Application of Payments During Existence of Event of Default. Any amount payable to Lessee pursuant to the terms of this Section 7(b) shall not be paid to or retained by Lessee if at the time of such payment or retention an Event of Default shall have occurred and be continuing under the Lease. At such time as there shall not be continuing any such Event of Default, such amount shall be paid to the Lessee to the extent not previously applied against Lessee's obligations hereunder as and when due after the Owner Trustee shall have declared the Lease in default pursuant to Section 15 thereof.
Appears in 2 contracts
Samples: Participation Agreement (Northwest Airlines Holdings Corp/Pred), Participation Agreement (Northwest Airlines Holdings Corp/Pred)
Application of Payments During Existence of Event of Default. Any amount payable to Lessee pursuant to the terms of this Section 7(b) shall not be paid to or retained by Lessee if at the time of such payment or retention an Event of Default shall have occurred and be continuing under the Lease. At such time as there shall not be continuing any such Event of Default, such amount shall be paid to the Lessee to the extent not previously applied against Lessee's obligations hereunder as and when due after the Owner Trustee shall have declared the Lease in default pursuant to Section 15 thereof.
Appears in 2 contracts
Samples: Participation Agreement (Northwest Airlines Corp), Participation Agreement (Northwest Airlines Inc /Mn)
