner Trustee or the Charterer in respect of the Indenture Trustee in its individual capacity or any Holder pursuant to either Section 12.1 or 12.2 of the Participation Agreement directly to the Person entitled thereto.