Application of Payments During Existence of Event of Default. Any amount referred to in Sections 11 or 12 hereof which is payable to Lessee shall not be paid to Lessee, or, if it has been previously paid directly to Lessee, shall not be retained by Lessee, if at the time of such payment an Event of Default shall have occurred and be continuing, but shall be paid to and held by Lessor as security for the obligations of Lessee under this Lease.
Appears in 2 contracts
Samples: Lease Agreement (Airfund International Limited Partnership), Lease Agreement (Airfund Ii International Limited Partnership)
Application of Payments During Existence of Event of Default. Any ------------------------------------------------------------ amount referred to in Sections 11 or 12 hereof which is payable to Lessee shall not be paid to Lessee, or, if it has been previously paid directly to Lessee, shall not be retained by Lessee, if at the time of such payment an Event of Default shall have occurred and be continuing, but shall be paid to and held by Lessor as security for the obligations of Lessee under this Lease.
Appears in 1 contract
Samples: Lease Agreement (Airfund Ii International Limited Partnership)
Application of Payments During Existence of Event of Default. Any amount referred to in Sections 11 or this Section 12 hereof which is payable to Lessee lessee shall not be paid to Lessee, or, if it has been previously paid directly to Lessee, shall be held in trust by Lessee and shall not be retained by Lesseelessee, if at the time of such payment an a Default or Event of Default shall have occurred and be continuing, but shall be paid to Lessor and held by Lessor as security for applied against the obligations of Lessee under this Lease, Default or Event of Default, such amount shall be paid to Lessee.
Appears in 1 contract
Samples: Lease Agreement (Airlease LTD)
Application of Payments During Existence of Event of Default. Any amount referred to in Sections 11 or 12 hereof which this Section 10 that is payable to or retainable by Lessee shall not be paid to Lessee, or, if it has been previously paid directly to Lessee, shall not be or retained by Lessee, Lessee if at the time of such payment or retention an Event of Default shall have or Payment Default has occurred and be is continuing, but shall be paid to and held by or paid over to Lessor as security for the obligations of Lessee under this Lease. When any such Event of Default or Payment Default ceases, such amount shall be paid to Lessee.
Appears in 1 contract
Samples: Indenture and Security Agreement (Delta Air Lines Inc /De/)
