Common use of Application of Hull Insurance Proceeds Clause in Contracts

Application of Hull Insurance Proceeds. As between Lessor and Lessee, any payments received by Lessor under policies of insurance required to be maintained by Lessee pursuant to Sections 11.1(a) or (b), shall, except as provided in Section 11.2(i), be applied as follows provided no Notified Default has occurred and is continuing (for so long as a Notified Default has occurred and is continuing, all payments shall be held by Lessor as security for Lessee's obligations under this Lease and if Lessor has exercised its remedies pursuant to Section 15 hereof, applied against Lessee's obligations hereunder):

Application of Hull Insurance Proceeds. As between Lessor and Lessee, any payments received by Lessor under policies of insurance required to be maintained by Lessee pursuant to Sections 11.1(a) or (b), shall, except as provided in Section 11.2(i), shall be applied as follows provided no Notified Event of Default has occurred and is continuing (for so long as a Notified an Event of Default has occurred and is continuing, all payments shall be held by Lessor as security for Lessee's obligations under this Lease and if Lessor has exercised its remedies pursuant to Section 15 hereof, applied against Lessee's obligations hereunder):