Common use of Trigger Event Clause in Contracts

Trigger Event. (a) In the event that a Trigger Event, Default or Event of Default has occurred and is continuing: (i) the Revolving Commitments and the Revolving Commitment Period shall be suspended and none of the Administrative Agent, the Issuing Lender, the Swingline Lender or any Lender shall make an extension of credit hereunder; and (ii) the Administrative Agent shall direct the Conditional Controlled Account Bank to transfer any amounts on deposit in the Conditional Controlled Account, or any amounts that are deposited in the Conditional Controlled Account during such period, to the Account. (b) In the Event that a Trigger Event or an Event of Default has occurred and is continuing, the Administrative Agent is authorized by the Borrower and shall apply the amounts on deposit in the Account from time to time and all cash distributions from any of the Borrower’s direct or indirect Subsidiaries on and after the occurrence of a Trigger Event or an Event of Default, in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting accrued and unpaid fees (including pursuant to Sections 2.5 and 3.3), interest on the Loans, L/C Obligations and other Obligations, indemnities and other amounts (other than principal) payable to the Lenders, the Swingline Lender and the Issuing Lender (including fees, charges and disbursements of counsel to the respective Lenders, the Swingline Lender and the Issuing Lender), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting unpaid principal of the Loans and Reimbursement Obligations, ratably among the Lenders, the Swingline Lender and the Issuing Lender in proportion to the respective amounts described in this clause Third held by them; and Fourth, to the Administrative Agent for the account of the Issuing Lender, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower in an amount not less than the Minimum Collateral Amount. (c) In the Event that a Trigger Event or an Event of Default has occurred and is continuing, the Borrower shall cause each of its direct and indirect Subsidiaries (other than the ESH Parties) to make the maximum amount of cash distributions to its respective parent entity that it is not prohibited from making under the terms of the Subsidiary Loan Documents directly into the Account; (d) Notwithstanding the foregoing in this Section 2.25, as long as no Trigger Event, Default or Event of Default has occurred and is continuing, the Administrative Agent shall direct that all amounts in the Account be remitted to the Conditional Controlled Account.

Trigger Event. (a) In the event that a Trigger Event, Default or Event of Default has occurred and is continuing: (i) the Revolving Commitments and the Revolving Commitment Period shall be suspended and none of the Administrative Agent, the Issuing Lender, the Swingline Lender or any Lender shall make an extension of credit hereunder; and (ii) the Administrative Agent shall direct the Conditional Controlled Account Bank to transfer any amounts on deposit in the Conditional Controlled Account, or any amounts that are deposited in the Conditional Controlled Account during such period, to the Account. (b) In the Event that a Trigger Event or an Event of Default has occurred and is continuing, the Administrative Agent is authorized by the Borrower and shall apply the amounts on deposit in the Account from time to time and all cash distributions from any of the Borrower’s direct or indirect Subsidiaries on and after the occurrence of a Trigger Event or an Event of Default, in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting accrued and unpaid fees (including pursuant to Sections 2.5 and 3.3), interest on the Loans, L/C Obligations and other Obligations, indemnities and other amounts (other than principal) payable to the Lenders, the Swingline Lender and the Issuing Lender (including fees, charges and disbursements of counsel to the respective Lenders, the Swingline Lender and the Issuing Lender), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting unpaid principal of the Loans and Reimbursement Obligations, ratably among the Lenders, the Swingline Lender and the Issuing Lender in proportion to the respective amounts described in this clause Third held by them; and Fourth, to the Administrative Agent for the account of the Issuing Lender, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower in an amount not less than the Minimum Collateral Amount. (c) In the Event that a Trigger Event or an Event of Default has occurred and is continuing, the Borrower shall cause each of its direct and indirect Subsidiaries (other than the ESH Parties) to make the maximum amount of cash distributions to its respective parent entity that it is not prohibited from making under the terms of the Subsidiary Loan Documents directly into the Account; (d) Notwithstanding the foregoing in this Section 2.25: (i) the Loan Parties may request, and the Administrative Agent will comply with any such request, for withdrawals from the Account and the Conditional Controlled Account, in an amount not to exceed $100,000 per annum in the aggregate, for the purposes of making REIT Distributions; and (ii) as long as no Trigger Event, Default or Event of Default has occurred and is continuing, the Administrative Agent shall direct that all amounts in the Account be remitted to the Conditional Controlled Account.

