Common use of Application in Default Clause in Contracts

Application in Default. Any amount referred to in SECTIONS 9.3 or 9.4 which is payable to Lessee shall not be paid to Lessee or, if it has been previously paid to Lessee and not applied by Lessee as provided in SECTIONS 9.3 or 9.4, shall not be retained by Lessee, if at the time of such payment an Event of Default or Event of Property Termination shall have occurred and be continuing beyond any applicable grace or curative period. In such event, all such amounts shall be paid to and held by Brazos as security for the obligations of Lessee hereunder or, at Brazos' option, applied by Brazos toward payment of any of such obligations of Lessee at the time due hereunder as Brazos may elect. At such time as there shall not be continuing any Event of Default or Event of Property Termination, all such amounts at the time held by Brazos in excess of the amount, if any, which Brazos shall have elected to apply as above provided shall be applied as provided in SECTIONS 9.3 or 9.

Application in Default. Any amount referred to in SECTIONS 9.3 or 9.4 which is payable to Lessee shall not be paid to Lessee or, if it has been previously paid to Lessee and not applied by Lessee as provided in SECTIONS 9.3 or 9.4, shall not be retained by Lessee, if at the time of such payment an Event of Default or Event of Property Facility Termination shall have occurred and be continuing beyond any applicable grace or curative period. In such event, all such amounts shall be paid to and held by Brazos as security for the obligations of Lessee hereunder or, at Brazos' option, applied by Brazos toward payment of any of such obligations of Lessee at the time due hereunder as Brazos may elect. At such time as there shall not be continuing any Event of Default or Event of Property Facility Termination, all such amounts at the time held by Brazos in excess of the amount, if any, which Brazos shall have elected to apply as above provided shall be applied as provided in SECTIONS 9.3 or 9.

Application in Default. Any amount referred to in SECTIONS 9.3 or AND 9.4 which is payable to Lessee Vari-Lite shall not be paid to Lessee Vari-Lite or, if it has been previously paid to Lessee Vari-Lite and not applied by Lessee Vari-Lite as provided in SECTIONS 9.3 or OR 9.4, shall not be retained by LesseeVari-Lite, if at the time of such payment an Event of Default or Event of Property Termination Potential Default shall have occurred and be continuing beyond any applicable grace or curative periodcontinuing. In such event, all such amounts shall be paid to and held by Brazos as security for the obligations of Lessee hereunder or, at Brazos' option, applied by Brazos toward payment of any of such obligations of Lessee Vari-Lite at the time due hereunder as Brazos may elect. At such time as there shall not be continuing any Event of Default or Event of Property TerminationPotential Default, all such amounts at the time held by Brazos in excess of the amount, if any, which Brazos shall have elected to apply as above provided shall be applied as provided in SECTIONS 9.3 or AND 9.

Application in Default. Any amount referred to in SECTIONS 9.3 or 9.4 which is payable to Lessee shall not be paid to Lessee or, if it has been previously paid to Lessee and not applied by Lessee as provided in SECTIONS SECTION 9.3 or 9.4, shall not be retained by Lessee, if at the time of such payment an Event of Default or Event of Property Facility Termination shall have occurred and be continuing beyond any applicable grace or curative periodcontinuing. In such event, all such amounts shall be paid to and held by Brazos as security for the obligations of Lessee hereunder or, at Brazos' option, applied by Brazos toward payment of any of such obligations of Lessee at the time due hereunder as Brazos may elect. At such time as there shall not be continuing any Event of Default or Event of Property Facility Termination, all such amounts at the time held by Brazos in excess of the amount, if any, which Brazos shall have elected to apply as above provided shall be applied as provided in SECTIONS 9.3 or 9.

Application in Default. Any amount referred to in SECTIONS 9.3 or 9.4 which is payable to Lessee shall not be paid to Lessee or, if it has been previously paid to Lessee and not applied by Lessee as provided in SECTIONS SECTION 9.3 or 9.4, shall not be retained by Lessee, if at the time of such payment an Event of Default or Event of Property Termination shall have occurred and be continuing beyond any applicable grace or curative periodcontinuing. In such event, all such amounts shall be paid to and held by Brazos as security for the obligations of Lessee hereunder or, at Brazos' option, applied by Brazos toward payment of any of such obligations of Lessee at the time due hereunder as Brazos may elect. At such time as there shall not be continuing any Event of Default or Event of Property Termination, all such amounts at the time held by Brazos in excess of the amount, if any, which Brazos shall have elected to apply as above provided shall be applied as provided in SECTIONS 9.3 or 9.