Common use of Right to Draw Clause in Contracts

Right to Draw. (i) If the Security Deposit is in the form of cash, in the event of any default (after the expiration of any applicable cure period expressly set forth in Section 16.01 hereof) by Tenant hereunder, Landlord shall have the right, but shall not be obligated, to apply all or any portion of the Security Deposit to compensate Landlord (whether in whole or in part) for such default, in which event, within fifteen (15) days thereafter, Tenant shall be obligated to deposit with Landlord the amount necessary to restore the balance of the Security Deposit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the payment by Tenant to restore such Security Deposit shall operate to cure such default or to estop Landlord from pursuing any remedy to which Landlord would otherwise be entitled. (ii) If the Security Deposit is in the form of a Letter of Credit, Landlord shall have the right to draw upon the Letter of Credit in whole or in part and apply the proceeds thereof as may be necessary to compensate Landlord for any default under this Lease on the part of Tenant, and Tenant, within fifteen (15) days after Landlord delivers written demand therefor to Tenant, shall forthwith restore the Letter of Credit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the restoration by Tenant of such Security Deposit shall operate to cure such default or to estop Landlord from pursuing any remedy to which Landlord would otherwise be entitled. Should Landlord elect to draw the full amount of the Letter of Credit upon a default by Tenant (after the expiration of any applicable cure period expressly set forth in Section 16.01 hereof), Tenant expressly waives any right it might otherwise have to prevent Landlord from drawing on the Letter of Credit and agrees that an action for damages and not injunctive or other equitable relief shall be Tenant's sole remedy in the event Tenant disputes Landlord's claim to any such amounts. (iii) Landlord shall have the right to draw upon the Letter of Credit in any of the following circumstances: (i), if the total assets of the issuer of the Letter of Credit are at anytime less than Three Billion Dollars ($3,000,000,000.00), or such issuer has a Standard & Poor's commercial paper rating of less than A-1 (provided if at anytime the current Standard & Poor's commercial paper rating system is no longer in existence, a comparable rating of a comparable commercial paper rating system from a comparable company shall be selected by Landlord, in its reasonable discretion, for purposes of this Section 17.07) and Tenant fails to deliver to Landlord a replacement Letter of Credit complying with the terms of this Lease within thirty (30) days of request therefor from Landlord, (ii) the issuer of the Letter of Credit shall enter into any supervisory agreement with any governmental authority, or the issuer of the Letter of Credit shall fail to meet any capital requirements imposed by applicable law, and Tenant fails to deliver to Landlord a replacement Letter of Credit complying with the terms of this Lease within thirty (30) days of request therefor from Landlord, or (iii) if Tenant fails to provide Landlord with any renewal or replacement Letter of Credit complying with the terms of this Lease at least sixty (60) days prior to expiration of the then-current Letter of Credit. In the event the Letter of Credit is drawn upon due solely to the circumstances described in the foregoing clauses (i), (ii) or (iii), the amount drawn shall be held by Landlord without interest as a Security Deposit to be otherwise retained, expended or disbursed by Landlord for any amounts or sums due under this Lease to which the proceeds of the Letter of Credit could have been applied pursuant to this Lease, and Tenant shall be liable to Landlord for restoration, in cash or Letter of Credit complying with the terms of this Lease, of any amount so expended to the same extent as set forth in this Section 17.07.

