New Letter of Credit. The parties acknowledge that Xxxxxx’s performance of its obligations under the Lease is secured by the Letter of Credit in the amount of $901,152.00 for the benefit of Original Landlord (the “Existing Letter of Credit”). Concurrently with its execution of this Amendment, Tenant shall deliver to Landlord an amendment to the Existing Letter of Credit increasing the amount to $1,500,000 and replacing Original Landlord with Landlord as the beneficiary and, assuming Landlord delivers possession of the 6th Floor Space to Tenant by November 1, 2018, modifying the outside automatic extension date to January 31, 2026 (the “New Letter of Credit”); provided, however, on the last day of the thirty-sixth (36th) month following the 6th Floor Space Commencement Date, Tenant shall continue to have the right to reduce the amount of the New Letter of Credit pursuant to Section 5.14(c) of the Lease, except that the amount reduced shall be from $1,500,000 to $750,000 and Tenant shall not be required to provide any evidence of any operating profit as a condition of such reduction. Without limiting the generality of the foregoing, if Landlord delivers possession of the 6th Floor Space after November 1, 2018, Tenant shall deliver to Landlord, within thirty (30) days following Xxxxxxxx’s delivery of the 6th Floor Space, an amendment to the New Letter of Credit modifying the outside automatic extension date from January 31, 2026 to the last day of the third (3rd) month following the Expansion Space Expiration Date. In addition, in the event Tenant exercises any of its termination rights under Section 2(g) above, Tenant shall be entitled to amend the New Letter of Credit to reduce the amount thereof to $901,152, and Tenant shall be entitled to further amend such New Letter of Credit to reduce the amount thereof to $450,576 as of the last day of the forty-fourth (44th) calendar month after the Term Commencement Date, as provided in Section 5.14(c) of the Lease except that Tenant shall not be obligated to provide any evidence of any operating profit as a condition of such reduction. Notwithstanding the foregoing, if Tenant exercises its option to terminate this Amendment as it pertains to the Expansion Space as provided in Section 2(g) above, Landlord shall, at no cost to Landlord, cooperate with Tenant in amending the New Letter of Credit to decrease the amount thereof to $901,152.00, and to change the outside automatic extension date to February 29, 2024.
New Letter of Credit. In connection with the amendments to section 4.16 of the Lease contained in this Agreement, the Tenant agrees to arrange for a new Letter of Credit (or for an appropriate amendment to the existing Letter of Credit) to be issued to the Landlord on or before April 1, 2002. The new Letter of Credit shall be in substantially the same form as the existing Letter of Credit except that the date on which the amount of the Letter of Credit is to be automatically reduced to CAD $5,800,000.00 shall be changed from "December 1, 2002" to "March 1, 2003" and each reference in the existing Letter of Credit to the Lease shall be amended to refer to the Lease "as amended from time to time".
New Letter of Credit. Tenant shall deliver to Landlord a replacement -------------------- letter of credit (the "NEW LETTER OF CREDIT"), which shall replace the Letter of Credit (as defined in the XX Xxxxx attached to the Lease). Once Tenant delivers the New Letter of Credit to Landlord, the New Letter of Credit shall be subject to all of the terms and conditions set forth in the XX Xxxxx, except as amended by this Section 13, provided that all references to the Letter of Credit in the XX Xxxxx shall be deemed to refer to the New Letter of Credit. Subject to the terms of this Section 13 below, the amount of the New Letter of Credit (the "NEW LC AMOUNT") shall be $370,000.00, and the New Letter of Credit shall be delivered to Landlord no later than (i) the date which is sixty (60) days after Tenant's execution of this First Amendment if, as of such date, Tenant has not delivered to Landlord evidence satisfactory to Landlord that Tenant has received at least $7,000,000.00 of private funding for Tenant (the "PRIVATE FUNDING"), or (ii) September 30, 1999 if, as of the date which is sixty (60) days after Tenant's execution of this First Amendment, Tenant has delivered to Landlord evidence satisfactory to Landlord that Tenant has received the Private Funding. In the event that Tenant successfully completes an initial public offering of stock in Tenant through the New York Stock Exchange or other nationally recognized stock exchange, then (A) notwithstanding the foregoing provisions of this Section 13, if Tenant has not yet delivered the New Letter of Credit to Landlord pursuant to the terms of this Section 13, provided Tenant has delivered evidence to Landlord of such initial public offering, the New Letter of Credit to be delivered by Tenant to Landlord in accordance with the terms of this Section 13 shall have a New LC Amount of $160,000.00, and (B) if Tenant has already delivered the New Letter of Credit to Landlord pursuant to the terms of this Section 13, then the New Letter of Credit delivered by Tenant to Landlord shall be reduced by $210,000.00 (such that the remaining New LC Amount shall be $160,000.00) upon the date which is fifteen (15) days after Tenant requests such reduction and delivers to Landlord evidence of such initial public offering. Any such reduction in the New LC Amount shall be accomplished through amendment or replacement of the New Letter of Credit to be provided by Tenant to Landlord at Tenant's sole cost and expense. Once Tenant delivers the New Letter of...
