Common use of Retention of Proceeds in the Case of Default Clause in Contracts

Retention of Proceeds in the Case of Default. If Lessee would be entitled to any amount (including any Casualty Proceeds or Partial Casualty Proceeds) but for the existence of any Event of Default or Incipient Default, Administrative Agent shall hold such amount as part of the Collateral and shall be entitled to apply such amounts against any amounts due hereunder; provided, that Administrative Agent shall distribute such amount or transfer such Equipment in accordance with the other terms of this Lease if and when no Event of Default is then continuing or Incipient Default exists.

Retention of Proceeds in the Case of Default. If Lessee would be entitled to any amount (including any Casualty Proceeds or Partial Casualty Proceeds) but for the existence of any Event of Default or Incipient Default, Administrative Agent shall hold such amount as part of the Collateral and shall be entitled to apply such amounts against any amounts due hereunder; provided, that Administrative Agent shall distribute such amount or transfer such Equipment Vehicle in accordance with the other terms of this Lease if and when no Event of Default is then continuing or Incipient Default exists.

Retention of Proceeds in the Case of Default. If Lessee would be entitled to any amount (including any Casualty Proceeds or Partial Casualty Proceeds) but for the existence of any Event of Default or Incipient Default, Administrative Agent shall hold such amount as part of the Collateral and shall be entitled to apply such amounts against any amounts due hereunder; provided, that Administrative Agent shall distribute such amount or transfer such Equipment Vehicle in accordance with the other terms of this Lease if and when no Event of Default is then continuing or Incipient Default exists.

Retention of Proceeds in the Case of Default. If any Lessee would be entitled to any amount (including any Casualty Proceeds or Partial Casualty Proceeds) but for the existence of any Event of Default or Incipient Default, Administrative Agent shall hold such amount as part of the Collateral and shall be entitled to apply such amounts against any amounts due hereunder; provided, that Administrative Agent shall distribute such amount or transfer such Equipment Vehicle in accordance with the other terms of this Lease if and when no Event of Default is then continuing or Incipient Default exists.