LESSOR'S INTEREST IN SECURITY DEPOSIT Sample Clauses

LESSOR'S INTEREST IN SECURITY DEPOSIT. The Security Deposit shall be held by Lessor to secure the timely payment and performance by Lessee of (1) its obligations hereunder and under each other Operative Document and (2) its obligations under each of the Other Leases and under each of the "Operative Documents" (howsoever denominated) related to the Other Leases) (such documents and agreements referred to in subclause (1) and (2), collectively, the "Transaction Documents" and such obligations referred to in subclause (1) and (2), collectively, the "Secured Obligations"). The Security Deposit shall be held by Lessor as security for the timely and due and punctual payment by Lessee of the Secured Obligations and Lessee hereby assigns, transfers and pledges to Lessor, and hereby grants to Lessor, a first-priority security interest in the Security Deposit to secure such payment and such performance. Lessee shall not assign, transfer, pledge or otherwise dispose of any right, title or interest in or to the Security Deposit except as provided in the preceding sentence. Subject only to Sections 2.3 and 3.5.2, the Security Deposit may be assigned or pledged by Lessor to any Person. Any interest earned on the Security Deposit shall be for Lessor's sole account. If an Event of Default (hereunder or under any of the Other Leases) shall occur and be continuing, then in addition to any other rights Lessor may have under applicable Law as a secured party or otherwise, or under this Agreement or any other Transaction Document, Lessor or such Person, as the case may be, may at any time as an agreed remedy set off against, use, apply or retain all or any portion of the Security Deposit in full or partial payment for amounts constituting or corresponding to the Secured Obligations (including to compensate Lessor or such Person, as the case may be, for any amount it may in its reasonable discretion advance as a result of the occurrence of any Default (hereunder or under any of the Other Leases), or to apply toward Expenses arising as a result of the occurrence of any Default (hereunder or under any of the Other Leases) or otherwise). If Lessor or such Person uses or applies all or a portion of the Security Deposit, such application shall not be deemed a cure by Lessee, or waiver by Lessor or any other Person, of any Default (hereunder and under any of the Other Leases), and Lessee shall, within ten days after Lessor's or such Person's demand therefor, pay to Lessor or such Person, as the case may be, an amount suff...
Sample 1
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LESSOR'S INTEREST IN SECURITY DEPOSIT. The Security Deposit shall secure the timely payment and performance by Lessee of the Secured Obligations. Lessee hereby assigns to Lessor absolutely, by way of security, the Security Deposit to secure such payment and such performance and Lessee agrees not to grant, assign, transfer or pledge to any other Person any right, title or interest in or to the Security Deposit. Except as expressly permitted under this Lease Agreement, Lessee shall not be entitled to payment or repayment of the Security Deposit. Subject to Lessor’s obligations to return or repay the Security Deposit, the Security Deposit may be assigned, charged or pledged by Lessor to another Person in connection with an Absolute Transfer or Security Transfer permitted under Section 14.1. The Security Deposit may be commingled by Lessor or such other Person with its own general other funds during the Lease Term. If an Event of Default shall occur and be continuing, then, in addition to any other rights Lessor or such other Person may have under applicable law or under any Operative Document or any Other Lease Agreement, Lessor or such other Person may at any time as an agreed remedy apply, in such order as Lessor or such other Person thinks fit, all or any portion of the Security Deposit in full or partial payment for amounts constituting or corresponding to any Secured Obligation then due and payable. If Lessor, or such other Person, applies all or a portion of the Security Deposit, Lessee shall within 10 days upon demand from Lessor pay to Lessor or such other Person an amount sufficient to restore the Security Deposit to its required total sum.
Sample 1

Related to LESSOR'S INTEREST IN SECURITY DEPOSIT

  • Tenant Security Deposits All unapplied tenant security deposits (and interest thereon if required by law or contract to be earned thereon) under the Leases, shall be credited to Buyer at Closing.

  • Security Deposits Borrower is in compliance in all material respects with all Legal Requirements relating to security deposits.

  • Security Deposit Concurrently with Tenant’s delivery of this Lease, Tenant shall deposit with Landlord the sum, if any, stated in Item 9 of the Basic Lease Provisions, to be held by Landlord as security for the full and faithful performance of all of Tenant’s obligations under this Lease (the “Security Deposit”). Landlord shall not be required to keep this Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on the Security Deposit. Subject to the last sentence of this Section, the Security Deposit shall be understood and agreed to be the property of Landlord upon Landlord’s receipt thereof, and may be utilized by Landlord in its sole and absolute discretion towards the payment of all expenses by Landlord for which Tenant would be required to reimburse Landlord under this Lease. Upon any Event of Default by Tenant (as defined in Section 14.1), Landlord may, in its sole and absolute discretion, use or apply the whole or any part of the Security Deposit to pay any sum which Tenant is obligated to pay under this Lease including, but not limited to, sums that Landlord may reasonably expend or be required to expend by reason of the Event of Default by Tenant or any loss or damage that Landlord may suffer by reason of the Event of Default or costs incurred by Landlord in connection with the repair or restoration of the Premises pursuant to Section 15.3 of this Lease upon expiration or earlier termination of this Lease. In no event shall Landlord be obligated to apply the Security Deposit upon an Event of Default and Landlord’s rights and remedies resulting from an Event of Default, including without limitation, Tenant’s failure to pay Basic Rent, Tenant’s Share of Operating Expenses or any other amount due to Landlord pursuant to this Lease, shall not be diminished or altered in any respect due to the fact that Landlord is holding the Security Deposit. If any portion of the Security Deposit is applied by Landlord as permitted by this Section, Tenant shall within five (5) business days after written demand by Landlord deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount. If Tenant fully performs its obligations under this Lease, the Security Deposit shall be returned to Tenant within thirty (30) days after the expiration of the Term, provided that Tenant agrees that Landlord may retain the Security Deposit to the extent and until such time as all amounts due from Tenant in accordance with this Lease have been determined (which determination shall not be unreasonably withheld, conditioned or delayed) and paid in full and Tenant agrees that Tenant shall have no claim against Landlord for Landlord’s retaining such Security Deposit to the extent provided in this Section. Provided that no Event of Default has theretofore occurred under any provision of this Lease, Tenant shall have the right to have the Security Deposit reduced to the amount of One Hundred Twenty-Three Thousand One Hundred Eight Dollars ($123,108.00) by sending written request thereof to Landlord, which request shall be accompanied by Tenant’s audited Statements demonstrating two (2) immediately prior consecutive years of positive net income for Tenant. Following such written request to Landlord, Tenant shall be credited in the amount of the difference between the amount of the Security Deposit stated in Item 9 of the Basic Lease Provisions and the reduced amount of Security Deposit set forth above, against Basic Rent and Operating Expenses next coming due under this Lease.

