PAYMENTS DURING EXISTENCE OF AN EVENT OF DEFAULT. Any payment referred to in Subsection 12(A), (B), (C) or (D) hereof which is payable to LESSEE hereunder shall not be paid to LESSEE, or, if previously paid directly to LESSEE, shall not be retained by LESSEE, if at the time of such payment a Default or a Related Lease Default shall have occurred and be continuing, but shall be paid to and retained by LESSOR as security for the obligations of LESSEE under this Lease until such time as such a Default or a Related Lease Default shall have been remedied, whereupon such payment shall be made to LESSEE.
Appears in 4 contracts
Samples: Aircraft Lease Agreement (American Income Fund I-D), Aircraft Lease Agreement (American Income Fund I-C), Aircraft Lease Agreement (Afg Investment Trust A)
