Security deposits, etc. In accordance with the Land Lease Contract, the IR Operator shall make a security deposit the amount equivalent to six-month lease fee to Osaka City as a security deposit to secure the fulfillment of the obligations assumed by it under the Land Lease Contract, and shall make the shareholders who has/have one-third or more of the voting shares of the IR Operator or parent companies of such shareholders (limited to those recognized by Osaka Prefecture as having sufficient financial basis for the implementation of the Project) become the joint and several guarantor. Provided, however, that in the event that the IR Operator provides security deposit for performing the obligations under the contract performance to five years of lease fee to Osaka City in addition to the contract guarantee equivalent to six-month lease fee or provides security (including guarantee, by a financial institution) that fulfills requirement stipulated in Article 10 of the Civil Execution Act and satisfies the following requirements, the IR Operator may substitute such security for a joint and several guarantor.
Security deposits, etc. Schedule 3.21 sets forth a true, correct and complete list of all outstanding security deposits made by Company in excess of Two Thousand Five Hundred Dollars ($2,500.00).
