Increase in the Security. Notwithstanding any provision of the Existing Lease to the contrary: (a) Tenant and Landlord acknowledge that pursuant to Section 5.02 of the Existing Lease, Tenant elected to deliver the Letter of Credit in lieu of cash Security Deposit, and immediately prior to execution of this Amendment, the amount of the Letter of Credit required under the Existing Lease and held by Landlord is Four Hundred Fifty-three Thousand Six Hundred Twenty-four Dollars ($453,624); (b) The amount of Security Deposit and Letter of Credit required as of the Execution Date of this Amendment is hereby increased by One Hundred Fifty-three Thousand Three Hundred Eighty Dollars ($153,380) and simultaneously with delivering to Landlord this Amendment signed by Tenant, Tenant shall deliver to Landlord an amendment or replacement of the Letter of Credit which increases the amount of the Letter of Credit to Six Hundred Seven Thousand and Four Dollars ($607,004); (c) The text of Section 5.02(c) of the Existing Lease (as amended by Section 4(c) of the Second Amendment) is deleted and the following is inserted in its place: “Notwithstanding anything to the contrary contained herein, after the Execution Date of the Third Amendment to Lease, the following reduction provisions shall apply. If Tenant is not in Default under the Lease on February 1, 2008, an amendment or replacement of the Letter of Credit may be issued which decreases by Forty-five Thousand Dollars ($45,000) the amount of the Letter of Credit to the revised total amount of Five Hundred Sixty-two Thousand and Four Dollars ($562,004). If Tenant is not in Default under the Lease on February 1, 2009, an amendment or replacement of the Letter of Credit may be issued which decreases by Forty-five Thousand Dollars ($45,000) the amount of the Letter of Credit to the revised total amount of Five Hundred Seventeen Thousand and Four Dollars ($517,004). If Tenant is not in Default under the Lease on February 1, 2010, an amendment or replacement of the Letter of Credit may be issued which decreases by Forty-five Thousand Dollars ($45,000) the amount of the Letter of Credit to the revised total amount of Four Hundred Seventy-two Thousand and Four Dollars ($472,004).” (d) The second sentence of Section 5.02(a) (as amended by Section 4(d) of the Second Amendment) is deleted and the following is inserted in its place: “The Letter of Credit shall be maintained in effect until the “LOC Expiration Date”, which shall mean the date which is ninety (90) days after the last to occur of the four events specified in Section 5.02(d) of the Existing Lease or the 000 Xxxxxxxxx Expiration Date or the Building 2 Expiration Date, and provided that on the LOC Expiration Date, Tenant shall not be in Default, Landlord shall return to Tenant the Letter of Credit and any Letter of Credit Proceeds then held by Landlord (other than those held for application by Landlord on account of a Default as provided below)”
Appears in 2 contracts
Samples: Lease (Codexis Inc), Lease (Codexis Inc)
Increase in the Security. Notwithstanding any provision of the Existing Lease to the contrary:
(a) Tenant and Landlord acknowledge that pursuant to Section 5.02 of the Existing Lease, Tenant elected to deliver the Letter of Credit in lieu of cash Security Deposit, and immediately prior to execution of this Amendmentin February, 2006, the amount of the Letter of Credit required under the Existing Lease and held by Landlord is was reduced to Four Hundred Fiftyand Five Thousand Dollars ($405,000.00) in accordance with Section 5.02(c) of the Existing Lease;
(b) in accordance with Section 5.02(c) of the Existing Lease, as of February 1, 2007, Tenant is entitled to provide Landlord with an amendment or replacement of the Letter of Credit which would decrease by Forty-five Thousand Dollars ($45,000) the amount of the Letter of Credit to a new total of Three Hundred Sixty Thousand Dollars ($360,000), but Tenant has not done so as of the Execution Date and accordingly such reduction will be given effect together with the increase of Ninety-three Thousand Six Hundred Twenty-four Dollars ($453,624);
(b93,624.00) The in the Security and amount of the Letter of Credit required by this Amendment in connection with the lease of the 000 Xxxxxxxxx Space, and after giving effect to such reduction and increase, the total amount of the Security Deposit and Letter of Credit required as of the Execution Date of this Amendment is hereby increased by One shall be Four Hundred Fifty-three Thousand Three Six Hundred Eighty Twenty-four Dollars ($153,380453,624.00), and no later than ten (10) and simultaneously with delivering to Landlord business days after execution of this Amendment signed by Tenant, Tenant shall deliver to Landlord an amendment or replacement of the Letter of Credit which increases the amount of the Letter of Credit to Four Hundred Fifty-three Thousand Six Hundred Seven Thousand and Four Twenty-four Dollars ($607,004453,624.00);
(c) The text of Section 5.02(c) of the Existing Lease (as amended by Section 4(c) of the Second Amendment) is deleted and the following is inserted in its place: “Notwithstanding anything to the contrary contained herein, after the Execution Date of the Third Second Amendment to Lease, the following reduction provisions shall apply. If Tenant is not in Default under the Lease on February 1, 2008, an amendment or replacement of the Letter of Credit may be issued which decreases by Forty-five Thousand Dollars ($45,000) the amount of the Letter of Credit to the revised total amount of Five Four Hundred SixtyEight Thousand Six Hundred Twenty-two Thousand and Four four Dollars ($562,004408,624). If Tenant is not in Default under the Lease on February 1, 2009, an amendment or replacement of the Letter of Credit may be issued which decreases by Forty-five Thousand Dollars ($45,000) the amount of the Letter of Credit to the revised total amount of Five Three Hundred Seventeen Sixty-three Thousand and Four Six Hundred Twenty-four Dollars ($517,004363,624). If Tenant is not in Default under the Lease on February 1, 2010, an amendment or replacement of the Letter of Credit may be issued which decreases by Forty-five Thousand Dollars ($45,000) the amount of the Letter of Credit to the revised total amount of Four Three Hundred SeventyEighteen Thousand Six Hundred Twenty-two Thousand and Four four Dollars ($472,004318,624).”
(d) The second sentence of Section 5.02(a) (as amended by Section 4(d) of the Second Amendment) is deleted and the following is inserted in its place: “The Letter of Credit shall be maintained in effect until the “LOC Expiration Date”, which shall mean the date which is ninety (90) days after the last to occur of the four events specified in Section 5.02(d) of the Existing Lease or the 000 Xxxxxxxxx Expiration Date or the Building 2 640 Galveston Expiration Date, and provided that on the LOC Expiration Date, Tenant shall not be in Default, Landlord shall return to Tenant the Letter of Credit and any Letter of Credit Proceeds then held by Landlord (other than those held for application by Landlord on account of a Default as provided below)”.
(e) The phrase “, together with a written certification from Landlord that Tenant is in Default” is hereby deleted from Sub-item (ii) of the second sentence of Section 5.02(b) of the Existing Lease, Sub-item (iii) of such sentence is hereby deleted, and the Letter of Credit shall be amended to delete Sub-item (ii) from the third paragraph of the Letter of Credit and to substitute the following in its place: “
(ii) accompanied by the original of this Letter of Credit and a letter of transmittal executed by a representative of the Beneficiary stating the amount for which a draw under this Letter of Credit is made.”
Appears in 2 contracts
Samples: Lease (Codexis Inc), Lease (Codexis Inc)
