Common use of Application of Payments During Existence of Certain Defaults Clause in Contracts

Application of Payments During Existence of Certain Defaults. Any amount referred to in this Article 13 which is payable to or retainable by the Lessee shall not be paid to or retained by the Lessee if at the time of such payment or retention a Payment Default, Bankruptcy Default or Event of Default shall have occurred and be continuing, but shall be held by or paid over to the Indenture Trustee (unless the Indenture has been discharged in which case such amount shall be paid to the Lessor) to be held in accordance with Article 23 hereof, as security for the obligations of the Lessee under this Lease and, if an Event of Default shall have occurred and be continuing, applied against the Lessee's obligations hereunder as and when due. At such time as there shall not be continuing any such Payment Default, Bankruptcy Default or Event of Default, such amount shall be paid to the Lessee to the extent not previously applied in accordance with the preceding sentence.