Common use of Nature of Letter of Credit Clause in Contracts

Nature of Letter of Credit. Landlord and Tenant (1) 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 be deemed to be or treated as a “security deposit” under any Law applicable to security deposits in the commercial context including Section 1950.7 of the California Civil Code, as such section now exists or as may be hereafter amended or succeeded (“Security Deposit Laws”), (2) 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 (3) waive any and all rights, duties and obligations either party may *** Information has been omitted pursuant to a request for confidential treatment which has been filed separately with the Securities and Exchange Commission. now or, in the future, will have relating to or arising from the Security Deposit Laws. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which (i) establish the time frame by which Landlord must refund a security deposit under a lease, and/or (ii) provide that Landlord may claim from the Security Deposit only those sums reasonably necessary to remedy Defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Paragraph 7 and/or those sums reasonably necessary to compensate Landlord for any loss or damage caused by Xxxxxx’s breach of this Lease or the acts or omissions of Tenant or any of the Tenant Parties (defined in Paragraph 1 of Exhibit H attached hereto), including any damages Landlord suffers following termination of this Lease (as determined in accordance with Paragraph 21 below).

Nature of Letter of Credit. Landlord and Tenant (1a) acknowledge and agree that in no event or circumstance shall the Letter of Credit or any renewal thereof or thereof, any 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 including Section 1950.7 of the California Civil Code, as such section now exists or as may be hereafter amended or succeeded (“Security Deposit Laws”), ; (2b) acknowledge and agree that the Letter of Credit (including any renewal thereof or thereof, any substitute therefor or any proceeds thereof) is not intended to serve as a security deposit, deposit and shall not be subject to the Security Deposit Laws shall have no applicability or relevancy thereto, Laws; and (3c) waive any and all rights, duties and obligations either party may *** Information has been omitted pursuant to a request for confidential treatment which has been filed separately with the Securities and Exchange Commission. now or, in the future, will have relating to or arising from the Security Deposit Laws. Tenant hereby waives the all provisions of Section 1950.7 of the California Civil Code and all other provisions of lawLaw, now or hereafter in effect, which (i) establish the time frame by which Landlord must refund a security deposit under a lease, and/or (ii) provide that Landlord may claim from the Security Deposit security deposit only those sums reasonably necessary to remedy Defaults defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified above in this Paragraph Section 7 and/or those sums reasonably necessary to compensate Landlord for any loss or damage caused by XxxxxxTenant’s breach of this Lease or the acts or omissions omission of Tenant or any of the Tenant Parties (defined in Paragraph 1 of Exhibit H attached hereto)party claiming by, through or under Tenant, including any damages Landlord suffers following termination of this Lease (as determined in accordance with Paragraph 21 below)Lease.

Nature of Letter of Credit. Landlord and Tenant (1a) 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 including Section 1950.7 of the California Civil Code, as such section now exists exist or as may be hereafter amended or succeeded (“Security Deposit Laws”), (2b) 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 (3c) waive any and all rights, duties and obligations either party may *** Information has been omitted pursuant to a request for confidential treatment which has been filed separately with the Securities and Exchange Commission. now or, in the future, will have relating to or arising from the Security Deposit Laws. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of lawLaw, now or hereafter in effect, which (i) establish the time frame by which Landlord must refund a security deposit under a lease, and/or (ii) provide that Landlord may claim from the Security Deposit security deposit only those sums reasonably necessary to remedy Defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified above in this Paragraph 7 Section II and/or those sums reasonably necessary to compensate Landlord for any loss or damage caused by XxxxxxTenant’s breach of this Lease or the acts or omissions omission of Tenant or any of the other Tenant Parties (defined in Paragraph 1 of Exhibit H attached hereto)Related Parties, including any damages Landlord suffers following termination of this Lease (as determined in accordance with Paragraph 21 below)the Lease.

