Common use of APPLICATION OF PAYMENTS DURING EXISTENCE OF DEFAULT Clause in Contracts

APPLICATION OF PAYMENTS DURING EXISTENCE OF DEFAULT. Any amount described in this Section 9 that is payable or creditable to, or retainable by, Lessee shall not be paid or credited to, or retained by, Lessee if at the time such payment, credit or retention would otherwise occur a Default or an Event of Default shall have occurred and be continuing, but shall instead be held by or paid over to Lessor as security for the obligations of Lessee under this Lease and the other Operative Agreements and applied to Lessee's obligations under this Lease and the other Operative Agreements as and when due. At such time as there shall not be continuing any Default or any Event of Default, such amount shall be paid to Lessee to the extent not previously applied in accordance with this Section 9.4.

APPLICATION OF PAYMENTS DURING EXISTENCE OF DEFAULT. Any amount described in this Section 9 10 that is payable or creditable to, or retainable by, Lessee shall not be paid or credited to, or retained by, Lessee if at the time such payment, credit or retention would otherwise occur a Default or an Event of Default shall have occurred and be continuing, but shall instead be held by or paid over to Lessor as security for the obligations of Lessee under this Lease and the other Operative Agreements and applied to Lessee's obligations under this Lease and the other Operative Agreements as and when due. At such time as there shall not be continuing any Default or any Event of Default, such amount shall be paid to Lessee to the extent not previously applied in accordance with this Section 9.410.5.