Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt. Upon the occurrence 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 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. On the Maturity Date, any such Letter of Credit may be applied to reduce the Debt.
Appears in 7 contracts
Samples: Loan Agreement (Wells Real Estate Investment Trust Inc), Loan Agreement (Wells Real Estate Investment Trust Inc), Loan Agreement (Wells 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 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 Debt in such order, proportion or priority as Lender may determine. Any such application to the Debt shall be subject to the Yield Maintenance Premiumterms set forth in Section 2.3.3 and Section 2.4.3. On the Maturity Date, any such Letter of Credit may be applied to reduce the Debt.
Appears in 5 contracts
Samples: Loan Agreement (Americold Realty Trust), Loan Agreement (Americold Realty Trust), Loan Agreement (Americold Realty Trust)
Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt. Upon the occurrence 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 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. On the Effective Maturity Date, any such Letter of Credit may be applied to reduce the Debt.
Appears in 3 contracts
Samples: Loan Agreement (Host Marriott Corp/), Loan Agreement (Host Marriott L P), Loan Agreement (Hilton Hotels Corp)
Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt. Upon During the occurrence 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 Debt in such order, proportion or priority as Lender may determinedetermine in its sole and absolute discretion. Any such application to Unless the Debt shall be subject to the Yield Maintenance Premium. On Loan is paid in full on the Maturity Date, any such Letter of Credit may be applied to reduce the Debt.
Appears in 2 contracts
Samples: Loan Agreement (Hcp, Inc.), Loan Agreement (Hcp, Inc.)
Security for Debt. Each Letter of Credit delivered under this Agreement Agreement, any other Loan Document shall be additional security for the payment of the Debt. Upon the occurrence 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 Debt in such order, proportion or priority as Lender may determine. Any such application to If the Debt shall be subject to the Yield Maintenance Premium. On has not been paid on the Maturity Date, Lender may draw on any such Letter of Credit and the proceeds may be applied to reduce the Debt.
Appears in 2 contracts
Samples: Letter Agreement (Ashford Hospitality Trust Inc), Mortgage Loan Agreement (Ashford Hospitality Trust Inc)
Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt. Upon the occurrence and 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 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. On the Maturity Date, any such Letter of Credit may be applied to reduce the DebtDebt unless the Debt has been paid in full.
Appears in 2 contracts
Samples: Loan Agreement (Thomas Properties Group Inc), Loan Agreement (Thomas Properties Group Inc)
Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt. Upon the occurrence 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 Debt in such order, proportion or priority as Lender may determine. Any such application to the Debt shall be subject to the Yield Maintenance PremiumDefault Prepayment Consideration. On the Maturity Date, any such Letter of Credit may be applied to reduce the Debt.
Appears in 1 contract
Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt. Upon the occurrence 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 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. On the Maturity Date, any such Letter of Credit may be applied to reduce the DebtDebt unless the Debt has been paid in full, in which case, any such Letter of Credit shall be returned to or at the direction of Borrower.
Appears in 1 contract
Samples: Loan Agreement (Kindercare Learning Centers Inc /De)
Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt. Upon the occurrence 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 Debt in such order, proportion or priority as Lender may determine. Any such application to the Debt shall be subject to the Yield Spread Maintenance Premium. On the Maturity Date, any such Letter of Credit may be applied to reduce the Debt.
Appears in 1 contract
Samples: Management Agreement (Ashford Hospitality Prime, Inc.)