Common use of Liquidity Facility Clause in Contracts

Liquidity Facility. In addition to the Security Deposit, and as additional security for the payment of the Rent and as an inducement to Landlord to enter into this Agreement with Tenant, Marriott and Tenant entered into that certain Liquidity Facility Agreement of even date herewith, which Liquidity Facility Agreement was assigned by Tenant to Landlord, pursuant to which Marriott has agreed to fund any and all shortfalls for the payment of Minimum Rent and Percentage Rent for the Collective Leased Properties as and to the extent set forth in the Liquidity Facility Agreement. Any default in the payment of Minimum Rent or Percentage Rent which is cured by a draw under the Liquidity Facility Agreement shall, upon such draw, be deemed cured except to the extent that funds remaining available under the Liquidity Facility Agreement prior to such draw are insufficient to pay the amount of Minimum Rent or Percentage Rent due. A default by Tenant under the Liquidity Facility Agreement, after the giving of any notice and the expiration of any cure period required thereunder, shall be and constitute a default hereunder and under the Other Leases. Landlord agrees that notwithstanding any other provision of this Agreement, Landlord may, at its sole option, appropriate and apply the Security Deposit (or any Collective Security Deposit) to cure any Event of Default or elect to have such default cured by a draw upon the Liquidity Facility.