Common use of Maintaining the Account Collateral Clause in Contracts

Maintaining the Account Collateral. So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall remain unpaid, any Letter of Credit shall be outstanding, or any Lender Party shall have any Commitment: (a) The Borrower will maintain the L/C Cash Collateral Account only with the Collateral Agent. (b) The Collateral Agent may, at any time and without notice to, or consent from, the Borrower or any Grantor, transfer, or direct the transfer of, funds from the Account Collateral to satisfy the Borrower’s or such Grantor’s obligations under the Loan Documents if an Event of Default shall have occurred and be continuing.

Maintaining the Account Collateral. So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall remain unpaid, any Letter of Credit shall be outstanding, outstanding or any Lender Party Lenders shall have have, at any time any Commitment: (ai) The Borrower will maintain the L/C Cash Collateral Account only with the Collateral Agent.Agent for the benefit of each Secured Party; and (bii) The Collateral any Agent may, at any time and without notice to, or consent from, the Borrower or any GrantorHotel Party, transfer, or direct the transfer of, funds from the Account Collateral to satisfy the Borrower’s or such GrantorHotel Party’s obligations under the Loan Documents if an Event of Default shall have occurred and be continuing.

Maintaining the Account Collateral. So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall remain unpaid, any Letter of Credit shall be outstanding, any Secured Hedge Agreement shall be in effect, or any Lender Party shall have any Commitment: (a) The Borrower will maintain the L/C Cash Collateral Account only with the Collateral Agent. (b) The Collateral Agent may, at any time and without notice to, or consent from, the Borrower or any Grantor, transfer, or direct the transfer of, funds from the Account Collateral to satisfy the Borrower’s or such Grantor’s obligations under the Loan Documents if an Event of Default shall have occurred and be continuing.