Application of Payments During Existence of a Special Default or Event of Default. Any amount described in this Section 2.05 that is payable or creditable to, or retainable by, the Owner shall not be paid or credited to, or retained by, the Owner if at the time such payment, credit or retention would otherwise occur a Special Default or Event of Default shall have occurred and be continuing, but shall instead be held by or paid over to the Mortgagee as security for the obligations of the Owner under this Agreement and shall be invested pursuant to Section 6.06 of the Trust Indenture. At such time as there shall not be continuing any Special Default or Event of Default, such amount and any gains thereon shall be paid to the Owner to the extent not previously applied in accordance with this Agreement.
Appears in 2 contracts
Samples: Spare Engines Security Agreement (United Airlines, Inc.), Spare Parts Security Agreement (United Airlines, Inc.)
Application of Payments During Existence of a Special Default or Event of Default. Any amount described in this Section 2.05 3.06 that is payable or creditable to, or retainable by, the Owner Company shall not be paid or credited to, or retained by, the Owner Company if at the time such payment, credit or retention would otherwise occur a Special Default or Event of Default shall have occurred and be continuing, but shall instead be held by or paid over to the Mortgagee Collateral Agent as security for the obligations of the Owner Company under this Agreement the Transaction Documents and shall be invested pursuant to Section 6.06 of the Trust Indenture7.08 hereof. At such time as there shall not be continuing any Special Default or Event of Default, such amount and any gains thereon shall be paid to the Owner Company to the extent not previously applied in accordance with this C Mortgage or the other Transaction Documents. [C Mortgage and Security Agreement.]
Appears in 2 contracts
Samples: Mortgage and Security Agreement (United Air Lines Inc), Mortgage and Security Agreement (Ual Corp /De/)
Application of Payments During Existence of a Special Default or Event of Default. Any amount described in this Section 2.05 3.06 that is payable or creditable to, or retainable by, the Owner Company shall not be paid or credited to, or retained by, the Owner Company if at the time such payment, credit or retention would otherwise occur a Special Default or Event of Default shall have occurred and be continuing, but shall instead be held by or paid over to the Mortgagee Collateral Agent as security for the obligations of the Owner Company under this Agreement the Transaction Documents and shall be invested pursuant to Section 6.06 of the Trust Indenture7.08 hereof. At such time as there shall not be continuing any Special Default or Event of Default, such amount and any gains thereon shall be paid to the Owner Company to the extent not previously applied in accordance with this AgreementA Mortgage or the other Transaction Documents.
Appears in 1 contract
Samples: Mortgage and Security Agreement (United Air Lines Inc)
Application of Payments During Existence of a Special Default or Event of Default. Any amount described in this Section 2.05 3.06 that is payable or creditable to, or retainable by, the Owner Company shall not be paid or credited to, or retained by, the Owner Company if at the time such payment, credit or retention would otherwise occur a Special Default or Event of Default shall have occurred and be continuing, but shall instead be held by or paid over to the Mortgagee Collateral Agent as security for the obligations of the Owner Company under this Agreement the Transaction Documents and shall be invested pursuant to Section 6.06 of the Trust Indenture7.08 hereof. At such time as there shall not be continuing any Special Default or Event of Default, such amount and any gains thereon shall be paid to the Owner Company to the extent not previously applied in accordance with this AgreementB Mortgage or the other Transaction Documents.
Appears in 1 contract
Samples: Mortgage and Security Agreement (United Air Lines Inc)
Application of Payments During Existence of a Special Default or Event of Default. Any amount described in this Section 2.05 4.09 that is payable or creditable to, or retainable by, the Owner shall not be paid or credited to, or retained by, the Owner if at the time such payment, credit or retention would otherwise occur a Special Default or Event of Default shall have occurred and be continuing, but shall instead be held by or paid over to the Mortgagee as security for the obligations of the Owner under this Agreement Trust Indenture and shall be invested pursuant to Section 6.06 of the Trust Indenturehereof. At such time as there shall not be continuing any Special Default or Event of Default, such amount and any gains thereon shall be paid to the Owner to the extent not previously applied in accordance with this Agreement.Trust Indenture. BACK
Appears in 1 contract
Samples: Trust Indenture and Mortgage (Continental Airlines Inc /De/)