Trigger Event. (a) In the event that a Trigger Event, Default Event or an Event of Default has occurred and is continuing: (i) the Revolving Commitments and the Revolving Commitment Period shall be suspended and none of the Administrative Agent, the Issuing Lender, the Swingline Lender or any Lender shall make an extension of credit hereunder; (provided that during the continuance of a Trigger Event, but not during the continuance of an Event of Default, the Revolving Commitment Period shall not be suspended for purposes of the issuance of a Letter of Credit to the extent such Letter of Credit is Cash Collateralized concurrently with the issuance thereof in an amount not less than the Minimum Collateral Amount); (ii) the Administrative Agent shall direct the depositary banks for the Operating Lessee Remainder Account and the Property Owner Account to transfer any Distributable Funds on deposit in the Operating Lessee Remainder Account and the Property Owner Account to the Conditional Controlled Account; and (iiiii) the Administrative Agent shall direct the Conditional Controlled Account Bank to transfer any amounts on deposit in the Conditional Controlled Account, or any amounts that are deposited in the Conditional Controlled Account during such period, to the Account. (b) In the Event event that a Trigger Event or an Event of Default has occurred and is continuing, or any amounts have been deposited into the Account pursuant to Section 2.27, the Administrative Agent is authorized by the Borrower and shall apply the amounts on deposit in the Account from time to time and all cash distributions from any of the Borrower’s direct or indirect Subsidiaries Subsidiaries, and all proceeds of Collateral, on and after the occurrence of a such Trigger Event or an such Event of DefaultDefault (or if no Trigger Event or Event of Default has occurred and is then continuing, all amounts deposited into the Account pursuant to Section 2.27 at any time), in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting accrued and unpaid fees (including pursuant to Sections 2.5 and 3.3), interest on the Revolving Loans, L/C Obligations and other Obligations, indemnities and other amounts (other than principal) payable to the Lenders, the Swingline Lender Lenders and the Issuing Lender (including fees, charges and disbursements of counsel to the respective Lenders, the Swingline Lender Lenders and the Issuing Lender), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting unpaid principal of the Revolving Loans and Reimbursement Obligations, ratably among the Lenders, the Swingline Lender Lenders and the Issuing Lender in proportion to the respective amounts described in this clause Third held by them; and Fourth, to the Administrative Agent for the account of the Issuing Lender, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower in an amount not less than the Minimum Collateral Amount. (c) In the Event event that a Trigger Event or an Event of Default has occurred and is continuing, the Borrower shall cause each of its direct and indirect Subsidiaries (other than the ESH Parties) to make the maximum amount distributions of cash distributions to its respective parent entity that it is not prohibited from making under the terms of the Subsidiary Loan Documents all Distributable Funds directly into either the Conditional Controlled Account (which shall be transferred to the Account pursuant to Section 2.25(a)(ii) above) or the Account;. (d) Notwithstanding the foregoing foregoing, the Borrower may request in this writing withdrawals from the Account and the Conditional Controlled Account to make permitted REIT Distributions in accordance with Section 2.257.5(c), as long as no Trigger Event, Default or Event of Default has occurred and is continuing, the Administrative Agent shall direct that all amounts in the Account be remitted to the Conditional Controlled Accountwill comply with any such written request.

