Additional Letter of Credit. The Letter of Credit is issued as an additional letter of credit under the Credit Agreement and is subject to the terms and conditions of the Credit Agreement. The Letter of Credit Documents are incorporated herein by this reference.
Additional Letter of Credit. In addition to the Initial Letter of Credit, on or prior to August 1, 2014, Tenant shall deliver to Landlord an additional unconditional, irrevocable, transferable letter of credit in the amount specified in the Basic Lease Information for the Additional Letter of Credit and satisfying the requirements set forth in this Paragraph 31 (the “Additional Letter of Credit”). The Initial Letter of Credit and Additional Letter of Credit are sometimes collectively defined herein as the “Letters of Credit” and each individually as a “Letter of Credit.”
Additional Letter of Credit. In the event Tenant obtains a letter of credit or other form of credit enhancement from a sublessee, subtenant, operating company, management company, or any other individual or entity relating to the Facility, (the "Additional Letter of Credit"), such Additional Letter of Credit shall name Landlord as a beneficiary thereunder and shall be in a form acceptable to Landlord. Tenant hereby grants to Landlord a security interest in the Additional Letter of Credit. Tenant, within ten (10) subsequent to receipt of request therefore from Landlord, shall execute, and cause any applicable sublessee, subtenant, operating company, management company, or any other individual or entity to execute and deliver, all documents (including, without limitation, all bank/lender required documents) necessary for Landlord to perfect its security interest in the Additional Letter of Credit.
Additional Letter of Credit. Simultaneously with the execution of this Lease, Lessee shall execute and deliver to Lessor the Assignment of Rents and Leases granting Lessor, among other things, a security interest in any letter of credit or other form of credit enhancement from a sublessee, subtenant, operating company, management company, or any other individual or entity relating to the Facility (collectively the "Additional Letter of Credit"). Lessee shall, within ten (10) days from demand execute, and cause any applicable sublessee, subtenant, operating company, management company, or any other individual or entity to execute and deliver, all documents (including, without limitation, all bank/lender required documents) necessary for Lessor to perfect its security interest in the Additional Letter of Credit.
Additional Letter of Credit. As security for Tenant’s obligations under the Lease, Landlord is currently holding a Letter of Credit in the amount of $162,101.33 (the “Existing Letter of Credit”) pursuant to Article 5 of the Lease. In connection with the leasing of the Relocation Premises hereunder, Tenant shall deliver to Landlord, concurrently with Tenant’s execution of this Amendment, an additional security deposit in the amount of $240,564.32, in the form of (i) an additional Letter of Credit complying with the requirements of Article 5 of the Lease (the “Additional Letter of Credit”), for a total security deposit of $402,665.65, or (ii) a replacement Letter of Credit (the “Replacement Letter of Credit”) (in compliance with the terms of Article 5 of the Lease) in the amount of $402,665.65. If Tenant delivers the Replacement Letter of Credit in compliance with the terms hereof, then Landlord shall promptly return to Tenant the Existing Letter of Credit being so replaced. The Additional Letter of Credit, together with the Existing Letter of Credit, or the Replacement Letter of Credit, as applicable, shall be held by Landlord in accordance with the terms and provisions of Article 5 of the Lease. Notwithstanding any provision herein to the contrary, so long as: (a) no Event of Default has occurred and no Event of Default then exists; (b) this Lease is still in force and effect; and (c) Tenant has delivered to Landlord a certificate signed by Tenant’s chief financial officer certifying that Tenant has raised at least $40,000,000.00 in equity (at one time or in tranches) (the “Equity Threshold”), together with Tenant’s current financial statements (collectively, a “Equity Certification”), then, subject to the satisfaction of the following conditions, (i) the Additional Letter of Credit, shall be reduced by $161,166.27 to $79,398.05, for a total remaining security deposit of $241,499.38, or (ii) the Replacement Letter of Credit shall be reduced by $161,166.27 to $241,499.38. Within fifteen (15) days following Landlord’s receipt of an Equity Certification, Landlord shall notify Tenant whether Landlord accepts the information set forth in the Equity Certification or whether Landlord elects to audit the financial information contained therein. If such audit discloses that the Equity Threshold has not been satisfied, then the Additional Letter of Credit or Replacement Letter of Credit, as applicable, shall not be reduced in connection with such Equity Certification. If Landlord notifies Tenan...
Additional Letter of Credit. (a) The Reinsurer shall obtain, within five (5) Business Days following the Closing Date, one or more Letters of Credit for the benefit of the Cedant in an aggregate face amount at least equal to the Additional Letter of Credit Amount in order to provide collateral in respect of the Reinsurer’s obligations to the Cedant in respect of the Reinsured Liabilities. Thereafter, the Reinsurer shall use commercially reasonable efforts to maintain such Letters of Credit in an aggregate face amount at least equal to the Additional Letter of Credit Amount. The Cedant shall be permitted to reduce the Additional Letter of Credit Amount on a quarterly basis by providing the Reinsurer written notice thereof no later than five (5) Business Days prior to the end of each Quarterly Accounting Period, which reduction shall be effective as of the first day of the immediately succeeding Quarterly Accounting Period. In connection with any such request, the Cedant shall cooperate with the Reinsurer to reduce any Letters of Credit supporting the Additional Letter of Credit Amount in accordance with Section 9.06.
