Application in Default. Any insurance proceeds referred to in this Lease which are otherwise payable to LESSEE, or if it has been previously paid to LESSEE and not yet applied by LESSEE as permitted or required hereunder, shall be delivered from LESSEE to LESSOR if, at the time of such payment, a Default or an Event of Default shall have occurred and be continuing. In such case, all such amounts shall be paid to and held by LESSOR as security for the obligations of LESSEE hereunder.
Appears in 4 contracts
Samples: Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc), Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc), Aircraft Lease Agreement (Turn Works Acquisition Iii Sub a Inc)
Application in Default. Any insurance proceeds referred to in this Lease which are otherwise payable to LESSEE, or or, if it has been previously paid to LESSEE LESSEE, and not yet applied by LESSEE as permitted or required hereunder, shall be delivered from LESSEE to LESSOR ifMortgagee, if at the time of such payment, a Default or an Event of Related Lease Default shall have occurred and be continuing. In such case, all such amounts shall be paid to and held by LESSOR Mortgagee as security for the obligations of LESSEE hereunder.
Appears in 4 contracts
Samples: Aircraft Lease Agreement (Afg Investment Trust A), Aircraft Lease Agreement (American Income Fund I-D), Aircraft Lease Agreement (Afg Investment Trust B)