New Letter of Credit. As a further material inducement for Landlord to enter into this Amendment, Tenant, at its expense, shall deliver to Escrow Agent, on or before the Outside Date, an unconditional, clean, irrevocable new letter of credit in the amount of $722,730.00 (the "NEW L-C"), in favor of Lender. The New L-C shall be issued by same issuing bank and in the form of the Original L-C described in Section 21.1.1 of the Original Lease (modified to accommodate the new amount). Landlord (and Lender) shall hold and use the New L-C as security for the faithful performance by Tenant of all of the terms, covenants, and conditions of the Lease, as amended hereby, to be kept and perform by Tenant during the Lease Term, as amended hereby. All of the provisions of Section 21.1.2 of the Original Lease shall apply to the New L-C with all references in the Original Lease to L-C to mean the New L-C. 3 <PAGE> 7.
New Letter of Credit. In connection with the amendment to section 4.16 of the Lease contained in this Agreement, the Tenant agrees to arrange for a new Letter of Credit (or for an appropriate amendment to the existing Letter of Credit) to be issued to the Landlord before the expiry date of the existing Letter of Credit. The new Letter of Credit shall be in substantially the same form as the existing Letter of Credit except that it shall reflect the terms of section 4.16 of the Lease, as such section is to be amended by section 2.2 of this Agreement, and except that each reference in the existing Letter of Credit to the Lease shall be amended, if necessary, to refer to the Lease "as amended from time to time". For greater certainty, the Tenant acknowledges and confirms that such Letter of Credit secures all payments which the Tenant is obligated to make to the Landlord under or pursuant to sections 1.2, 1.3, 1.8 and 1.9 of the First Amendment, sections 1.2, 1.3, 1.8. 1.9, 2.2, 2.3, 2.8 and 2.9 of the Second Amendment and sections 1.2, 1.3, 1.8 and 1.9 of this Agreement and that, in the event the Tenant is ever in default of its obligation to make any such payment, the Landlord may draw upon such Letter of Credit in full or in part in an amount corresponding to the amount required to cure such default.
New Letter of Credit. Landlord and Tenant acknowledge that in accordance with the terms of Article 21 of the Lease, Tenant previously delivered to Landlord a letter of credit (the “Prior L-C”) in the amount of Thirty Five Thousand Five Hundred and 50/100 S:\LEGAL\BP TENANTS\GATEWAY TENANTS\IMMUNE DESIGN -- 4 -- 000 XXXXXXX XXXXXXXXXX DESIGN CORPSF LEGAL Dollars ($35,500.50) (the “L-C Amount”) as security for the faithful performance by Tenant of the terms, covenants and conditions of the Lease. Notwithstanding the foregoing or any contrary provision of the Lease, Landlord and Tenant agree that, in connection with this First Amendment, the L-C Amount required under the Lease is hereby amended to equal One Hundred Twenty Thousand Six Hundred Ninety-Two and 80/100 Dollars ($120,692.80) (the “Amendment L-C Amount”). Accordingly, concurrently with Tenant’s execution of this First Amendment, Tenant shall deliver to Landlord a replacement or amendment L-C in the form required by the terms of Article 21 of the Lease, in an amount equal to the Amendment L-C Amount. Upon Tenant’s request and after Tenant’s delivery of a replacement L-C in connection with the foregoing, Landlord agrees to return the Prior L-C to Tenant. In connection with the foregoing, Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, or any successor statute.
New Letter of Credit. Within five (5) Business Days of the date hereof, Assignee agrees to provide the bank or financial institution that issued the Letter of Credit (the “Bank”) with all reasonably necessary forms and information that will enable the Bank to issue an amendment to or a replacement letter of credit (a “Replacement Letter of Credit”), naming Assignee and its successors and assigns as the beneficiary thereof. Except for such change in the name of the beneficiary, and such other changes as may be requested by Assignee and approved by the Tenant, the Replacement Letter of Credit shall otherwise be in the same form and amount as the Letter of Credit so amended or replaced. Except to the extent paid by the Tenant, Assignee shall pay all fees and costs charged by the Bank in connection with the issuance of the Replacement Letter of Credit by the Bank. “Business Days” means each day Monday through Friday, exclusive of any recognized United States holiday or a day on which banks in Atlanta, Georgia or New York, New York are permitted or required to be closed for business.
New Letter of Credit. On or before November 10, 2003, Tenant will provide Landlord with a new letter of credit in the amount of $1,350,000.00, with an effective date on or before November 20, 2003, in the form and substance required in and otherwise consistent with Section 27 of the Original Lease and paragraph 4 of this Agreement (the "New Letter of Credit"). The parties stipulate and agree that the New Letter of Credit replaces, and does not supplement, the Letter of Credit required by the Lease. Upon its effective date, the New Letter of Credit shall be the "Letter of Credit" under the Lease (as amended). If Tenant fails to deliver the New Letter of Credit to Landlord on or before November 10, 2003, Tenant shall be deemed to be "in default" under this Lease, and Landlord shall immediately, and without notice or opportunity to cure, be entitled to draw the entire amount of the Letter of Credit and hold such amount to secure Tenant's obligations under the Lease, in accordance with the first paragraph of Section 27 of the Lease. Subject to the replacement and restoration provisions in Section 27 of the Original Lease, as amended, and expressly conditioned on no Event of Default having occurred after the date of this Agreement:
New Letter of Credit. Landlord and Tenant acknowledge that in accordance with the terms of Article 21 of the Lease, Tenant previously delivered to Landlord a letter of credit (the “Prior L-C”) in the amount of Thirty Five Thousand Five Hundred and 50/100 S:\LEGAL\BP TENANTS\GATEWAY TENANTS\IMMUNE DESIGN -- 4 -- 000 XXXXXXX XXXX XXXXXX DESIGN CORP SF LEGAL
New Letter of Credit
