Common use of PAYMENTS DURING EXISTENCE OF AN EVENT OF DEFAULT Clause in Contracts

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 an Event of Default or an event which with the giving of notice or the passage of time, or both, would constitute a Default or an Event of Default hereunder 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 Default or Event of Default or event which with the giving of notice or the passage of time, or both, would constitute a Default or Event of Default shall have been remedied, whereupon such payment shall be made to LESSEE.

PAYMENTS DURING EXISTENCE OF AN EVENT OF DEFAULT. Any payment referred to in Subsection 12(A),(B),(C12(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 an Event of Default or an event which with the giving of notice or the passage of time, or both, would constitute a Default or an Event of Default hereunder 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 Default or Event of Default or event which with the giving of notice or the passage of time, or both, would constitute a Default or Event of Default shall have been remedied, whereupon such payment shall be made to LESSEE.