Common use of LESSOR'S INTEREST IN SECURITY DEPOSIT Clause in Contracts

LESSOR'S INTEREST IN SECURITY DEPOSIT. The Security Deposit shall 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"). 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 4.3, the Security Deposit may be assigned or pledged by Lessor to any Person. The Security Deposit may be commingled by Lessor or such other Person, as the case may be, with its own general or other funds during the Lease Term. Any interest earned on the Security Deposit shall be for Lessor's or such Person'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 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 sufficient to restore the Security Deposit to its required total sum.

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 Frontier Lease Agreement (MSN 28662) Execution Copy -16- the Other Leases 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 4.33.5.2, the Security Deposit may be assigned or pledged by Lessor to any Person. The Security Deposit may be commingled by Lessor or such other Person, as the case may be, with its own general or other funds during the Lease Term. Any interest earned on the Security Deposit shall be for Lessor's or such Person'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 sufficient to restore the Security Deposit to its required original total sum.

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 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 4.33.5.2, the Security Deposit may be assigned or pledged by Lessor to any Person. The Security Deposit may be commingled by Lessor or such other Person, as the case may be, with its own general or other funds during the Lease Term. Any interest earned on the Security Deposit shall be for Lessor's or such Person'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 sufficient to restore the Security Deposit to its required original total sum.

LESSOR'S INTEREST IN SECURITY DEPOSIT. The Security Deposit shall 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"). Lessee hereby assignsassigns to Lessor absolutely, transfers and pledges to Lessorby way of security, and hereby grants to Lessor, a first-priority security interest in the Security Deposit to secure such payment and such performance. performance and Lessee shall agrees not to grant, assign, transfer, transfer or pledge or otherwise dispose of to any other Person any right, title or interest in or to the Security Deposit except Deposit. Except as provided in expressly permitted under this Lease Agreement, Lessee shall not be entitled to payment or repayment of the preceding sentenceSecurity Deposit. Subject only to Sections 2.3 and 4.3Lessor’s obligations to return or repay the Security Deposit, the Security Deposit may be assigned assigned, charged or pledged by Lessor to any Personanother 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, as the case may be, Person with its own general or other funds during the Lease Term. Any interest earned on the Security Deposit shall be for Lessor's or such Person's sole account. If an Event of Default (hereunder or under any of the Other Leases) shall occur and be continuing, then then, in addition to any other rights Lessor or such other Person may have under applicable Law as a secured party or otherwise, law or under this Agreement any Operative Document or any other Transaction DocumentOther Lease Agreement, Lessor or such Person, as the case may be, other Person may at any time as an agreed remedy set off againstapply, usein such order as Lessor or such other Person thinks fit, apply or retain all or any portion of the Security Deposit in full or partial payment for amounts constituting the or corresponding to any Secured Obligations (including to compensate Lessor Obligation then due and payable. If Lessor, or such other 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 Lessee shall not be deemed a cure by Lessee, or waiver by within 10 days upon demand from 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, other Person an amount sufficient to restore the Security Deposit to its required total sum.