Common use of Certain Payments to be Held As Security Clause in Contracts

Certain Payments to be Held As Security. Except with respect to insurance proceeds in excess of that require to be maintained by Borrower hereunder, any amount referred to in Section 4.4, Section 4.5 or Section 4.6 which is payable or creditable to, or retainable by, Borrower shall not be paid or credited to or retained by Borrower if at the time of such payment, credit, or retention a Default or Event of Default exists, but shall be paid to and held by Security Agent as security for Borrower’s obligations under this Mortgage and the other Operative Agreements, and at such time as no Default or Event of Default exists, such amount and any gain realized as a result of investments required to be made pursuant to Article 6 shall (to the extent not theretofore applied as provided herein) be paid over to Borrower.

Certain Payments to be Held As Security. Except with respect to insurance proceeds in excess of that require to be maintained by Borrower hereunderthe Insured Value, any amount referred to in Section 4.4, this Section 4.5 or Section 4.6 which is payable or creditable to, or retainable by, Borrower shall not be paid or credited to or retained by Borrower if at the time of such payment, credit, or retention a Special Default or an Event of Default exists, but shall be paid to and held by Security Agent Mortgagee as security for Borrower’s obligations under this Mortgage and the other Operative Agreements, and at such time as no Special Default or Event of Default exists, such amount and any net gain realized as a result of investments required to be made pursuant to Article 6 Section 6.6 shall (to the extent not theretofore applied as provided herein) be paid over to Borrower.

Certain Payments to be Held As Security. Except with respect to insurance proceeds in excess of that require to be maintained by Borrower hereunderthe Insured Value, any amount referred to in Section 4.4, this Section 4.5 or Section 4.6 which is payable or creditable to, or retainable by, Borrower shall not be paid or credited to or retained by Borrower if at the time of such payment, credit, or retention a Special Default, Bankruptcy Default or Event of Default exists, but shall be paid to and held by Security Agent Mortgagee as security for Borrower’s obligations under this Mortgage and the other Operative Agreements, and at such time as no Special Default, Bankruptcy Default or Event of Default exists, such amount and any net gain realized as a result of investments required to be made pursuant to Article 6 Section 6.6 shall (to the extent not theretofore applied as provided herein) be paid over to Borrower.