Trigger Event. (a) In The Shipowner shall redeem the event that outstanding indebtedness under the Floating Rate Note in full by causing to be issued a fixed rate obligation with a Maturity date of November 10, 2019 whenever the Treasury constant maturities rate (10-year) as reported by the Federal Reserve Board in statistical release H.15 (519) (the "Treasury Rate") equals or exceeds nine percent (9%) per annum (the "Trigger Event"). If a Trigger Event should occur, the Shipowner shall redeem the Floating Rate Note in full by causing to be issued a fixed rate obligation and using the proceeds thereof to repay the Floating Rate Note in full, at the request of the Secretary, within fifteen (15) Business Days of receiving notice of the occurrence of the Trigger Event, Default pursuant to Section 2.05(d) or Event of Default has occurred and is continuing: (i) the Revolving Commitments and the Revolving Commitment Period shall be suspended and none of the Administrative Agent, the Issuing Lender, the Swingline Lender or any Lender shall make an extension of credit hereunder; and (ii) the Administrative Agent shall direct the Conditional Controlled Account Bank to transfer any amounts on deposit in the Conditional Controlled Account, or any amounts that are deposited in the Conditional Controlled Account during such period, to the Accounthaving actual notice thereof. (b) In Nothing in this Section 2.05 shall prevent the Event that a Trigger Event or an Event of Default has occurred and is continuing, Shipowner from redeeming the Administrative Agent is authorized Floating Rate Note by the Borrower and shall apply the amounts on deposit in the Account from time to time and all cash distributions from any of the Borrower’s direct or indirect Subsidiaries on and after the occurrence issuance of a Trigger Event or an Event of Default, in the following order: First, fixed-rate obligation at any time prior to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting accrued and unpaid fees (including pursuant to Sections 2.5 and 3.3), interest on the Loans, L/C Obligations and other Obligations, indemnities and other amounts (other than principal) payable to the Lenders, the Swingline Lender and the Issuing Lender (including fees, charges and disbursements of counsel to the respective Lenders, the Swingline Lender and the Issuing Lender), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting unpaid principal of the Loans and Reimbursement Obligations, ratably among the Lenders, the Swingline Lender and the Issuing Lender in proportion to the respective amounts described in this clause Third held by them; and Fourth, to the Administrative Agent for the account of the Issuing Lender, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower in an amount not less than the Minimum Collateral AmountMaturity. (c) In The failure of the Event that Shipowner to redeem the Floating Rate Note by issuance of a fixed-rate obligation within fifteen (15) Business Days of receiving notice of the occurrence of the Trigger Event pursuant to Section 2.05(d) or of having actual notice thereof, unless subsequently waived in writing by the Secretary, shall constitute an Event of Indenture Default has occurred and is continuing, without further notice to the Borrower shall cause each of its direct and indirect Subsidiaries (other than Shipowner or the ESH Parties) to make the maximum amount of cash distributions to its respective parent entity that it is not prohibited from making Lenders being required under the terms of the Subsidiary Loan Documents directly into the Account;Indenture or this Agreement. (d) Notwithstanding The Shipowner covenants for the foregoing in this Section 2.25, as long as no Trigger Event, Default benefit of the Secretary that it shall arrange for an independent reporting service or Event of Default has occurred and is continuingbank acceptable to the Secretary to send the Secretary, the Administrative Agent Facility Agent, and the Shipowner a written interest rate report once a month on the first business day of every month (until such time as the Floating Rate Note is redeemed in full). This interest rate report shall direct that all amounts in specify the Account be remitted to Treasury Rate as of the Conditional Controlled Accountdate of the report.

