Common use of Application During Charter Event of Default Clause in Contracts

Application During Charter Event of Default. Notwithstanding the ------------------------------------------- foregoing provisions of this Article 14, so long as any Charter Event of Default shall have occurred and be continuing, any amount (except for payments under insurance policies described in Article 16) that otherwise would be payable to or for the account of, or that otherwise would be retained by, Charterer pursuant to this Article 14 shall be paid to Owner (or to the Indenture Trustee so long as this Charter Party is subject to the Lien of the Indenture) as security for the obligations of Charterer under this Charter Party and, subject to the Indenture, applied against Charterer's payment obligations hereunder when and as they become due and payable and, at such time thereafter as no Charter Event of Default shall be continuing, such amount shall, to the extent not theretofore applied as provided herein or in the Indenture, be paid promptly to Charterer or as it may direct.

Application During Charter Event of Default. Notwithstanding the ------------------------------------------- foregoing provisions of this Article 1416, so long as any Charter Event of Default shall have occurred and be continuing, any amount (except for payments under insurance policies described referred to in this Article 16) 16 that otherwise would be payable to or for the account of, or that otherwise would be retained by, Charterer pursuant to this Article 14 16 shall be paid to Owner (or or, subject to the provisions of the Head Lease, to the Indenture Trustee so long as this Charter Party is subject to the Lien of the Indenture) as security for the obligations of Charterer under this Charter Party and, subject to the Indenture, shall be applied against Charterer's payment obligations hereunder when and as they become due and payable and, at such time thereafter as no Charter Event of Default shall be continuing, such amount shall, to the extent not theretofore applied as provided herein or in the Indenture, be paid promptly to Charterer or as it may direct.