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 SECTION 9.3 or 9.4, shall not be retained by Lessee, if an Event of Default or Event of Facility Termination shall have occurred and be continuing. 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 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 9.4.

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 SECTION 9.3 or 9.4, shall not be retained by Lessee, if an Event of Default or Event of Facility Property Termination shall have occurred and be continuing. 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 Facility 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 9.4.

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 SECTION 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 Facility Property Termination shall have occurred and be continuingcontinuing 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 Facility 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 9.4.

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 SECTION 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 Facility Termination shall have occurred and be continuingcontinuing 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 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 9.4.