Nature of Letter of Credit. Landlord and Tenant (1i) 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 including Section 1950.7 of the California Civil Code, as such section now exists exist or as may be hereafter amended or succeeded (“Security Deposit Laws”), (2ii) 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 (3iii) waive any and all rights, duties and obligations either party may *** Information has been omitted pursuant to a request for confidential treatment which has been filed separately with the Securities and Exchange Commission. now or, in the future, will have relating to or arising from the Security Deposit Laws. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of lawLaw, now or hereafter in effect, which (ia) establish the time frame by which Landlord must refund a security deposit under a lease, and/or (iib) provide that Landlord may claim from the Security Deposit security deposit only those sums reasonably necessary to remedy Defaults defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified above in this Paragraph 7 Section 3 and/or those sums reasonably necessary to compensate Landlord for any loss or damage caused by XxxxxxTenant’s breach of this Lease or the acts or omissions omission of Tenant or any of the other Tenant Parties (defined in Paragraph 1 of Exhibit H attached hereto)related parties, including any damages Landlord suffers following termination of this Lease (as determined in accordance with Paragraph 21 below)the Lease.

Nature of Letter of Credit. Landlord and Tenant (1a) acknowledge and agree that in no event or circumstance shall the Letter of Credit or any renewal thereof or thereof, any 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 including Section 1950.7 of the California Civil Code, as such section now exists or as may be hereafter amended or succeeded (“Security Deposit Laws”), ; (2b) acknowledge and agree that the Letter of Credit (including any renewal thereof or thereof, any substitute therefor or any proceeds thereof) is not intended to serve as a security deposit, deposit and shall not be subject to the Security Deposit Laws shall have no applicability or relevancy thereto, Laws; and (3c) waive any and all rights, duties and obligations either party may *** Information has been omitted pursuant to a request for confidential treatment which has been filed separately with the Securities and Exchange Commission. now or, in the future, will have relating to or arising from the Security Deposit Laws. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of lawLaw, now or hereafter in effect, which (i) establish the time frame by which Landlord must refund a security deposit under a lease, and/or (ii) provide that Landlord may claim from the Security Deposit security deposit only those sums reasonably necessary to remedy Defaults defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified above in this Paragraph 7 Section 6 and/or those sums reasonably necessary to compensate Landlord for any loss or damage caused by XxxxxxTenant’s breach of this Lease or the acts or omissions omission of Tenant or any of the other Tenant Parties (defined in Paragraph 1 of Exhibit H attached hereto)Parties, including any damages Landlord suffers following termination of this Lease (as determined in accordance with Paragraph 21 below)Lease.

Nature of Letter of Credit. Landlord and Tenant (1a) acknowledge and agree that in no event or circumstance shall the Letter of Credit or any renewal thereof or thereof, any 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 including Section 1950.7 of the California Civil Code, as such section now exists or as may be hereafter amended or succeeded (“Security Deposit Laws”), ; (2b) acknowledge and agree that the Letter of Credit (including any renewal thereof or thereof, any substitute therefor or any proceeds thereof) is not intended to serve as a security deposit, deposit and shall not be subject to the Security Deposit Laws shall have no applicability or relevancy thereto, Laws; and (3c) waive any and all rights, duties and obligations either party may *** Information has been omitted pursuant to a request for confidential treatment which has been filed separately with the Securities and Exchange Commission. now or, in the future, will have relating to or arising from the Security Deposit Laws. Tenant hereby waives the all provisions of Section 1950.7 of the California Civil Code and all other provisions of lawLaw, now or hereafter in effect, which (i) establish the time frame by which Landlord must refund a security deposit under a lease, and/or (ii) provide that Landlord may claim from the Security Deposit security deposit only those sums reasonably necessary to remedy Defaults defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified above in this Paragraph 7 Section 4 and/or those sums reasonably necessary to compensate Landlord for any loss or damage caused by XxxxxxTenant’s breach of this Lease or the acts or omissions omission of Tenant or any of the Tenant Parties (defined in Paragraph 1 of Exhibit H attached hereto)party claiming by, through or under Tenant, including any damages Landlord suffers following termination of this Lease (as determined in accordance with Paragraph 21 below)Lease.

