Application against Letter of Credit Obligations. The Administrative Agent may, at any time or from time to time apply funds then held in the Cash Collateral Account to the payment of any Letter of Credit Obligations owing to any Issuing Bank, in such order as the Administrative Agent may elect, as shall have become or shall become due and payable by the Borrower to any Issuing Bank under this Agreement in connection with the Letters of Credit.
Appears in 12 contracts
Samples: Senior Unsecured Credit Agreement (LaSalle Hotel Properties), Senior Unsecured Credit Agreement (LaSalle Hotel Properties), Senior Unsecured Credit Agreement (LaSalle Hotel Properties)
Application against Letter of Credit Obligations. The Administrative Agent may, at any time or from time to time time, apply funds then held in the Cash Collateral Account to the payment of any Letter of Credit Obligations owing to any Issuing Bank, in such order as the Administrative Agent may elect, as shall have become or shall become due and payable by the Borrower to any Issuing Bank under this Agreement in connection with the Letters of Credit.
Appears in 4 contracts
Samples: Senior Secured Credit Agreement (Interstate Hotels & Resorts Inc), Senior Secured Credit Agreement (Interstate Hotels & Resorts Inc), Senior Secured Credit Agreement (Interstate Hotels & Resorts Inc)
Application against Letter of Credit Obligations. The Administrative ------------------------------------------------ Agent may, at any time or from time to time apply funds then held in the Cash Collateral Account to the payment of any Letter of Credit Obligations owing to any Issuing Bank, in such order as the Administrative Agent may elect, as shall have become or shall become due and payable by the Borrower to any Issuing Bank under this Agreement in connection with the Letters of Credit.
Appears in 2 contracts
Samples: Senior Secured Credit Agreement (Meristar Hospitality Corp), Senior Secured Credit Agreement (Meristar Hotels & Resorts Inc)
Application against Letter of Credit Obligations. The Administrative Agent may, at any time or from time to time apply funds then held in the Cash Collateral Account to the payment of any Letter of Credit Obligations owing to any the Issuing Bank, in such order as the Administrative Agent may electLenders on a pro rata basis, as shall have become or shall become due and payable by the Borrower to any such Issuing Bank Lenders under this Agreement in connection with the Letters of Credit.
Appears in 1 contract
Application against Letter of Credit Obligations. The ------------------------------------------------ Administrative Agent may, at any time or from time to time apply funds then held in the Cash Collateral Account to the payment of any Letter of Credit Obligations owing to any Issuing Bank, in such order as the Administrative Agent may elect, as shall have become or shall become due and payable by the Borrower to any Issuing Bank under this Agreement in connection with the Letters of Credit.
Appears in 1 contract
Samples: Senior Unsecured Credit Agreement (Lasalle Hotel Properties)
Application against Letter of Credit Obligations. The Administrative Agent may, at any time or from time to time apply funds then held in the Cash Collateral Account to the payment of any Letter of Credit Obligations owing to any the Issuing Bank, in such order as the Administrative Agent may elect, as shall have become or shall become due and payable by the Borrower to any the Issuing Bank under this Agreement in connection with the Letters of Credit.
Appears in 1 contract
Application against Letter of Credit Obligations. The Administrative Agent may, at any time or from time to time time, apply funds then held in the Cash Collateral Account to the payment of any Letter of Credit Obligations owing to any Issuing BankLender, in such order as the Administrative Agent may elect, as shall have become or shall become due and payable by the Borrower Borrowers to any Issuing Bank Lender under this Agreement in connection with the Letters of Credit.
Appears in 1 contract