Right to Draw. (i) If the Security Deposit is in the form of cash, in the event of any default (after the expiration of any applicable cure period expressly set forth in Section 16.01 hereof) by Tenant hereunder, Landlord shall have the right, but shall not be obligated, to apply all or any portion of the Security Deposit to compensate Landlord (whether in whole or in part) for such default, in which event, within fifteen (15) days thereafter, Tenant shall be obligated to deposit with Landlord the amount necessary to restore the balance of the Security Deposit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the payment by Tenant to restore such Security Deposit shall operate to cure such default or to estop Landlord from pursuing any remedy to which Landlord would otherwise be entitled. (ii) If the Security Deposit is in the form of a Letter of Credit, Landlord shall have the right to draw upon the Letter of Credit in whole or in part and apply the proceeds thereof as may be necessary to compensate Landlord for any default under this Lease on the part of Tenant, and Tenant, within fifteen (15) days after Landlord delivers written demand therefor to Tenant, shall forthwith restore the Letter of Credit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the restoration by Tenant of such Security Deposit shall operate to cure such default or to estop Landlord from pursuing any remedy to which Landlord would otherwise be entitledentitled unless the amount of the Security Deposit applied by Landlord is sufficient in Landlord's judgment to completely cure the default and Tenant has restored the Security Deposit to its original amount within five (5) days of the date of the draw down by Landlord of the Letter of Credit, then Landlord shall not be entitled to pursue any additional remedies with respect to the particular default which Landlord has determined was fully cured by the application of the Security Deposit. Should Landlord elect to draw the full amount of the Letter of Credit upon a default by Tenant (after the expiration of any applicable cure period expressly set forth in Section 16.01 hereof)Tenant, Tenant expressly waives any right it might otherwise have to prevent Landlord from drawing on the Letter of Credit and agrees that an action for damages and not injunctive or other equitable relief shall be Tenant's sole remedy in the event Tenant disputes Landlord's claim to any such amounts. (iii) Landlord shall have the right to draw upon the Letter of Credit in any of the following circumstances: (i), if the total assets of the issuer of the Letter of Credit are at anytime less than Three Billion Dollars ($3,000,000,000.00), or such issuer has a Standard & Poor's commercial paper rating of less than A-1 (provided if at anytime the current Standard & Poor's commercial paper rating system is no longer in existence, a comparable rating of a comparable commercial paper rating system from a comparable company shall be selected by Landlord, in its reasonable discretion, for purposes of this Section 17.0718) and Tenant fails to deliver to Landlord a replacement Letter of Credit complying with the terms of this Lease within thirty (30) days of request therefor from Landlord, (ii) if the credit rating of the issuer of the Letter of Credit is downgraded from the credit rating of such issuer at the time of the issuance of the Letter of Credit, the issuer of the Letter of Credit shall enter into any supervisory agreement with any governmental authority, or the issuer of the Letter of Credit shall fail to meet any capital requirements imposed by applicable law, and Tenant fails to deliver to Landlord a replacement Letter of Credit complying with the terms of this Lease within thirty (30) days of request therefor from Landlord, or and (iiiii) if Tenant fails to provide Landlord with any renewal or replacement Letter of Credit complying with the terms of this Lease at least sixty thirty (6030) days prior to expiration of the then-current Letter of Credit, where the issuer of such Letter of Credit has advised Landlord of its intention not to renew the Letter of Credit. In the event the Letter of Credit is drawn upon due solely to the circumstances described in the foregoing clauses (i), (ii) or (iii), the amount drawn shall be held by Landlord without interest as a Security Deposit to be otherwise retained, expended or disbursed by Landlord for any amounts or sums due under this Lease to which the proceeds of the Letter of Credit could have been applied pursuant to this Lease, and Tenant shall be liable to Landlord for restoration, in cash or Letter of Credit complying with the terms of this Lease, of any amount so expended to the same extent as set forth in this Section 17.0718.

Right to Draw. (i) 1. If the Security Deposit is in the form of cash, in the event of any default (after the expiration of any applicable cure period expressly set forth in Section 16.01 hereof) Default by Tenant hereunder, Landlord shall have the right, but shall not be obligated, to apply all or any portion of the Security Deposit to compensate Landlord (whether in whole or in part) for such default, in which event, within fifteen five (155) business days thereafter, Tenant shall be obligated to deposit with Landlord the amount necessary to restore the balance of the Security Deposit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the payment by Tenant to restore such Security Deposit shall operate to cure such default or to estop Landlord from pursuing any remedy to which Landlord would otherwise be entitled, unless and until Tenant has fully compensated Landlord for any damage resulting from such default and Tenant has restored any Security Deposit and otherwise complied with the terms hereof. (ii) 2. If the Security Deposit is in the form of a Letter of Credit, Landlord shall have the right to draw upon the Letter of Credit in whole or in part and apply the proceeds thereof as may be necessary to compensate Landlord for any default Default under this Lease on the part of Tenant, and Tenant, within fifteen five (155) business days after Landlord delivers written demand therefor to Tenant, shall forthwith restore the Letter of Credit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the restoration by Tenant of such Security Deposit shall operate to cure such default Default or to estop Landlord from pursuing any remedy to which Landlord would otherwise be entitled, unless and until Tenant has fully compensated