Security Deposit and Letter of Credit. To secure its obligations under this Lease, Tenant will, within three (3) business days after Tenant's receipt of a fully executed original copy of this Lease, pay Landlord the Security Deposit and deliver to the Letter of Credit (the "Additional Security Deposit"). The effectiveness of this Lease is conditioned upon Tenant's timely delivery of the Security Deposit and the Additional Security Deposit. In the event of Tenant's Default as provided in Paragraph 18 of this Lease, Landlord may, but shall not be required to, use, apply or retain all or any part of the Security Deposit and Additional Security Deposit, to the extent required to satisfy Tenant's obligations hereunder including without limitation the payment of any Base Rent, Additional Rent, interest, late charges or any other sum in Default, or for 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, including, without limitation, costs and attorneys' fees incurred by Landlord to recover possession of the Premises following a Default by Tenant hereunder, all without prejudice to any other right or remedy Landlord may have against Tenant. If the Security Deposit, Additional Security Deposit or any portions thereof are so used, then Tenant shall within ten (10) business days after its receipt of a written demand from Landlord deposit cash in an amount sufficient to restore the cash Security Deposit to its original sum and deposit cash or a new Letter of Credit in an amount sufficient to restore the Additional Security Deposit. Notwithstanding the foregoing or anything to the contrary contained in this Lease, Landlord shall look to the cash portion of the Security Deposit and Additional Security Deposit, if any, before drawing on any Letter of Credit. If Tenant fails to maintain, renew or replace a Letter of Credit at least thirty (30) days before its expiration, Landlord may, without prejudice to any other right or remedy, draw upon the Letter of Credit. Any amount drawn on by the Landlord but not applied by Landlord to satisfy Tenant's obligations hereunder shall be held by Landlord as part of the Additional Security Deposit. Landlord may commingle the Security Deposit and cash portion of any Additional Security Deposit with Landlord's other funds. In the event of bankruptcy or other insolvency proceedings filed by or against ...
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. 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. 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
Security Deposit and Letter of Credit. $23,616.00 Security Deposit and $100,000.00 Letter of Credit.
Security Deposit and Letter of Credit 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. Landlord and Tenant agree and acknowledge that Tenant may post the Security Deposit of Three Hundred Thousand Dollars ($300,000.00) in either the form of cash or a letter of credit meeting the requirements of this Section 5, at Tenant’s election.
Security Deposit and Letter of Credit. Tenant concurrently with the execution of this Lease, has deposited with Landlord the sum set forth in the Basic Lease Information attached hereto, the receipt of which is hereby acknowledged by Landlord as security for the faithful performance by Tenant of all terms, covenants and conditions of this Lease. Tenant agrees that Landlord may apply the security deposit, after the lapse of any applicable cure period, to remedy any failure by Tenant to repair or maintain the Premises or to perform any other terms, covenants and conditions contained herein or make any payment owing hereunder. If Tenant has kept and performed all terms, covenants and conditions of this Lease during the Term, Landlord will, within thirty (30) days after the expiration hereof, promptly return the security deposit to Tenant or the last permitted assignee of Tenant's interest hereunder. Should Landlord use any portion of the security deposit to cure any default by Tenant hereunder, Tenant shall forthwith replenish the security deposit to the original amount. Landlord shall not be required to keep the security deposit separate from its general funds, and Tenant shall not be entitled to interest on any such deposit. Upon the occurrence of any Events of Default (as defined in Paragraph 18 of this Lease) the security deposit shall become due and payable to Landlord to the extent required to compensate Landlord for damages incurred, or to reimburse Landlord as provided herein, in connection with any such Event of Default.
Security Deposit and Letter of Credit. Upon execution hereof by Sublessee, Sublessee shall provide to Sublessor (a) a cash security deposit (the “Security Deposit”) in the amount of Twenty-Four Thousand Three Hundred Fifty-Eight and 50/100 Dollars ($24,358.50) and (b) an irrevocable letter of credit in the principal amount of Seventy-Three Thousand Seventy-Five and 50/100 Dollars ($73,075.50) substantially in the form attached hereto as Exhibit D (the “Letter of Credit”), issued by [SIBLESEE’S BANK] (the “LC Bank”), as security for the performance by Sublessee of the terms and conditions of this Sublease. Promptly following the timely payment of Base Rent by Sublessee during each of the seventh (7th) through twelfth (12th) months of the Term (provided no default under this Sublease has occurred), Sublessor shall take such reasonable actions as determined by Sublessee to be necessary to cause the principal amount of the Letter of Credit to be reduced by Twelve Thousand One Hundred Seventy-Nine and 25/100 Dollars ($12,179.25) for such month, so that upon the payment of Base Rent for the twelfth (12th) month of the Term (provided no default under this Sublease has occurred), the Letter of Credit shall be released in its entirety by the LC Bank to Sublessee and Sublessee shall have no further obligation to provide the Letter of Credit. Sublessor shall be entitled to draw upon the full amount of the Letter of Credit upon any default by Sublessee and shall hold the proceeds to the Letter of Credit that are not immediately applied to cure a default as a cash Security Deposit as provided in this section. The Security Deposit shall be held in accordance with the terms of Section 5.1 of the Master Lease, as incorporated herein.