  • Security Deposit Account If applicable law or a Lender requires a segregated account of Tenant security deposits, Property Manager will open a separate account at a reputable bank or other financial institution. Property Manager may return such deposits to any Tenant in the ordinary course of business in accordance with the terms of the applicable Lease.

  • Rent and Security Deposit Lessee covenants, stipulates and agrees to pay to Lessor as rent for the Leased Premises the following:

  • BASE RENT AND SECURITY DEPOSIT (a) Tenant agrees to pay during each month of the Lease Term as Base Rent (“Base Rent”) for the Premises the sums shown for such periods in Item 5 of the Basic Lease Provisions.

  • Utility Deposits Seller shall receive a credit for the amount of deposits, if any, with utility companies that are transferable and that are assigned to Purchaser at the Closing.

  • Additional Security Deposit No additional security deposit shall be required in connection with this Amendment.

  • Payment By Landlord; Interest Upon a Default by Tenant hereunder, Landlord may, without waiving or releasing any obligation of Tenant hereunder, make such payment or perform such act. All sums so paid or incurred by Landlord, together with interest thereon, from the date such sums were paid or incurred, at the annual rate equal to 12% per annum or the highest rate permitted by law (the “Default Rate”), whichever is less, shall be payable to Landlord on demand as Additional Rent. Nothing herein shall be construed to create or impose a duty on Landlord to mitigate any damages resulting from Tenant’s Default hereunder.

  • Security Deposit Letter of Credit As a condition of this Lease, in lieu of a third-party guaranty, Tenant shall, with delivery of the Lease executed by Tenant, deliver to Landlord an unconditional and irrevocable letter of credit, in a form approved by Landlord, from a commercial banking institution which is a member of FDIC with assets of more than $250,000,000.00, approved by Landlord, in the amount of $100,000.00 (“Letter of Credit”) to be held by Landlord as security for the performance by Tenant of all the covenants and obligations of Tenant set forth in this Lease. Tenant shall submit its proposed form of Letter of Credit prior to execution of the Lease for Landlord’s review and approval. Tenant acknowledges and agrees that it shall keep the Letter of Credit in full force and effect throughout the Term of this Lease (and any extension or renewal thereof) and for thirty (30) days following the end thereof. In the event the term of the Letter of Credit must be renewed annually, then not less than thirty (30) days prior to any expiration date of the Letter of Credit (“Renewal Deadline”), Tenant shall provide Landlord with a replacement Letter of Credit or extension amendment. Said Letter of Credit shall contain terms whereby it can be drawn on by Landlord at sight on any date during its term on which issuer shall receive from Landlord a certification signed by Landlord stating that an Event of Default has occurred by Tenant under this Lease or that Tenant has failed to provide a replacement Letter of Credit, as required under the Lease. Tenant acknowledges that the Landlord is the beneficiary of the Letter of Credit and the proceeds thereof are not the property of the Tenant. Landlord shall have the right, but not the obligation, to apply the proceeds against any or all amounts then due and owing by Tenant hereunder and/or against sums expended by Landlord, including attorneys fees. Such actions by Landlord do not negate Tenant’s obligations to pay Rental thereafter. Any balance left of the sum received from drawing on the Letter of Credit, after the curing of defaults and/or the payment of amounts due by Tenant, shall be held by Landlord, as beneficiary, until the earlier of the replacement of the Letter of Credit, as required below, or thirty (30) days following the end of the Term of this Lease (and any extension or renewal thereof). The original Letter of Credit or any portion of the proceeds which are not utilized by Landlord for any purpose permitted under this Lease shall be returned to the issuing banking institution within thirty (30) days after the end of the Term provided Tenant has performed all of the remaining obligations imposed upon Tenant pursuant to this Lease. In the event Landlord shall draw on any Letter of Credit provided by Tenant, Tenant shall replace same no later than thirty (30) days after the date of such drawing and, if same is not replaced, such failure shall constitute an additional Event of Default under the terms of this Lease and Landlord shall have the benefit of all remedies permitted pursuant to the terms of this Lease and the laws of the State where the Premises are located.

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