Landlord for any damage resulting from such Default and Tenant has restored any Security Deposit and otherwise complied with the terms hereof. Should Landlord elect to draw the full amount of the Letter of Credit upon a default Default by Tenant (after the expiration of any applicable cure period expressly set forth in Section 16.01 hereof)Tenant, Tenant expressly waives any right it might otherwise have to prevent Landlord from drawing on the Letter of Credit and agrees that an action for damages and not injunctive or other equitable relief shall be Tenant's sole remedy in the event Tenant disputes Landlord's claim to any such amounts. (iii) 3. Landlord shall also have the right to draw upon the Letter of Credit in any of the following circumstances: circumstances (which circumstances described in items (i) and (ii), below, shall apply to all issuers, including without limitation the issuer of the original Letter of Credit): (i), if the total assets of the issuer of the Letter of Credit are at anytime less than Three Billion Dollars ($3,000,000,000.00), or such issuer has a Standard & Poor's commercial paper rating of less than A-1 (provided if at anytime the current Standard & Poor's commercial paper rating system is no longer in existence, a comparable rating of a comparable commercial paper rating system from a comparable company shall be selected by Landlord, in its reasonable discretion, for purposes of this Section 17.0718) and Tenant fails to deliver to Landlord a replacement Letter of Credit complying with the terms of this Lease within thirty (30) days of request therefor from Landlord, (ii) if the issuer of the Letter of Credit shall enter into any supervisory agreement with any governmental authority, or the issuer of the Letter of Credit shall fail to meet any capital requirements imposed by applicable law, and Tenant fails to deliver to Landlord a replacement Letter of Credit complying with the terms of this Lease within thirty (30) days of request therefor from Landlord, or (iii) if Tenant fails to provide Landlord with any renewal or replacement Letter of Credit complying with the terms of this Lease at least sixty (60) days prior to expiration of the then-current Letter of Credit. , In the event the Letter of Credit is drawn upon due solely to the circumstances described in the foregoing clauses (i), (ii) or (iii), the amount drawn shall be held by Landlord without interest as a Security Deposit to be otherwise retained, expended or disbursed by Landlord for any amounts or sums due under this Lease to which the proceeds of the Letter of Credit could have been applied pursuant to this Lease, and Tenant shall be liable to Landlord for restoration, in cash or Letter of Credit complying with the terms of this Lease, of any amount so expended to the same extent as set forth in this Section 17.0718.

Right to Draw. (i) If the Security Deposit is in the form of cash, in In the event of any default by BroadSoft hereunder (after the expiration of any applicable notice and cure period expressly set forth herein, except if BroadSoft is the subject of a voluntary or involuntary bankruptcy proceeding as described in Section 16.01 hereof) by Tenant hereunder, Landlord shall have the right, but shall not be obligated, to apply all or any portion 23.01 of the Security Deposit to compensate Landlord (whether in whole or in part) for such defaultLease, in which eventcase, within fifteen (15no such notice and cure period shall apply) days thereafter, Tenant shall be obligated to deposit with Landlord the amount necessary to restore the balance of the Security Deposit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the payment by Tenant to restore such Security Deposit shall operate to cure such default or to estop Landlord from pursuing any remedy to which Landlord would otherwise be entitled. (ii) If the Security Deposit is in the form of a Letter of Credit, Landlord MIASI shall have the right to draw upon the Letter of Credit in whole or in part and apply the proceeds thereof as may be necessary to compensate Landlord MIASI for any default under this Lease Sublease on the part of TenantBroadSoft, and TenantBroadSoft, within fifteen (15) days after Landlord MIASI delivers written demand therefor to TenantBroadSoft, shall forthwith restore the Letter of Credit to its original amount; provided, however, neither the application of the Security Deposit security deposit as set forth above nor the restoration by Tenant BroadSoft of such Security Deposit security deposit shall operate to cure such default or to estop Landlord MIASI from pursuing any remedy to which Landlord MIASI would otherwise be entitled, unless and until BroadSoft has fully compensated MIASI for any damage resulting from such default and BroadSoft has restored any security deposit and otherwise complied with the terms hereof. Should Landlord MIASI elect to draw the full amount of the Letter of Credit upon a default by Tenant (after the expiration of any applicable cure period expressly set forth in Section 16.01 hereof)BroadSoft, Tenant BroadSoft expressly waives any right it might otherwise have to prevent Landlord MIASI from drawing on the Letter of Credit and agrees that an action for damages and not injunctive or other equitable relief shall be Tenant's BroadSoft’s sole remedy in the event Tenant BroadSoft disputes Landlord's MIASI’s claim to any such amounts. (iiiii) Landlord MIASI shall also have the right to draw upon the Letter of Credit in any of the following circumstances: circumstances (which circumstances described in items (i) and (ii) below shall apply to all issuers, including without limitation the initial issuer): (i), if the total assets of the issuer of the Letter of Credit are at anytime any time less than Three Billion Dollars ($3,000,000,000.00), or such issuer has a Standard & Poor's ’s commercial paper rating of less than A-1 (provided if at anytime any time the current Standard & Poor's ’s commercial paper rating system is no longer in existence, a comparable rating of a comparable commercial paper rating system from a comparable company shall be selected by LandlordMIASI, in its reasonable discretion, for purposes of this Section 17.07Article 11) and Tenant BroadSoft fails to deliver to Landlord MIASI a replacement Letter of Credit complying with the terms of this Lease Sublease within thirty (30) days of request therefor from LandlordMIASI, (ii) if the issuer of the Letter of Credit shall enter