Trigger Event. (a) In the event that a Trigger Event, Default Event or an Event of Default has occurred and is continuing: (i) the Revolving Commitments and the Revolving Commitment Period shall be suspended and none of the Administrative Agent, the Issuing Lender, the Swingline Lender or any Lender shall make an extension of credit hereunder; (ii) the Administrative Agent shall direct the depositary banks for the Operating Lessee Remainder Account and the Property Owner Account to transfer any Distributable Funds on deposit in the Operating Lessee Remainder Account and the Property Owner Account to the Conditional Controlled Account; and (iiiii) the Administrative Agent shall direct the Conditional Controlled Account Bank to transfer any amounts on deposit in the Conditional Controlled Account, or any amounts that are deposited in the Conditional Controlled Account during such period, to the Account. (b) In the Event event that a Trigger Event or an Event of Default has occurred and is continuing, the Administrative Agent is authorized by the Borrower and shall apply the amounts on deposit in the Account from time to time and all cash distributions from any of the Borrower’s direct or indirect Subsidiaries Subsidiaries, and all proceeds of Collateral, on and after the occurrence of a such Trigger Event or an such Event of Default, in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting accrued and unpaid fees (including pursuant to Sections 2.5 and 3.3), interest on the Revolving Loans, L/C Obligations and other Obligations, indemnities and other amounts (other than principal) payable to the Lenders, the Swingline Lender Lenders and the Issuing Lender (including fees, charges and disbursements of counsel to the respective Lenders, the Swingline Lender Lenders and the Issuing Lender), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting unpaid principal of the Loans and Reimbursement Obligations, ratably among the Lenders, the Swingline Lender and the Issuing Lender in proportion to the respective amounts described in this clause Third held by them; and Fourth, to the Administrative Agent for the account of the Issuing Lender, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower in an amount not less than the Minimum Collateral Amount. (c) In the Event that a Trigger Event or an Event of Default has occurred and is continuing, the Borrower shall cause each of its direct and indirect Subsidiaries (other than the ESH Parties) to make the maximum amount of cash distributions to its respective parent entity that it is not prohibited from making under the terms of the Subsidiary Loan Documents directly into the Account; (d) Notwithstanding the foregoing in this Section 2.25, as long as no Trigger Event, Default or Event of Default has occurred and is continuing, the Administrative Agent shall direct that all amounts in the Account be remitted to the Conditional Controlled Account.

Trigger Event. (a) In The Shipowner shall redeem the event that outstanding indebtedness under the Floating Rate Note in full by causing to be issued a fixed rate obligation with a Maturity date of May 10, 2019 whenever the Treasury constant maturities rate (10-year) as reported by the Federal Reserve Board in statistical release H.15 (519) (the "Treasury Rate") equals or exceeds nine percent (9%) per annum (the "Trigger Event"). If a Trigger Event should occur, the Shipowner shall redeem the Floating Rate Note in full by causing to be issued a fixed rate obligation and using the proceeds thereof to repay the Floating Rate Note in full, at the request of the Secretary, within fifteen (15) Business Days of receiving notice of the occurrence of the Trigger Event, Default pursuant to Section 2.05(d) or Event of Default has occurred and is continuing: (i) the Revolving Commitments and the Revolving Commitment Period shall be suspended and none of the Administrative Agent, the Issuing Lender, the Swingline Lender or any Lender shall make an extension of credit hereunder; and (ii) the Administrative Agent shall direct the Conditional Controlled Account Bank to transfer any amounts on deposit in the Conditional Controlled Account, or any amounts that are deposited in the Conditional Controlled Account during such period, to the Accounthaving actual notice thereof. (b) In Nothing in this Section 2.05 shall prevent the Event that a Trigger Event or an Event of Default has occurred and is continuing, Shipowner from redeeming the Administrative Agent is authorized Floating Rate Note by the Borrower and shall apply the amounts on deposit in the Account from time to time and all cash distributions from any of the Borrower’s direct or indirect Subsidiaries on and after the occurrence issuance of a Trigger Event or an Event of Default, in the following order: First, fixed-rate obligation at any time prior to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting accrued and unpaid fees (including pursuant to Sections 2.5 and 3.3), interest on the Loans, L/C Obligations and other