Nature of Letter of Credit. Landlord and Tenant (1a) 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 including Section 1950.7 of the California Civil Code, as such section now exists exist or as may be hereafter amended or succeeded (“Security Deposit Laws”), (2b) 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 (3c) waive any and all rights, duties and obligations either party may *** Information has been omitted pursuant to a request for confidential treatment which has been filed separately with the Securities and Exchange Commission. now or, in the future, will have relating to or arising from the Security Deposit Laws. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of lawLaw, now or hereafter in effect, which (i) establish the time frame by which Landlord must refund a security deposit under a lease, and/or (ii) provide that Landlord may claim from the Security Deposit security deposit only those sums reasonably necessary to remedy Defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified above in this Paragraph 7 Section II and/or those sums reasonably necessary to compensate Landlord for any loss or damage caused by XxxxxxTenant’s breach of this the Lease or the acts or omissions omission of Tenant or any of the other Tenant Parties (defined in Paragraph 1 of Exhibit H attached hereto)Related Parties, including any damages Landlord suffers following termination of this Lease (as determined in accordance with Paragraph 21 below)the Lease.

Nature of Letter of Credit. Landlord and Tenant (1a) 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 including Section 1950.7 of the California Civil Code, as such section now exists exist or as may be hereafter amended or succeeded (“Security Deposit Laws”), (2b) 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 (3c) waive any and all rights, duties and obligations either party may *** Information has been omitted pursuant to a request for confidential treatment which has been filed separately with the Securities and Exchange Commission. now or, in the future, will have relating to or arising from the Security Deposit Laws. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of lawLaw, now or hereafter in effect, which (i) establish the time frame by which Landlord must refund a security deposit under a lease, and/or (ii) provide that Landlord may claim from the Security Deposit security deposit only those sums reasonably necessary to remedy Defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified above in this Paragraph 7 Section 6 and/or those sums reasonably necessary to compensate Landlord for any loss or damage caused by XxxxxxTenant’s breach of this Lease or the acts or omissions omission of Tenant or any of the other Tenant Parties (defined in Paragraph 1 of Exhibit H attached hereto)Related Parties, including any damages Landlord suffers following termination of this Lease (as determined in accordance with Paragraph 21 below)the Lease.

Nature of Letter of Credit. Landlord and Tenant (1) 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 including Section 1950.7 of the California Civil Code, as such section now exists or as may be hereafter amended or succeeded (“Security Deposit Laws”"SECURITY DEPOSIT LAWS"), (2) 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 (3) waive any and all rights, duties and obligations either party may *** Information has been omitted pursuant to a request for confidential treatment which has been filed separately with the Securities and Exchange Commission. now or, in the future, will have relating to or arising from the Security Deposit Laws. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of lawany Laws, now or hereafter in effect, which (i) establish the time frame by which Landlord must refund a security deposit under a lease, and/or (ii) provide that Landlord may claim from the Security Deposit security deposit only those sums reasonably necessary to remedy Defaults defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Paragraph 7 Section 1 above and/or those sums reasonably necessary to compensate Landlord for any loss or damage caused by Xxxxxx’s Tenant's breach of this Lease or the acts or omissions omission of Tenant or any of the other Tenant Parties (defined in Paragraph 1 of Exhibit H attached hereto)Related Parties, including any damages Landlord suffers following termination of this Lease (as determined in accordance with Paragraph 21 below)the Lease.

Nature of Letter of Credit. Landlord and Tenant (1a) 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 including Section 1950.7 of the California Civil Code, as such section now exists exist or as may be hereafter amended or succeeded (“Security Deposit Laws”), (2b) 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 (3c) waive any and all rights, duties and obligations either party may *** Information has been omitted pursuant to a request for confidential treatment which has been filed separately with the Securities and Exchange Commission. now or, in the future, will have relating to or arising from the Security Deposit Laws. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of lawLaw, now or hereafter in effect, which (i) establish the time frame by which Landlord must refund a security deposit under a lease, and/or (ii) provide that Landlord may claim from the Security Deposit security deposit only those sums reasonably necessary to remedy Defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified above in this Paragraph 7 Section 3.05 and/or those sums reasonably necessary to compensate Landlord for any loss or damage caused by XxxxxxTenant’s breach of this Lease or the acts or omissions omission of Tenant or any of the other Tenant Parties (defined in Paragraph 1 of Exhibit H attached hereto)Related Parties, including any damages Landlord suffers following termination of this Lease (as determined in accordance with Paragraph 21 below)the Lease.