into any supervisory agreement with any governmental authority, or the issuer of the Letter of Credit shall fail to meet any capital requirements imposed by applicable law, and Tenant BroadSoft fails to deliver to Landlord MIASI a replacement Letter of Credit complying with the terms of this Lease Sublease within thirty (30) days of request therefor from LandlordMIASI, or (iii) if Tenant BroadSoft fails to provide Landlord MIASI with any renewal or replacement Letter of Credit complying with the terms of this Lease Sublease at least sixty (60) days prior to expiration of the then-current Letter of Credit. Notwithstanding the foregoing, if and so long as Silicon Valley Bank, N.A. is the issuer of the Letter of Credit, then for purposes of clause (i) of the immediately preceding sentence, the Standard & Poor’s “commercial paper rating” shall not apply, but MIASI shall have the right to draw upon the Letter of Credit if Silicon Valley Bank’s Standard & Poor’s credit rating is down-graded or otherwise deteriorates from what it is on the date of this Sublease, and BroadSoft fails to replace it with a replacement Letter of Credit complying with the terms of this Sublease within thirty (30) days of request therefor from MIASI. In the event the Letter of Credit is drawn upon due solely to the circumstances described in the foregoing clauses (i), (ii) or (iii), the amount drawn shall be held by Landlord without interest MIASI as a Security Deposit security deposit to be otherwise retained, expended or disbursed by Landlord MIASI for any amounts or sums due under this Lease Sublease to which the proceeds of the Letter of Credit could have been applied pursuant to this LeaseSublease, and Tenant BroadSoft shall be liable to Landlord MIASI for restoration, in cash or restoration of the Letter of Credit complying with the terms of this LeaseSublease, of any amount so expended to the same extent as set forth in this Section 17.07Article 11.

Right to Draw. (i1) If the Security Deposit is in the form of cash, in In the event of any default (by Subtenant hereunder that continues after notice and the expiration of any applicable cure period expressly set forth in Section 16.01 hereof) by Tenant hereunderunder this Sublease, Landlord shall have the right, but shall not be obligated, to apply all or any portion of the Security Deposit to compensate Landlord (whether in whole or in part) for such default, in which event, within fifteen (15) days thereafter, Tenant shall be obligated to deposit with Landlord the amount necessary to restore the balance of the Security Deposit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the payment by Tenant to restore such Security Deposit shall operate to cure such default or to estop Landlord from pursuing any remedy to which Landlord would otherwise be entitled. (ii) If the Security Deposit is in the form of a Letter of Credit, Landlord Sublessor shall have the right to draw upon the Letter of Credit in whole or in part and apply the proceeds thereof as may be necessary to compensate Landlord Sublessor for any such default under this Lease Sublease on the part of TenantSubtenant, and TenantSubtenant, within fifteen three (153) business days after Landlord Sublessor delivers written demand therefor to TenantSubtenant, shall forthwith restore the Letter of Credit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the restoration by Tenant Subtenant of such Security Deposit shall operate to cure such default or to estop Landlord Sublessor from pursuing any remedy to which Landlord Sublessor would otherwise be entitled. Should Landlord elect to draw the full amount of the Letter of Credit upon a default by Tenant (after the expiration of any applicable cure period expressly set forth in Section 16.01 hereof), Tenant expressly waives any right it might otherwise have to prevent Landlord from drawing on the Letter of Credit and agrees that an action for damages and not injunctive or other equitable relief shall be Tenant's sole remedy in the event Tenant disputes Landlord's claim to any such amounts. (iii2) Landlord Sublessor shall also have the right to draw upon the Letter of Credit in any of the following circumstances: circumstances (which circumstances described in items (i) and (ii) below shall apply to all issuers, including without limitation the initial issuer): (i), if the total assets of the issuer of the Letter of Credit are at anytime any time less than Three Billion Dollars ($3,000,000,000.00), or such issuer has a Standard & Poor's ’s commercial paper rating of less than A-1 (provided if at anytime any time the current Standard & Poor's ’s commercial paper rating system is no longer in existence, a comparable rating of a comparable commercial paper rating system from a comparable company shall be selected by LandlordSublessor, in its reasonable discretion, for purposes of this Section 17.0711) and Tenant Subtenant fails to deliver to Landlord Sublessor a replacement Letter of Credit complying with the terms of this Lease Sublease within thirty (30) days of request therefor from LandlordSublessor, (ii) if the issuer of the Letter of Credit shall enter into any supervisory agreement with any governmental authority, or the issuer of the Letter of Credit shall fail to meet any capital requirements imposed by applicable lawLaws, and Tenant Subtenant fails to deliver to Landlord Sublessor a replacement Letter of Credit complying with the terms of this Lease Sublease within thirty (30) days of request therefor from LandlordSublessor, or (iii) if Tenant Subtenant fails to provide Landlord Sublessor with any renewal or replacement Letter of Credit complying with the terms of this Lease Sublease at least sixty (60) days prior to expiration of the then-current Letter of Credit. In the event the Letter of Credit is drawn upon due solely to the circumstances described in the foregoing clauses (i), (ii) or (iii), the amount drawn shall be held by Landlord without interest Sublessor as a Security Deposit to be otherwise retained, expended or disbursed by Landlord Sublessor for any amounts or sums due under this Lease Sublease to which the proceeds of the Letter of Credit could have been applied pursuant to this LeaseSublease, and Tenant Subtenant shall be liable to Landlord Sublessor for restoration, in cash or restoration of the Letter of Credit complying with the terms of this LeaseSublease, of any amount so expended to the same extent as set forth in this Section 17.0711.

