Letter of Credit Security Deposit. Contemporaneously with the execution of this Lease, Tenant shall provide to Landlord a security deposit in immediately available funds in the amount of $759,703.00 (the “Interim Security Deposit”), which Interim Security Deposit shall be governed by the terms of this Section 6 applicable to the Security Deposit (defined below). Tenant shall be required to replace the Interim Security Deposit with a Letter of Credit (as defined in the Basic Lease Information) in accordance with the terms of Exhibit J no later than sixty (60) days from the date of this Lease, and upon delivery to Landlord of such Letter of Credit, Landlord shall return promptly to Tenant the Interim Security Deposit in the manner set forth below. Any time after the first day of the 66th month of the Lease Term, provided that there is no Event of Default by Tenant under the Lease, Tenant may elect to replace the Letter of Credit with a Security Deposit in the amount of $80,181.50 (the “Security Deposit”). Contemporaneously with written notice by Tenant of such election, Tenant shall pay to Landlord the Security Deposit, which shall be held by Landlord to secure Tenant’s performance of its obligations under this Lease. Upon such payment, Landlord shall return the Letter of Credit to Tenant, and Tenant shall have no further obligation to provide a Letter of Credit. The Security Deposit is not an advance payment of Rent or a measure or limit of Landlord’s damages upon an Event of Default (as defined in Section 17). Landlord may, at Landlord’s discretion, from time to time following an Event of Default and without prejudice to any other remedy, use all or a part of the Security Deposit to perform any obligation Tenant fails to perform hereunder or in connection with Landlord’s remedies under this Lease. Following any such application of the cash Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount. Subject to the requirements of, and conditions imposed by, Laws applicable to security deposits under commercial leases, Landlord shall, within the time required by applicable Law, return to Tenant the portion of the Security Deposit remaining after deducting all damages, charges and other amounts permitted by Law. Landlord and Tenant agree that such deductions shall include, without limitation, all damages and losses that Landlord has suffered or that Landlord reasonably estimates that it will suffer as a result ...
Letter of Credit Security Deposit. Pursuant to the terms of the --------------------------------- Lease, a Security Deposit of $467,325.00 is required from Tenant. In lieu of ----------- depositing cash for the full amount of the Security Deposit, Tenant shall, upon the execution of the Lease, deposit a letter of credit for $467,325.00 (the ----------- "Maximum Letter of Credit Amount"), with the balance of the Security Deposit in the form of cash. Said letter of credit shall be in the form of an irrevocable, unconditional and clean standby letter of credit and otherwise in the form set forth below (the "Letter of Credit"). The term Security Deposit shall mean the cash portion of the Security Deposit and the Letter of Credit.
Letter of Credit Security Deposit. Within ten (10) business days after the date of this Lease but in any event prior to occupancy of any portion of the Premises, Tenant shall pay to Landlord as a security deposit for the performance of the obligations of Tenant hereunder (i) the amount of $4,500,000.00 (the "Initial Letter of Credit Security Deposit") in the form of a letter of credit in accordance with the provisions of this Section 8.18 and (ii) the amount of $4,000,000.00 (the "Additional Letter of Credit Security Deposit") in the form of a letter of credit in accordance with the provisions of this Section 8.18.
Letter of Credit Security Deposit. (1) Within fifteen (15) days after the award of the initial franchise, the Grantee shall deposit with the Village either an irrevocable letter of credit from a financial institution or a security deposit in the amount of fifty thousand dollars ($50,000.00) with the form to be established by the Village. The form and content of such letter of credit or security deposit shall be approved by the Village Attorney. These instruments shall be used to insure the faithful performance of the Grantee of all provisions of this Franchise; and compliance with all orders, permits and directions of any agency, commission, board, department, division, or office of the Village having jurisdiction over its acts or defaults under this franchise, and the payment by the Grantee of any claims, liens, and taxes due the Village which arise by reason of the construction, operation or maintenance of the system.
Letter of Credit Security Deposit. As security for the full and faithful performance of all the obligations of Tenant under this Lease (the “Obligations”), Tenant shall maintain in full force and effect throughout the Term, an irrevocable, standby letter of credit (the “Letter of Credit”) in favor of Landlord or its successors or assigns, with a national lending institution that is reasonably acceptable to Landlord (the “Lender”), in the amount of $56,295.00 (the “Credit Limit”). On or before March 11, 2014, Tenant shall deliver the Letter of Credit to Landlord in the amount of the Credit Limit, which Letter of Credit shall be in a form reasonably acceptable to Landlord, Lender and Tenant.
Letter of Credit Security Deposit. Upon execution of this First Amendment, the following provisions shall be amended:
Letter of Credit Security Deposit. A Security Deposit of $436,000.00 is required from Tenant, of which $318,000.00 (“Initial Deposit”) is due concurrent with Tenant’s execution of the Lease and the balance on or before the Commencement Date of the Lease Term for the Lease (“Additional Deposit”). If the estimated cost to remove the alterations and improvements being constructed by Tenant in connection with the Sublease and to restore the Premises is more than $200,000.00 as reasonably determined by Landlord’s contractor, then Tenant agrees to increase the Security Deposit by the amount of such additional costs in excess of $200,000.00 within fifteen (15) days after receipt of written notice from Landlord together with its estimate of the costs of such work. In lieu of depositing cash for the full amount of the Security Deposit, Tenant shall have the right to deposit a letter of credit for up to the amount of the Security Deposit. Said letter of credit shall be in the form of an irrevocable standby letter of credit and otherwise in the form set forth below (the “Letter of Credit”). The term Security Deposit shall mean the cash portion of the Security Deposit and the Letter of Credit. Tenant covenants and agrees to deliver to Landlord the Initial Deposit concurrent with the execution of this Lease and the Additional Deposit on or before the Commencement Date of the Lease Term. Landlord agrees to use the cash portion of the Security Deposit before using the Letter of Credit. Landlord agrees to draw against the Letter of Credit only to the extent required to cure any default or breach by Tenant under the Lease and recover Landlord’s damages, provided the Letter of Credit permits partial draws.
Letter of Credit Security Deposit. Any amount of the Letter of Credit that is drawn on by Landlord but not applied by Landlord shall be held by Landlord and shall be treated as the Security Deposit which may be applied by Landlord for the purposes described in Section 4.7.
Letter of Credit Security Deposit. Failure to provide the Security Deposit or Letter of Credit as and when due; and
Letter of Credit Security Deposit. Reissued or amended letter of credit for all letter of credit security deposits held under Leases, naming Buyer as beneficiary.
