Security Deposit Reduction Sample Clauses

Security Deposit Reduction. Landlord hereby affirms that Tenant has requested the reduction of Tenant’s cash Security Deposit subject to the satisfaction of the Conditions specified in Article 4 (as amended). Upon the confirmation by Landlord that the Conditions in Article 4 (as amended) have been satisfied as required therein, Landlord agrees to reduce Tenant’s One Hundred Thousand and No/100 Dollars ($100,000.00) cash Security Deposit by Fifty Thousand and No/100 Dollars ($50,000.00) and deliver to Tenant Fifty Thousand and No/100 ($50,000.00) of Tenant’s cash Security Deposit within thirty (30) days of the satisfaction of such Conditions. The parties agree that upon such reduction of the cash Security Deposit, Landlord shall be holding a total remaining cash Security Deposit of Fifty Thousand and No/100 Dollars ($50,000.00). All other provisions of Article 4 remain in full force and effect.
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Security Deposit Reduction. 1) Subject to the general provisions of P. 6. and provided that Tenant has not been in default under this Lease beyond any applicable cure period, the Security Deposit on the Temporary Premises shall be returned within five (5) business days of the Temporary Premises Expiration Date. 2) Subject to the general provisions of P. 6. and provided that Tenant has not been in default under this Lease beyond any applicable cure period, the Security Deposit on the Original Premises and Expansion Premises combined shall be subject to reduction as follows: a) Reduction to two (2) months Rent, upon Tenant achieving a public equity market capitalization of at least $150 million. b) Reduction to one (1) months Rent, upon Tenant achieving a public equity market capitalization of at least $400 million,
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Security Deposit Reduction. If on February 2, 1999 and/or on February 2, 2000, Lessee (1) shall have paid its Base Rent and all other charges due under this Lease on a timely basis for all of the twelve (12) preceding months (March 1998 through February 1999 and March 1999 through February 2000) and (2) shall have otherwise never been in default of this Lease, then on February 2, 1999 and/or on February 2, 2000 the amount of the Security Deposit shall be reduced by $17,001.70, and such amount shall be credited to Lessee's account. LESSOR: HALE XXXPERTY, LTD., L.P., A CALIFORNIA LIMITED PARTNERSHIP By: SKY VISTA, INC., a California corporation, General Partner By: /s/ Alfrxx Xxxxxxx -------------------------------------------- Name Alfrxx X. Xxxxxxx -------------------------------------------- Its: President -------------------------------------------- LESSEE: PARCPLACE DIGITALK, INC., A CALIFORNIA CORPORATION By: /s/ Ronaxx X. Xxxar -------------------------------------------- Name: Ronaxx X. Xxxar --------------------------------------------
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Security Deposit Reduction. Provided Tenant has not been in default beyond any applicable notice and cure period under the Lease during the previous 12-month period, then at the commencement of the 25th month of the Lease Term and every 12 months thereafter, the amount of the Security Deposit shall be reduced by $273,000.00 until five (5) such reductions have occurred and the remaining Security Deposit is $135,000.00.
Sample 1
Security Deposit Reduction. (a) Subject to the provisions of Section 34.5(b) hereof, the Security Deposit shall be reduced on each of the following reduction dates (the “Reduction Dates”) as follows: (i) On the day succeeding the second anniversary of the Rent Commencement Date, the total Security Deposit shall be reduced to $505,665.00. (ii) On the day succeeding the fourth anniversary of the Rent Commencement Date, the total Security Deposit shall be reduced to $429,815.00. (iii) On the day succeeding the sixth anniversary of the Rent Commencement Date, the total Security Deposit shall be reduced to $365,342.00. (iv) On the day succeeding the eighth anniversary of the Rent Commencement Date, until the expiration of the Term (as same may be extended or renewed pursuant to this Lease), the total Security Deposit shall be reduced to $148,725.00. (b) Notwithstanding anything to the contrary contained herein, the reduction of the Security Deposit set forth above shall be expressly conditioned that on each applicable Reduction Date the Lease shall be in full force and effect and no Event of Default is occurring or has occurred. (c) If the Security Deposit shall be held by Landlord in cash, then within ten (10) Business Days after any applicable Reduction Date under this Section, Landlord shall credit such amount against the next installment of Fixed Rent. If the Security Deposit is being held by Landlord in the form of a Letter of Credit pursuant to Section 34.2 of this Lease, prior to any such reduction, Tenant shall deliver to Landlord an amendment to, or a substitute for, the Letter of Credit (which amendment or substitute shall be reasonably acceptable to Landlord in all respects), reducing the amount of the Letter of Credit by the amount of the reduction permitted by this Section.
Sample 1
Security Deposit Reduction. Tenant has previously deposited with Landlord $132,443.70 as a Security Deposit under the Lease. Notwithstanding anything to the contrary contained in the Lease, in the event that Tenant, as of the Reduction Effective Date, is not in default of any of its obligations under the Lease, Landlord shall reduce the amount of the Security Deposit to $88,737.28, and Landlord shall apply the remaining $43,706.42 as a credit against Xxxxxx's monthly Base Rent obligations next coming due until such credit is exhausted.
Sample 1
Security Deposit Reduction. If, on each of the anniversaries of the Post Rent Credit Date listed below (each, a “Anniversary Date”), Tenant meets or exceeds the requirements that (i) the Market Capitalization of Tenant (as defined below) shall be at least Five Billion Dollars ($5,000,000,000) and Tenant's stock shall be listed on either the New York Stock Exchange or the NASDAQ stock market, and (ii) no Default by Tenant under this Lease shall have occurred or be continuing (collectively, the "Reduction Requirements" and each a "Reduction Requirement"), then as provided below in this Section the Security Deposit shall be reduced by the amounts set forth in the table below. “Market Capitalization” shall mean the product of the number of issued and outstanding shares of Tenant as of the most recent of the last December 31 or quarter-end date (the most recent of which shall be the “Market Cap Measurement Date”) as set forth in the Annual Report or Quarterly Report on Form 10-Q filed with the SEC by Tenant for the most recent of either the last year or quarter ending prior to the Anniversary Date, multiplied by the closing price of such shares on such Market Cap Measurement Date.
Sample 1
Security Deposit Reduction. Notwithstanding any other provision of the Lease to the contrary, the following provisions shall apply to the Security Deposit under the lease: (a) As of the date of this Amendment, the Security Deposit being held by the Landlord equals $793,039.00. Subject to the following conditions, on the Effective Date the Security Deposit shall be reduced to $614,897.50. Such reduction, and any future reductions provided for in this Section 9, shall, so long as the Security Deposit is in the form of one or more letters of credit, be accomplished by the Tenant providing the Landlord with a substitute or replacement letter(s) of credit in the reduced amount of the security deposit, whereupon the Landlord shall forthwith return to the Tenant the letter(s) of credit for the previous amount of the Security Deposit.
Sample 1
Security Deposit Reduction. So long as Tenant is not then in default under the Lease, after all Clause (b) Rent has been paid in full for the entire 48-month period contemplated under Section 6 above, Tenant may reduce the amount of the Security Deposit required under the first sentence of Section 4.7 of the Lease to an amount equal to nine times the then applicable Monthly Rental under the Lease. This paragraph is not intended to have any effect on Tenant’s obligations under Section 4.7(b) of the Lease, including Tenant’s obligation to provide the Additional Security or the amount of the Additional Security.
Sample 1