(b) In the event that there has been a reduction to the Additional Letter of Credit Amount in accordance with Section 9.08(a), the Cedant shall be permitted to request the Reinsurer to procure one or more Letters of Credit in an aggregate face amount up to the excess of the Maximum Additional Letter of Credit Amount over the outstanding Additional Letter of Credit Amount (the amount of increase so requested, the “Additional LOC Increase Amount”) by providing the Reinsurer written notice thereof (an “Additional LOC Increase Request”). Upon receipt of any Additional LOC Increase Request, the Reinsurer shall use commercially reasonable efforts to obtain as promptly as reasonably practicable one or more additional Letters of Credit to support the Additional LOC Increase Amount at a cost acceptable to the Cedant; provided the Reinsurer shall not enter into any Letter of Credit supporting the Additional LOC Increase Amount without the prior written consent of the Cedant. For the avoidance of doubt, in no event shall the Additional Letter of Credit Amount exceed the Maximum Additional Letter of Credit Amount.
(c) The Cedant shall reimburse the Reinsurer on a quarterly basis, in accordance with Section 5.04, for the Cedant’s share of the fees and expenses payable by the Reinsurer in connection with any Letters of Credit supporting the Additional Letter of Credit Amount (the “Addit...
Additional Letter of Credit. The Company shall have obtained a letter of credit issued by First Union National Bank in the form of Exhibit F hereto, in an amount equal to $3,000,000 (the "ADDITIONAL LETTER OF CREDIT").
Additional Letter of Credit. Concurrently with Tenant’s execution and delivery of this First Amendment to Landlord, Tenant shall deliver to Landlord, as protection for Landlord to assure the full and faithful performance by Tenant of all of its obligations under the Lease (as modified by this First Amendment) and for all losses and damages Landlord may suffer as a result of any default (beyond the expiration of all applicable notice and cure periods) by Tenant under the Lease (as modified by this First Amendment), an irrevocable and unconditional negotiable letter or letters of credit (collectively, the “Letter of Credit”), in substantially the form as the Existing Letter of Credit, running in favor of Landlord issued by Silicon Valley Bank, or such other bank that is reasonably acceptable to Landlord (“Bank”), and under the supervision of the Superintendent of Banks of the State of California, in the initial amount, in the aggregate, of Four Hundred Twenty Thousand Dollars ($420,000.00) (“Stated Amount”); provided, however, that, except as hereinafter provided, commencing on the first (1st) anniversary of the Expansion Commencement Date and on each annual anniversary of the Expansion Commencement Date thereafter (each, an “Adjustment Date”), the Stated Amount shall, subject to the terms hereof, be reduced, in the aggregate, as follows: Initial Amount $ 420,000.00 Month 13 of Expansion Space Term $ 281,400.00 Month 25 of Expansion Space Term $ 188,538.00 Month 37 of Expansion Space Term $ 94,269.00 Month 49 of Expansion Space Term $ 0.00 However, if (i) a default (beyond the expiration of all applicable notice and cure periods) by Tenant occurs under the Lease (as modified by this First Amendment), or (ii) circumstances exist that would, with notice or lapse of time, or both, constitute a default by Tenant, and Tenant has failed to cure such default within the cure period permitted by Section 23 of the Lease or such lesser time as may remain before the relevant Adjustment Date as provided above, the Stated Amount shall not thereafter be reduced unless and until such default shall have been fully cured pursuant to the terms of the Lease, at which time the Stated Amount may be reduced as hereinabove described. All of the terms and provisions of Section 5 of the Lease pertaining to the Existing Letter of Credit shall apply with full force to the Additional Letter of Credit except to the extent inconsistent with the terms hereof.
Additional Letter of Credit. At any time on or before July 31, 2008, Tenant shall have the right, but not the obligation, to deliver to Landlord an additional Letter of Credit for an additional face amount of Five Hundred Thousand Dollars ($500,000.00) (the “Additional Letter of Credit”), which such Additional Letter of Credit shall be on all of the same terms and conditions as the initial Letter of Credit provided under the terms of Section 18.1 of this Lease, except that provided no Tenant Default shall be outstanding, or with the passage of time would occur on any date for the reduction of the face amount of the Additional Letter of Credit, the face amount of the Additional Letter of Credit shall be reduced by One Hundred Thousand Dollars ($100,000.00) on each August 1, commencing August 1, 2009 and continuing to August 1, 2014. In the event the Additional Letter of Credit is not reduced because a Tenant Default exists, or with the passage of time would occur, the then outstanding amount of the Additional Letter of Credit shall remain in force until the earlier of the cure of the Tenant Default, or the event which, with the passage of time, would cause a Tenant Default or sixty (60) days following the Expiration Date or the last day of the Option Term, if Tenant elects to extend the term of this Lease pursuant to Section 2.3; provided, however, nothing herein contained shall be construed as limiting Landlord’s rights to draw on the initial Letter of Credit or the Additional Letter of Credit under the terms of this Lease.”
Additional Letter of Credit. Buyer hereby covenants and agrees that it shall deliver to Seller, for receipt by Seller no later than August 5, 2002, an irrevocable stand-by letter of credit (the "Supplemental Letter of Credit") in form and substance identical to that of the Letter of Credit, except that the Supplemental Letter of Credit shall have an issue date of no later than August 5, 2002 and shall have an expiration date of August 4, 2003. The Supplemental Letter of Credit shall be issued in an amount equal to Three Hundred Fifty Thousand Dollars ($350,000), less the aggregate amounts that Buyer was entitled to offset against the Holdback Amount through the end of the then immediately preceding Quarterly Period in accordance with the terms and conditions of Section 3.1(b)(ii). Seller agrees that, to the extent Buyer incurs costs in obtaining the Supplemental Letter of Credit, Seller shall reimburse Buyer the lesser of (x) Two Thousand Dollars ($2,000) and (y) one-half of the actual cost to Buyer of obtaining the Supplemental Letter of Credit. Buyer and Seller hereby agree that Buyer shall not be required to obtain the Supplemental Letter of Credit in the event that, at any time prior to August 5, 2002, Buyer and Seller mutually agree in writing that Buyer shall not be required to obtain the Supplemental Letter of Credit.