Obligations, indemnities and other amounts (other than principal) payable to the Lenders, the Swingline Lender and the Issuing Lender (including fees, charges and disbursements of counsel to the respective Lenders, the Swingline Lender and the Issuing Lender), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting unpaid principal of the Loans and Reimbursement Obligations, ratably among the Lenders, the Swingline Lender and the Issuing Lender in proportion to the respective amounts described in this clause Third held by them; and Fourth, to the Administrative Agent for the account of the Issuing Lender, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower in an amount not less than the Minimum Collateral AmountMaturity. (c) In The failure of the Event that Shipowner to redeem the Floating Rate Note by issuance of a fixed-rate obligation within fifteen (15) Business Days of receiving notice of the occurrence of the Trigger Event pursuant to Section 2.05(d) or of having actual notice thereof, unless subsequently waived in writing by the Secretary, shall constitute an Event of Indenture Default has occurred and is continuing, without further notice to the Borrower shall cause each of its direct and indirect Subsidiaries (other than Shipowner or the ESH Parties) to make the maximum amount of cash distributions to its respective parent entity that it is not prohibited from making Lenders being required under the terms of the Subsidiary Loan Documents directly into the Account;Indenture or this Agreement. (d) Notwithstanding The Shipowner covenants for the foregoing in this Section 2.25, as long as no Trigger Event, Default benefit of the Secretary that it shall arrange for an independent reporting service or Event of Default has occurred and is continuingbank acceptable to the Secretary to send the Secretary, the Administrative Agent Facility Agent, and the Shipowner a written interest rate report once a month on the first business day of every month (until such time as the Floating Rate Note is redeemed in full). This interest rate report shall direct that all amounts in specify the Account be remitted to Treasury Rate as of the Conditional Controlled Accountdate of the report.

Trigger Event. continuing: (a) In the event that a Trigger Event, Default or Event of Default has occurred and is continuing:is (i) the Revolving Commitments and the Revolving Commitment Period shall be suspended and none of the Administrative Agent, the Issuing Lender, the Swingline Lender or any Lender shall make an extension of credit hereunder; and (ii) the Administrative Agent shall direct the Conditional Controlled Account Bank to transfer any amounts on deposit in the Conditional Controlled Account, or any amounts that are deposited in the Conditional Controlled Account during such period, to the Account. (b) In the Event that a Trigger Event or an Event of Default has occurred and is continuing, the Administrative Agent is authorized by the Borrower and shall apply the amounts on deposit in the Account from time to time and all cash distributions from any of the Borrower’s direct or indirect Subsidiaries on and after the occurrence of a Trigger Event or an Event of Default, in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting accrued and unpaid fees (including pursuant to Sections 2.5 and 3.3), interest on the Loans, L/C Obligations and other Obligations, indemnities and other amounts (other than principal) payable to the Lenders, the Swingline Lender and the Issuing Lender (including fees, charges and disbursements of counsel to the respective Lenders, the Swingline Lender and the Issuing Lender), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting unpaid principal of the Loans and Reimbursement Obligations, ratably among the Lenders, the Swingline Lender and the Issuing Lender in proportion to the respective amounts described in this clause Third held by them; and Fourth, to the Administrative Agent for the account of the Issuing Lender, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower in an amount not less than the Minimum Collateral Amount. (c) In the Event that a Trigger Event or an Event of Default has occurred and is continuing, the Borrower shall cause each of its direct and indirect Subsidiaries (other than the ESH Parties) to make the maximum amount of cash distributions to its respective parent entity that it is not prohibited from making under the terms of the Subsidiary Loan Documents directly into the Account; (d) Notwithstanding the foregoing in this Section 2.25: (i) the Loan Parties may request, and the Administrative Agent will comply with any such request, for withdrawals from the Account and the Conditional Controlled Account, in an amount not to exceed $100,000 per annum in the aggregate, for the purposes of making REIT Distributions; and (ii) as long as no Trigger Event, Default or Event of Default has occurred and is continuing, the Administrative Agent shall direct that all amounts in the Account be remitted to the Conditional Controlled Account.