Right to Draw. (i) If the Security Deposit is in the form of cash, in the event of any default (after the expiration of any applicable cure period expressly set forth in Section 16.01 hereof) by Tenant hereunder, Landlord shall have the right, but shall not be obligated, to apply all or any portion of the Security Deposit to compensate Landlord (whether in whole or in part) for such default, in which event, within fifteen (15) days thereafter, Tenant shall be obligated to deposit with Landlord the amount necessary to restore the balance of the Security Deposit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the payment by Tenant to restore such Security Deposit shall operate to cure such default or to estop Landlord from pursuing any remedy to which Landlord would otherwise be entitled. (ii) If the Security Deposit is in the form of a Letter of Credit, Landlord shall have the right to draw upon the Letter of Credit in whole or in part and apply the proceeds thereof as may be necessary to compensate Landlord for any default under this Lease on the part of Tenant, and Tenant, within fifteen (15) days after Landlord delivers written demand therefor to Tenant, shall forthwith restore the Letter of Credit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the restoration by Tenant of such Security Deposit shall operate to cure such default or to estop Landlord from pursuing any remedy to which Landlord would otherwise be entitled. Should Landlord elect to draw the full amount of the Letter of Credit upon a default by Tenant (after the expiration of any applicable cure period expressly set forth in Section 16.01 hereof), Tenant expressly waives any right it might otherwise have to prevent Landlord from drawing on the Letter of Credit and agrees that an action for damages and not injunctive or other equitable relief shall be Tenant's ’s sole remedy in the event Tenant disputes Landlord's ’s claim to any such amounts. (iii) Landlord shall have the right to draw upon the Letter of Credit in any of the following circumstances: (i), if the total assets of the issuer of the Letter of Credit are at anytime less than Three Billion Dollars ($3,000,000,000.00), or such issuer has a Standard & Poor's ’s commercial paper rating of less than A-1 (provided if at anytime the current Standard & Poor's ’s commercial paper rating system is no longer in existence, a comparable rating of a comparable commercial paper rating system from a comparable company shall be selected by Landlord, in its reasonable discretion, for purposes of this Section 17.07) and Tenant fails to deliver to Landlord a replacement Letter of Credit complying with the terms of this Lease within thirty (30) days of request therefor from Landlord, (ii) the issuer of the Letter of Credit shall enter into any supervisory agreement with any governmental authority, or the issuer of the Letter of Credit shall fail to meet any capital requirements imposed by applicable law, and Tenant fails to deliver to Landlord a replacement Letter of Credit complying with the terms of this Lease within thirty (30) days of request therefor from Landlord, or (iii) if Tenant fails to provide Landlord with any renewal or replacement Letter of Credit complying with the terms of this Lease at least sixty (60) days prior to expiration of the then-current Letter of Credit. In the event the Letter of Credit is drawn upon due solely to the circumstances described in the foregoing clauses (i), (ii) or (iii), the amount drawn shall be held by Landlord without interest as a Security Deposit to be otherwise retained, expended or disbursed by Landlord for any amounts or sums due under this Lease to which the proceeds of the Letter of Credit could have been applied pursuant to this Lease, and Tenant shall be liable to Landlord for restoration, in cash or Letter of Credit complying with the terms of this Lease, of any amount so expended to the same extent as set forth in this Section 17.07.