Security for Payment of Rent. As security for the payment of all rent payable to the Sub-Lessor in accordance with the terms and provisions of this Sub-Lease, the Sub-Lessee hereby assigns and grants unto the Sub-Lessor security interest in all of the Sub-Lessee’s real and personal property, present and after acquired, including the proceeds therefrom, and agrees that the Sub-Lessor may seize and sell such property of the Sub-Lessee as may be necessary to satisfy the amount of rent payable.
Security for Payment of Rent. Tenant hereby pledges and assigns to ---------------------------- Landlord all the furniture, fixtures, goods and chattels of Tenant which shall or may be brought or put on the premises as security for payment of the rent. Tenant agrees that such lien may be enforced by such legal proceedings as may be necessary at the election of Landlord, provided, however, Landlord shall not have a lien which would be superior to a lien from a lending institution, supplier or leasing company, if such lending institution, supplier or leasing company has a perfected security interest in the equipment, furniture or other tangible personal property and which security interest has its origin in a transaction whereby Tenant acquired such equipment, furniture or other tangible personal property. 18.
Security for Payment of Rent. As security for the payment of all rent payable to the Lessor in accordance with the terms and provisions of this Lease, the Lessee hereby assigns and grants unto the Lessor security interest in all of the Lessee's real and personal property, present and after acquired, including the proceeds therefrom, and agrees that the Lessor may seize and sell such property of the Lessee as may be necessary to satisfy the amount of rent payable.
Security for Payment of Rent i. Rail Company shall provide the Authority within thirty (30) days after the Rent Commencement Date with a contract bond, irrevocable letter of credit or other similar security reasonably acceptable to the Authority (“Performance Security”) in an amount equal to three (3) months’ annual rental payable by Rail Company pursuant to Section 5, to guarantee the faithful performance by Rail Company of its obligations under this Agreement and the payment of all rentals, fees and charges due hereunder. Rail Company shall be obligated to maintain such Performance Security in effect until the expiration of sixty (60) consecutive months following the Rent Commencement Date (the “Performance Security Termination Date”). If no Event of Default exists as of the Performance Security Termination Date, the Performance Security shall be returned to Rail Company within thirty (30) days. If an Event of Default exists as of the Performance Security Termination Date, the Performance Security shall be returned to Rail Company within thirty (30) days after the Event of Default is cured. Such Performance Security shall be in a form and with a company reasonably acceptable to the Authority and licensed to do business in the State of Florida. In the event that any such Performance Security shall be for a period less than the full period required by this Section or if Performance Security shall be canceled, Rail Company shall provide a renewal or replacement Performance Security for the remaining required period at least thirty (30) days prior to the date of such expiration or cancellation. The Authority may waive any requirement herein in its exclusive discretion.
Security for Payment of Rent. (a) As security for its obligation to pay Rent and to perform its other agreements and obligations as set forth herein, the Tenant shall provide to the Landlord within ten days of receipt of notice from Landlord that it has obtained a permit for construction of the foundation of the Building, an irrevocable letter of credit in the form annexed hereto as Schedule "E" or such other form as may be acceptable to the Landlord acting reasonably, issued by Canadian Imperial Bank of Commerce or one of the other six largest Canadian chartered banks which letter of credit shall be in the principal amount of $2,000,000.00 and shall expire on the then estimated Commencement Date. The letter of credit may have an expiry date prior to the Commencement Date provided, however, that the issuer of the letter of credit shall be obligated to either extend the letter of credit or to pay the amount the principal amount remaining outstanding as at the expiry date to the Landlord. The letter of credit or principal amount of $2,000,000.00 shall be returned or paid as applicable to the issuer of the letter of credit on the first date occurring on or after the Commencement Date when the Tenant delivers to the Landlord the letter of credit required under either (b) or (c) below.