Trigger Event. (a) In The Shipowner shall redeem the event that outstanding indebtedness under the Floating Rate Note in full by causing to be issued a fixed rate obligation with a Maturity date of July 15, 2021 whenever the Treasury constant maturities rate (10-year) as reported by the Federal Reserve Board in statistical release H.15 (519) (the "Treasury Rate") equals or exceeds nine percent (9%) per annum (the "Trigger Event"). If a Trigger Event should occur, the Shipowner shall redeem the Floating Rate Note in full by causing to be issued a fixed rate obligation and using the proceeds thereof to repay the Floating Rate Note in full, at the request of the Secretary, within fifteen (15) Business Days of receiving notice of the occurrence of the Trigger Event, Default pursuant to Section 2.05(d) or Event of Default has occurred and is continuing: (i) the Revolving Commitments and the Revolving Commitment Period shall be suspended and none of the Administrative Agent, the Issuing Lender, the Swingline Lender or any Lender shall make an extension of credit hereunder; and (ii) the Administrative Agent shall direct the Conditional Controlled Account Bank to transfer any amounts on deposit in the Conditional Controlled Account, or any amounts that are deposited in the Conditional Controlled Account during such period, to the Accounthaving actual notice thereof. (b) In Nothing in this Section 2.05 shall prevent the Event that a Trigger Event or an Event of Default has occurred and is continuing, Shipowner from redeeming the Administrative Agent is authorized Floating Rate Note by the Borrower and shall apply the amounts on deposit in the Account from time to time and all cash distributions from any of the Borrower’s direct or indirect Subsidiaries on and after the occurrence issuance of a Trigger Event or an Event of Default, in the following order: First, fixed-rate obligation at any time prior to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting accrued and unpaid fees (including pursuant to Sections 2.5 and 3.3), interest on the Loans, L/C Obligations and other Obligations, indemnities and other amounts (other than principal) payable to the Lenders, the Swingline Lender and the Issuing Lender (including fees, charges and disbursements of counsel to the respective Lenders, the Swingline Lender and the Issuing Lender), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting unpaid principal of the Loans and Reimbursement Obligations, ratably among the Lenders, the Swingline Lender and the Issuing Lender in proportion to the respective amounts described in this clause Third held by them; and Fourth, to the Administrative Agent for the account of the Issuing Lender, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower in an amount not less than the Minimum Collateral AmountMaturity. (c) In The failure of the Event that Shipowner to redeem the Floating Rate Note by issuance of a fixed-rate obligation within fifteen (15) Business Days of receiving notice of the occurrence of the Trigger Event pursuant to Section 2.05(d) or of having actual notice thereof, unless subsequently waived in writing by the Secretary, shall constitute an Event of Indenture Default has occurred and is continuing, without further notice to the Borrower shall cause each of its direct and indirect Subsidiaries (other than Shipowner or the ESH Parties) to make the maximum amount of cash distributions to its respective parent entity that it is not prohibited from making Lenders being required under the terms of the Subsidiary Loan Documents directly into the Account;Indenture or this Agreement. (d) Notwithstanding The Shipowner covenants for the foregoing in this Section 2.25, as long as no Trigger Event, Default benefit of the Secretary that it shall arrange for an independent reporting service or Event of Default has occurred and is continuingbank acceptable to the Secretary to send the Secretary, the Administrative Agent Facility Agent, and the Shipowner a written interest rate report once a month on the first business day of every month (until such time as the Floating Rate Note is redeemed in full). This interest rate report shall direct that all amounts in specify the Account be remitted to Treasury Rate as of the Conditional Controlled Accountdate of the report.

