Application of Payments During Event of Default. If, at the time an amount would otherwise be payable to Lessee under Section 7.1, 7.2 or 7.3.2, an Event of Default shall have occurred and be continuing, such amount shall be held by the relevant Indemnified Person or Tax Indemnitee as security for the obligations of Lessee under the Operative Documents. At such time as no Event of Default is continuing, such amount shall be paid to Lessee.
Appears in 5 contracts
Samples: Purchase Agreement (American Airlines, Inc.), A320 Family Aircraft Purchase Agreement (American Airlines, Inc.), A320 Family Aircraft Purchase Agreement (Amr Corp)
