Cash or Letter of Credit Clause Samples

Cash or Letter of Credit. Deliver to Fremont Partners a ------------------------ letter of credit in the amount of $500,000 naming the Escrow Agent (as defined in the Escrow Agreement) as account beneficiary in substantially the form of Exhibit A to the Escrow Agreement (the "Letter of Credit") or deposit with the ---------------- -- Escrow Agent the amount of $500,000 cash, which deposit shall be governed by the terms of the Escrow Agreement; and

Cash or Letter of Credit. Subject to the terms of this Section 28.1, Tenant shall deposit with Landlord on the signing of this Lease a "clean," unconditional, irrevocable and transferable letter of credit (the "Letter of Credit") in the amount of Four Thousand Three Hundred Eleven and 84/100 Dollars ($4,311.84), in form reasonably satisfactory to Landlord, issued by and drawn on a bank reasonably satisfactory to Landlord and which is a member of the New York Clearing House Association, for the account of Landlord, for a term of not less than one (1) year, as security for the faithful performance and observance by Tenant of the terms, covenants, conditions and provisions of this Lease, including, without limitation, the surrender of possession of the Premises to Landlord as herein provided. If an Event of Default occurs and is continuing, then Landlord may present the Letter of Credit for payment and apply the whole or any part of the proceeds thereof i) toward the payment of any Rental as to which Tenant is in default, ii) for any Landlord's Costs, and iii) against any damages or deficiency which Landlord may suffer or incur in the reletting of the Premises, whether such damages or deficiency accrue or accrues before or after summary proceedings or other re-entry by Landlord. If Tenant fully and faithfully complies with all of the terms, provisions, covenants and conditions of this Lease, then the Letter of Credit (or the unapplied proceeds thereof, as the case may be) shall be returned to Tenant promptly after the Expiration Date and delivery of possession of the Premises to Landlord. If a sale or leasing of the Real Property or the Building occurs, then Landlord shall have the right to transfer the Letter of Credit (or the unapplied proceeds thereof, as the case may be) to the vendee or lessee and Landlord shall thereupon be released by Tenant from all liability for the return of the Letter of Credit (or such unapplied proceeds, as the case may be), and Tenant shall cause the bank which issued the Letter of Credit to issue an amendment to the Letter of Credit or issue a new Letter of Credit naming the vendee or lessee as the beneficiary thereunder. Tenant shall look solely to the new landlord for the return of the Letter of Credit (or such unapplied proceeds, as the case may be). The provisions hereof shall apply to every transferor assignment of the Letter of Credit (or the unapplied proceeds thereof, as the case may be) made to a new landlord. If Tenant fails to renew the Lette...