Trigger Event. (a) In the event that a Trigger Event, Default Event or an Event of Default has occurred and is continuing: (i) the Revolving Commitments and the Revolving Commitment Period shall be suspended and none of the Administrative Agent, the Issuing Lender, the Swingline Lender or any Lender shall make an extension of credit hereunderhereunder (provided that during the continuance of a Trigger Event, but not during the continuance of an Event of Default, the Revolving Commitment Period shall not be suspended for purposes of the issuance of a Letter of Credit to the extent such Letter of Credit is Cash Collateralized concurrently with the issuance thereof in an amount not less than the Minimum Collateral Amount); (ii) the Administrative Agent shall direct the depositary banks for the Operating Lessee Remainder Account and the Property Owner Account to transfer any Distributable Funds on deposit in the Operating Lessee Remainder Account and the Property Owner Account to the Conditional Controlled Account; and (iiiii) the Administrative Agent shall direct the Conditional Controlled Account Bank to transfer any amounts on deposit in the Conditional Controlled Account, or any amounts that are deposited in the Conditional Controlled Account during such period, to the Account. (b) In the Event event that a Trigger Event or an Event of Default has occurred and is continuing, or any amounts have been deposited into the Account pursuant to Section 2.27, the Administrative Agent is authorized by the Borrower and shall apply the amounts on deposit in the Account from time to time (or if no Trigger Event or Event of Default has occurred and is then continuing, all amounts deposited into the Account pursuant to Section 2.27) and all cash distributions from any of the Borrower’s direct or indirect Subsidiaries Subsidiaries, and all proceeds of Collateral, on and after the occurrence of a such Trigger Event or an such Event of DefaultDefault (or if no Trigger Event or Event of Default has occurred and is then continuing, all amounts deposited into the Account pursuant to Section 2.27 at any time), in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting accrued and unpaid fees (including pursuant to Sections 2.5 and 3.3), interest on the Revolving Loans, L/C Obligations and other Obligations, indemnities and other amounts (other than principal) payable to the Lenders, the Swingline Lender Lenders and the Issuing Lender (including fees, charges and disbursements of counsel to the respective Lenders, the Swingline Lender Lenders and the Issuing Lender), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting unpaid principal of the Revolving Loans (with a concurrent permanent reduction in the underlying Revolving Commitments) and Reimbursement Obligations, ratably among the Lenders, the Swingline Lender Lenders and the Issuing Lender in proportion to the respective amounts described in this clause Third held by them; and Fourth, to the Administrative Agent for the account of the Issuing Lender, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower in an amount not less than the Minimum Collateral Amount. (c) In the Event event that a Trigger Event or an Event of Default has occurred and is continuing, the Borrower shall cause each of its direct and indirect Subsidiaries (other than the ESH Parties) to make the maximum amount distributions of cash distributions to its respective parent entity that it is not prohibited from making under the terms of the Subsidiary Loan Documents all Distributable Funds directly into either the Conditional Controlled Account (which shall be transferred to the Account pursuant to Section 2.25(a)(ii) above) or the Account;. (d) Notwithstanding the foregoing foregoing, the Borrower may request in this writing withdrawals from the Account and the Conditional Controlled Account to make permitted REIT Distributions in accordance with Section 2.257.5(c), as long as no Trigger Event, Default or Event of Default has occurred and is continuing, the Administrative Agent shall direct that all amounts in the Account be remitted to the Conditional Controlled Accountwill comply with any such written request.

