Security Deposit and Letter of Credit. 7.1 Concurrently with the execution of this Lease, the Tenant has paid and deposited with Landlord the sum set forth in the Basic Lease Information as the Security Deposit for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant defaults with respect to any provision of this Lease, without waiving any of Landlord's other rights and remedies, Landlord may use, apply or retain all or any part of this Security Deposit for the payment of any Rent or any other sum in default, the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default to the full extent permitted by law. If any portion of said Security Deposit is so used or applied, Tenant shall within ten (10) calendar days after written demand therefor deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant's failure to do so shall be a material breach of this Lease. Landlord shall not be required to keep this Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the Security Deposit or any balance thereof shall be returned to Tenant within fourteen (14) calendar days after termination of this Lease but only after delivery of possession of the entire Premises to Landlord and the performance by Tenant of all obligations required hereunder.
Security Deposit and Letter of Credit. (Article 7): Tenant shall provide Landlord with a Letter of Credit in the amount of Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00) on the terms and conditions set forth in Article 7 below.
Security Deposit and Letter of Credit. Continuous currently has a Security Deposit under the 9380 Lease equal to Fifty Eight Thousand Seven Hundred Eighty Six and 00/100 Dollars ($58,786.00). Peregrine currently has a Security Deposit under the 9450 Lease equal to Twenty Seven Thousand Two Hundred Forty Three and 00/100 Dollars ($27,243.00). Each party shall maintain its right, title and interest in the Security Deposit under its original lease. In addition, the Letter of Credit currently held by Landlord in connection with the 9450 Lease shall be maintained by Peregrine and the terms related to the Letter of Credit as set forth in Section 4.4 of the 9450 Lease shall remain with Peregrine in full force and effect as if such terms were assigned to the 9380 Lease.
Security Deposit and Letter of Credit. Tenant and Landlord acknowledge and agree that, as of the Execution Date of this Amendment, the Security Deposit required and held by Landlord pursuant to the Existing Lease is Seventy Three Thousand Four Hundred Ten Dollars ($73,410.00). As provided in Section 5 of the Existing Lease, provided that Tenant timely vacates and surrenders the Surrender Space, subject to Section 3 herein, and fully and faithfully complies with all obligations of the Lease, Landlord shall return to Tenant the Security Deposit, or any balance thereof not used, applied or retained by Landlord. Landlord acknowledges that as of the Execution Date it holds a Letter of Credit in the amount of Four Hundred Fifty Thousand Dollars ($450,000.00) (the “Letter of Credit”). Notwithstanding any provision of the Existing Lease to the contrary, Tenant shall reduce the amount of the Letter of Credit to the amount of Two Hundred Ninety Thousand Dollars ($290,000.00) and shall keep the Letter of Credit in full force and effect through and including February 14, 2012. Within 30 days after the Execution Date, Tenant shall deliver to Landlord a written amendment of the Letter of Credit amending the amount of the Letter of Credit to Two Hundred Ninety Thousand Dollars ($290,000.00) and deleting the reference to December 31, 2010 as the date beyond which the Letter of Credit will not be automatically renewed and inserting in its place February 14, 2012.
Security Deposit and Letter of Credit. $23,616.00 Security Deposit and $100,000.00 Letter of Credit.
Security Deposit and Letter of Credit. (a) If any cash security is deposited by Tenant with Landlord as a security deposit under this Lease, such amount shall be retained by Landlord without interest and not in trust or in a separate account as security for the payment by Tenant of the rent herein agreed to be paid and for the faithful performance of the covenants contained in this Lease. If at any time Tenant shall be in default under any of the provisions of this Lease, Landlord shall be entitled, at its sole discretion to apply such security deposit
Security Deposit and Letter of Credit. Tenant shall upon execution of this Lease deposit with Landlord the sum of $75,000.00 (“Security Deposit”) (See Section 19.25)
Security Deposit and Letter of Credit. (a) Tenant has deposited with Landlord the sum set forth in Article l.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant (the “Security Deposit”). If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this Security Deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to the then required amount (as determined below). On the first anniversary of the Commencement Date and each subsequent anniversary thereafter, provided no events or conditions exist which, with the passage of time or giving of notice or both, would constitute a default under this Lease, the amount of the Security Deposit required hereunder shall be reduced according to the following schedule: Amount of Time Period Security Deposit Commencement Date — End of Lease Year 1 $ 2,023,275.00 Lease Year 2 $ 1,820,947.50 Lease Year 3 $ 1,618,620.00 Lease Year 4 $ 1,416,292.50 Lease Year 5 $ 1,213,965.00 Lease Year 6 $ 1,011,637.50 Lease Year 7 $ 809,310.00 Lease Year 8 $ 606,982.50 Lease Year 9 $ 404,655.00 Lease Year 10 — Expiration Date $ 337,212.50 Landlord and Tenant agree that Landlord shall maintain the Security Deposit in a money market account with a financial institution reasonably acceptable to Landlord. Initially, such account shall be opened with The Dreyfus Corporation. Said account shall be held solely in Landlord’s name and shall be subject to only Landlord’s investment direction. In no event shall Landlord be liable for any loss of interest or principal of the Security Deposit, nor shall Landlord be liable for the performance of the investment or any costs, charges or fees assessed to such account. Subject to Landlord’s reasonable approval, Tenant shall be permitted from time to time during the Term (but not more than twice in any calendar year), to direct Landlord to reinvest the Security Deposit in investment grade debt instruments having a maturity of no more than 120 days. Within thirty (30) days after the end of each Lease Year, and provided that no events of default or events or co...
Security Deposit and Letter of Credit. Shire US Inc. audited financial statements confirm the high credit worthiness of Tenant. Therefore, Tenant shall not be required to provide a security deposit to Landlord upon execution of Lease. Tenant shall, within a reasonable time after execution of this Lease, provide Landlord with a guarantee from Tenant's parent company of the monetary obligations under this Lease.
Security Deposit and Letter of Credit. The parties acknowledge that prior to June 1, 2008 Tenant was required to have on deposit with Landlord a Security Deposit and have a Letter of Credit issued in favor of Landlord. Landlord and Tenant agree that from and after June 1, 2008, Tenant shall not be required to have on deposit with Landlord any Security Deposit or have any Letter of Credit issued in favor of Landlord. Landlord agrees to cancel the Letter of Credit (issued by Bank of America in favor of Landlord in the amount of $240,131.25) which is in Landlord’s possession as of the date of Amendment No. 3 to Lease, and Landlord shall execute such documents as is reasonably requested by Tenant to allow for such cancellation; provided, however, in no event shall such Letter of Credit be cancelled until Landlord receives the amounts set forth in clause (a) of Section 1.04 of this Lease (as such Section 1.04 of the Lease was amended by Section 2.4 of Amendment No. 3 to Lease). Tenant acknowledges that the Security Deposit being held by Landlord as of the date of Amendment No. 3 to Lease is being used and applied by Landlord as set forth in clause (a) of Section 1.04 of this Lease (as such Section 1.04 of the Lease was amended by
