Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the Indebtedness. Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to apply each such Letter of Credit to payment of the Indebtedness in such order, proportion or priority as Lender may determine.
Appears in 12 contracts
Samples: Loan and Security Agreement (Strategic Hotels & Resorts, Inc), Loan and Security Agreement (Strategic Hotels & Resorts, Inc), Loan and Security Agreement (Strategic Hotels & Resorts, Inc)
Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the IndebtednessDebt. Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to apply each such Letter of Credit to payment of the Indebtedness Debt in such order, proportion or priority as Lender may determinedetermine or to hold such proceeds as security for the Debt.
Appears in 8 contracts
Samples: Mezzanine Loan Agreement (KBS Strategic Opportunity REIT, Inc.), Loan Agreement (KBS Strategic Opportunity REIT, Inc.), Loan Agreement (Morgans Hotel Group Co.)
Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the IndebtednessDebt. Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to apply each such Letter of Credit to payment of the Indebtedness Debt in such order, proportion or priority as Lender may determinedetermine or to hold such proceeds as security for the Debt.
Appears in 2 contracts
Samples: Loan Agreement (Hersha Hospitality Trust), Mezzanine Loan Agreement (Hersha Hospitality Trust)
Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the IndebtednessTotal Debt. Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to apply each such Letter of Credit to payment of the Indebtedness Total Debt in such order, proportion or priority as Lender may determine.
Appears in 2 contracts
Samples: Second Mezzanine Loan Agreement, Second Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)
Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the IndebtednessDebt. Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to apply each such Letter of Credit to payment of the Indebtedness Debt in such order, proportion or priority as Lender may determine. Any such application to the Debt shall be subject to the Yield Maintenance Premium due hereunder.
Appears in 1 contract
Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the IndebtednessDebt. Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to apply each such Letter of Credit to payment of the Indebtedness Debt in such order, proportion or priority as Lender may determine. Any such application to the Debt shall be subject to the Prepayment Premium and/or Spread Maintenance Premium due hereunder.
Appears in 1 contract
Samples: First Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)
Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the IndebtednessDebt. Upon the occurrence and during the continuance of a Default or an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to apply each such Letter of Credit to payment of the Indebtedness Debt in such order, proportion or priority as Lender may determine. Any such application to the Debt shall be subject to the Spread Maintenance Premium.
Appears in 1 contract
Samples: Loan Agreement (Ventas Inc)
Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the IndebtednessDebt. Upon the occurrence and during the continuance of a Default or an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to apply each such Letter of Credit to payment of the Indebtedness Debt in such order, proportion or priority as Lender may determine. Any such application to the Debt shall be subject to the Prepayment Premium.
Appears in 1 contract
