Application of Payments During Existence of Event of Default. Any amount referred to in Section 13 or Section 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 the Lessor as security for the obligations of Lessee under this Lease and/or applied to any unpaid Rent hereunder then due, and at such time as there shall not be continuing any such Event of Default, such remaining amount shall be paid over to Lessee.
Appears in 2 contracts
Sources: Lease Agreement (Turn Works Acquisition Iii Sub a Inc), Lease Agreement (Turn Works Acquisition Iii Sub a Inc)