Nature of Letter of Credit. Landlord and Tenant (a) acknowledge and agree that in no event or circumstance shall the Letter of Credit or any renewal thereof or substitute therefor or any proceeds thereof (including the LC Proceeds Account) be deemed to be or treated as a “security deposit” under any Law applicable to security deposits in the commercial context (“Security Deposit Laws”), (b) acknowledge and agree that the Letter of Credit (including any renewal thereof or substitute therefor or any proceeds thereof) is not intended to serve as a security deposit, and the Security Deposit Laws shall have no applicability or relevancy thereto, and (c) waive any and all rights, duties and obligations either party may now or, in the future, will have relating to or arising from the Security Deposit Laws.
Appears in 11 contracts
Samples: Single Tenant Industrial Triple Net Lease (GenMark Diagnostics, Inc.), Office Lease Agreement (Ironwood Pharmaceuticals Inc), Office Lease (GP Investments Acquisition Corp.)
Nature of Letter of Credit. Landlord and Tenant (a1) acknowledge and agree that in no event or circumstance shall the Letter of Credit or any renewal thereof or substitute therefor or any proceeds thereof (including the LC Proceeds Account) be deemed to be or treated as a “security deposit” under any Law applicable to security deposits in the commercial context (“Security Deposit Laws”), (b2) acknowledge and agree that the Letter of Credit (including any renewal thereof or substitute therefor or any proceeds thereof) is not intended to serve as a security deposit, and the Security Deposit Laws shall have no applicability or relevancy thereto, and (c3) waive any and all rights, duties and obligations either party may now or, in the future, will have relating to or arising from the Security Deposit Laws.
Appears in 3 contracts
Samples: Sublease (Larimar Therapeutics, Inc.), Office Lease Agreement (Zafgen, Inc.), Office Lease Agreement (Drugstore Com Inc)
Nature of Letter of Credit. Landlord and Tenant (a1) acknowledge and agree that in no event or circumstance shall the Letter of Credit or any renewal thereof or substitute therefor or any proceeds thereof (including the LC Proceeds Account) be deemed to be or treated as a “"security deposit” " under any Law applicable to security deposits in the commercial context (“Security Deposit Laws”"SECURITY DEPOSIT LAWS"), (b2) acknowledge and agree that the Letter of Credit (including any renewal thereof or substitute therefor or any proceeds thereof) is not intended to serve as a security deposit, and the Security Deposit Laws shall have no applicability or relevancy thereto, and (c3) waive any and all rights, duties and obligations either party may now or, in the future, will have relating to or arising from the Security Deposit Laws.
Appears in 3 contracts
Samples: Lease Agreement (Airvana Inc), Lease Agreement (Airvana Inc), Office Lease Agreement (Bsquare Corp /Wa)
Nature of Letter of Credit. Landlord and Tenant (a) acknowledge and agree that in no event or circumstance shall the Letter of Credit or any renewal thereof or substitute therefor or any proceeds thereof (including the LC Proceeds Account) be deemed to be or treated as a “security deposit” under any Law applicable to security deposits in the commercial context (“Security Deposit Laws”), (b) acknowledge and agree that the Letter of Credit (including any renewal thereof or substitute therefor or any proceeds thereof) is not intended to serve as a security deposit, and the Security Deposit Laws shall have no applicability or relevancy thereto, and (c) waive any and all rights, duties and obligations either Exhibit F party may now or, in the future, will have relating to or arising from the Security Deposit Laws.
Appears in 2 contracts
Samples: Office Lease Agreement, Office Lease Agreement (Zillow Inc)