Trigger Event. (a) In the event that a Trigger Event, Default or Event of Default has occurred and is continuing: (ia) the Revolving Commitments and the Revolving Commitment Period shall be suspended and none of the Administrative Agent, the Issuing Lender, the Swingline Lender or any Lender shall make an extension of credit hereunder; and; (iib) the Administrative Agent shall direct the Conditional Controlled Account Bank to transfer any amounts on deposit in the Conditional Controlled Account, or any amounts that are deposited in the Conditional Controlled Account during such period, to the Account.; (bc) In the Event that a Trigger Event or an Event of Default has occurred and is continuing, the Administrative Agent is authorized by the Borrower and shall apply the amounts on deposit in the Account from time to time and all cash distributions from any of the Borrower’s direct or indirect Subsidiaries on and after the occurrence of a such Trigger Event or an Event of DefaultEvent, in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting accrued and unpaid fees (including pursuant to Sections 2.5 and 3.3), interest on the Loans, L/C Obligations and other Obligations, indemnities and other amounts (other than principal) payable to the Lenders, the Swingline Lender and the Issuing Lender (including fees, charges and disbursements of counsel to the respective Lenders, the Swingline Lender and the Issuing Lender), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting unpaid principal of the Loans and Reimbursement Obligations, ratably among the Lenders, the Swingline Lender and the Issuing Lender in proportion to the respective amounts described in this clause Third held by them; and Fourth, to the Administrative Agent for the account of the Issuing Lender, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower in an amount not less than the Minimum Collateral Amount.; (cd) In the Event that a Trigger Event or an Event of Default has occurred and is continuing, the Borrower shall cause each of its direct and indirect Subsidiaries (other than the ESH Parties) to make the maximum amount of cash distributions to its respective parent entity that it is not prohibited from making under the terms of the Subsidiary Loan Documents directly into the Account;; and (de) Notwithstanding notwithstanding the foregoing in this Section 2.25foregoing, as long as no Trigger Eventthe Loan Parties may request, Default or Event of Default has occurred and is continuing, the Administrative Agent shall direct that all amounts in will comply with any such request, for withdrawals from the Account be remitted to and the Conditional Controlled Account, in an amount not to exceed $100,000 per annum in the aggregate, for the purposes of making REIT Distributions.

Trigger Event. (a) In the event that a Trigger Event, Default Event or an Event of Default has occurred and is continuing: (i) the Revolving Commitments and the Revolving Commitment Period shall be suspended and none of the Administrative Agent, the Issuing Lender, the Swingline Lender or any Lender shall make an extension of credit hereunder; (ii) the Administrative Agent shall direct the depositary banks for the Operating Lessee Remainder Account and the Property Owner Account to transfer any Distributable Funds on deposit in the Operating Lessee Remainder Account and the Property Owner Account to the Conditional Controlled Account; and (iiiii) the Administrative Agent shall direct the Conditional Controlled Account Bank to transfer any amounts on deposit in the Conditional Controlled Account, or any amounts that are deposited in the Conditional Controlled Account during such period, to the Account. (b) In the Event event that a Trigger Event or an Event of Default has occurred and is continuing, the Administrative Agent is authorized by the Borrower and shall apply the amounts on deposit in the Account from time to time and all cash distributions from any of the Borrower’s direct or indirect Subsidiaries Subsidiaries, and all proceeds of Collateral, on and after the occurrence of a such Trigger Event or an such Event of Default, in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting accrued and unpaid fees (including pursuant to Sections 2.5 and 3.3), interest on the Revolving Loans, L/C Obligations and other Obligations, indemnities and other amounts (other than principal) payable to the Lenders, the Swingline Lender Lenders and the Issuing Lender (including fees, charges and disbursements of counsel to the respective Lenders, the Swingline Lender Lenders and the Issuing Lender), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting unpaid principal of the Revolving Loans and Reimbursement Obligations, ratably among the Lenders, the Swingline Lender Lenders and the Issuing Lender in proportion to the respective amounts described in this clause Third held by them; and Fourth, to the Administrative Agent for the account of the Issuing Lender, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower in an amount not less than the Minimum Collateral Amount. (c) In the Event event that a Trigger Event or an Event of Default has occurred and is continuing, the Borrower shall cause each of its direct and indirect Subsidiaries (other than the ESH Parties) to make the maximum amount distributions of cash distributions to its respective parent entity that it is not prohibited from making under the terms of the Subsidiary Loan Documents all Distributable Funds directly into either the Conditional Controlled Account (which shall be transferred to the Account pursuant to Section 2.25(a)(ii) above) or the Account;. (d) Notwithstanding the foregoing foregoing, the Borrower may request in this writing withdrawals from the Account and the Conditional Controlled Account to make permitted REIT Distributions in accordance with Section 2.257.5(c), as long as no Trigger Event, Default or Event of Default has occurred and is continuing, the Administrative Agent shall direct that all amounts in the Account be remitted to the Conditional Controlled Accountwill comply with any such written request.