Related to Security Deposit Reduction

  • Security Deposit Tenant has deposited with Landlord the sum specified in Section 1(a)(12). Said deposit shall constitute advance rental and shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the Lease Term. If, at any time during the Lease Term, any payment of Minimum Annual Rent or Additional Rent herein reserved shall be overdue and unpaid, the Landlord may, at its option, appropriate and apply any portion of said security deposit to the payment of any such overdue rent or other sum. Landlord shall have the unrestricted right (but not the obligation) to apply any part of the Security Deposit to cure any Default (as described in Section 20 hereof). In the event of the failure of Tenant to keep and perform any other items, covenants and conditions of the Lease to be kept and performed by Tenant, then Landlord, at its option, may appropriate and apply the entire security deposit, or so much thereof as may be necessary, to compensate Landlord for loss or damage sustained or suffered by Landlord due to such breach by Tenant. Should the entire security deposit, or any portion thereof, be appropriated and applied by Landlord for the payment of overdue rent, to cure any default, or other sums due and payable to Landlord by Tenant hereunder, then Tenant shall remit to Landlord, within ten (10) days of the written demand of Landlord, a sufficient amount in cash to restore the security deposit to the original sum. Tenant's failure to do so shall constitute a breach of the Lease. Should Tenant comply with all of said terms, covenants and conditions of the Lease and promptly pay all Minimum Annual Rent and Additional Rent herein provided as it falls due, then the security deposit shall be returned in full, without interest, to Tenant within thirty (30) days of the Expiration Date or earlier termination of the Term of this Lease. Tenant shall have no right to direct the application of any part of the Security Deposit. Landlord may deliver the funds deposited hereunder by Tenant to the purchaser of Landlord's interest in the building and/or the Leased Premises in the event that such interest is sold, and thereupon Landlord shall be discharged from any further liability with respect to such security deposit.

  • Security Deposit Account If applicable law or a Lender requires a segregated account of Tenant security deposits, Property Manager will open a separate account at a reputable bank or other financial institution. Property Manager may return such deposits to any Tenant in the ordinary course of business in accordance with the terms of the applicable Lease.

  • Security Deposits The Owner hereby grants the Agent power to collect security deposits from the tenants on the Property. Returning said security deposit shall be the responsibility of the: (check one)

  • Refund of Security Deposit MANAGEMENT agrees to refund the security deposit to RESIDENT upon satisfaction of all lease provisions, and all of the following conditions, or as otherwise required by applicable Virginia Law.

  • Utility Deposits Seller shall receive a credit for the amount of deposits, if any, with utility companies that are transferable and that are assigned to Purchaser at the Closing.

  • Additional Security Deposit No additional security deposit shall be required in connection with this Amendment.

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • Reserve Account (i) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders. (ii) The Seller may, from time to time after the date hereof, request each Rating Agency to approve a formula for determining the Specified Reserve Balance that is different from the formula set forth herein, which may result in a decrease in the amount of the Specified Reserve Balance or change the manner by which the Reserve Account is funded. Notwithstanding any other provision of this Agreement, if each Rating Agency then rating the Notes notifies the Seller (who shall send such notification to the Trust Collateral Agent) in writing that the use of any such new formula, and any decrease in the amount of the Specified Reserve Balance or change in the manner by which the Reserve Account is funded, will not result in the qualification, reduction or withdrawal of its then current rating of the Notes then the Specified Reserve Balance will be determined in accordance with such new formula and this Agreement will be amended to reflect such new formula without the consent of any Noteholder. (iii) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) (A) if the amount on deposit in the Reserve Account (without taking into account any amount on deposit in the Reserve Account representing net investment earnings) is less than the Specified Reserve Balance, in which case the Trust Collateral Agent shall, after payment of any amounts required to be distributed pursuant to clauses (i) through (xviii) of Section 5.7(a) deposit in the Reserve Account the Reserve Account Deposit Amount pursuant to Section 5.7(a)(xix), and (B) if the amount on deposit in the Reserve Account, after giving effect to all other deposits thereto and withdrawals therefrom to be made on such Distribution Date is greater than the Specified Reserve Balance, in which case the Trust Collateral Agent shall distribute the amount of such excess as part of Available Funds on such Distribution Date. (b) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) to withdraw the Reserve Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Collection Account to be included as Total Available Funds for that Distribution Date. (c) Amounts properly transferred to the Certificate Distribution Account for payment to the Certificateholder pursuant to this Agreement shall not be available to the Trust Collateral Agent or the Trust for the purpose of making deposits to the Reserve Account, or making payments to the Noteholders, nor shall the Certificateholder be required to refund any amount properly received by them.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Rent and Security Deposit i. Tenant agrees to pay to Landlord for the Leased Premises in lawful money of the United States rent for the first twelve (12) months of the term hereof at the rate of Fifteen Dollars ($15.00) per square foot of occupied space, in advance, except that the monthly installment which otherwise shall be due on the commencement date recited above, shall be due and payable on the date hereof. Thereafter one such monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the commencement date; further provided, that the rental payment for any fractional calendar month at the commencement or end of the Lease term shall be prorated. The rate charged for rent shall increase by $0.50 (Fifty Cents) per year for each such succeeding twelve (12) month period. ii. In addition, Tenant agrees to deposit with Landlord on the date hereof the sum of One Thousand Dollars ($1,000.00), which sum shall be held by Landlord, without obligation for interest, as security for the full, timely and faithful performance of Tenant's covenants and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rental deposit or a measure of Landlord's damages in case of Tenant's default. Upon the occurrence of any event of default by Tenant, Landlord may, from time to time, without prejudice to any other remedy provided herein or provided by law, use such funds to the extent necessary to make good any arrears of rent or other payments due to Landlord hereunder, and any other damage, injury, expense or liability caused by any event of Tenant's default; and Tenant shall pay to Landlord on demand the amount so applied in order to restore the security deposit to its original amount. Although the security deposit shall be deemed the property of Landlord, any remaining balance of such deposit shall be returned by Landlord to Tenant at such time after termination of this Lease when Landlord shall have determined that all Tenant's obligations under this Lease have been fulfilled. Subject to the other terms and conditions contained in this Lease, if the Building is conveyed by Landlord, said deposit may be turned over to Landlord's grantee, and if so, Tenant hereby releases Landlord from any and all liability with respect to said deposit and its application or return.