Security Letter of Credit. A. Tenant, contemporaneously with the exception of this Lease, shall deposit with Landlord, an unconditional and irrevocable letter of credit in favor of the Landlord in the amount of Five Hundred Thousand Dollars ($500,000), hereinafter referred to as the L/C DEPOSIT. The L/C Deposit shall be held by Landlord as security for the faithful performance by Tenant of all of the terms, covenants, and conditions of this Lease by said Tenant to be kept and performed.
Security Letter of Credit. The term “
Security Letter of Credit. In lieu of paying or maintaining the Security Deposit in cash, Lessee may deliver to Lessor a Security Letter of Credit in the amount of the Cash Security Deposit.
Security Letter of Credit. Subject to the provisions of Section 20(j) below, on the dates of execution and delivery of this Lease, Lessee shall deliver, or shall have delivered, to Lessor, unconditional and irrevocable Letters of Credit, in the amounts specified in Exhibit C hereto under the heading "Deposit". The Letters of Credit are also herein referred to as the "Security Letter of Credit". The Letters of Credit shall remain in full force and effect during a period commencing on the date of delivery of the Letter of Credit and ending on the Required LC Expiry Date. If Lessee fails to pay Rent hereunder or to pay any other sums due or to perform any of the other terms and provisions of this Lease or any document delivered pursuant hereto or is otherwise in Default hereunder, in addition to all other rights Lessor may have under law or hereunder, Lessor may draw upon all or a portion of the amounts of the Security Letters of Credit and may use, apply or retain all or any portion of the funds paid pursuant to the Security Letters of Credit in partial payment for sums due to Lessor by Lessee, to compensate Lessor for any sums it may in its discretion advance as a result of a Default by Lessee, or to apply toward losses or expenses Lessor may suffer or incur as a result of Lessee's Default hereunder. If Lessor draws upon all or any portion of the Security Letters of Credit, such application shall not be deemed a cure of any Default, and within ten (10) days after written demand therefor, Lessee shall cause each of the
Security Letter of Credit. On or before three (3) days after the date of this Lease, Tenant shall deliver to Landlord the Security Letter of Credit (hereinafter defined) (the Security Letter of Credit and the cash proceeds of which are referred to in this Lease as the "Security"), representing security for the full and faithful performance and observance by Tenant of Tenant's covenants and obligations under this Lease. In the event Tenant defaults in the full and prompt payment or performance of any of its obligations hereunder, Landlord may, without notice to Tenant (except for notices expressly provided for in this Lease), draw upon the Security Letter of Credit and use, apply, set off or retain the whole or any part of the Security, to the extent required for the payment of any Rent or other sums due or to become due from Tenant under this Lease, in addition to other remedies available to Landlord. In the event Landlord shall so use, apply or retain the whole or any part of the Security, Tenant shall, upon demand, immediately deliver to Landlord cash equal to the amount so used, which cash shall be part of the Security. The drawing of the Security Letter of Credit and use, application or retention of the Security, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law or in equity (it being intended that Landlord shall not first be required to proceed against the Security) and shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. If Tenant shall fully and faithfully comply with all the terms, covenants, and conditions of this Lease, and provided that Tenant has fully satisfied all of the obligations of Tenant under this Lease, the Security (or any balance thereof) shall be returned or paid over to Tenant within thirty (30) days after the last to occur of (i) the date on which the Term has expired or is terminated, or (ii) delivery to Landlord of possession of the Premises. It is agreed and understood that the obligations of Tenant to Landlord hereunder that are not performed prior to the expiration date shall be continuing obligations owed by Tenant to Landlord and shall survive the termination of this Lease. Landlord may deliver the Security Letter of Credit and other Security to any purchaser of Landlord's interest in the Premises (or any Successor Landlord , if applicable), and upon delivery of the Security Letter of Credit and other Security to the purch...
Security Letter of Credit. (a) Concurrent with the execution of this Sublease, Subtenant has caused to be issued in favor of Sublandlord a letter of credit (the “Letter of Credit”) in the amount of Three Hundred Five Thousand Nine Hundred Forty Four and 73/100 Dollars ($305,944.73), as security for the faithful performance and observance by Subtenant of the terms, conditions and provisions of this Sublease, including without limitation the surrender of possession of the Premises to Sublandlord as herein provided. It is agreed that in the event Subtenant defaults in respect of any of the monetary terms, provisions and conditions of this Sublease beyond any applicable cure periods, including, but not limited to, the payment of Base Rent and Additional Rent, Sublandlord may draw upon the Letter of Credit, in accordance with its terms, to the extent required for the payment of any Base Rent and Additional Rent or any other sum as to which Subtenant is in default or for any sum which Sublandlord may expend or may be required to expend by reason of Subtenant’s default in respect of any of the terms, covenants and conditions of this Sublease, including but not limited to, any damages or deficiency in the reletting of the Premises, whether such damages or deficiency accrue or accrues before or after summary proceedings or other reentry by Sublandlord. The draw upon the Letter of Credit, or any portion thereof by Sublandlord shall not prevent Sublandlord from exercising any other right or remedy provided by this Sublease or by law and shall not operate as a limitation on any recovery to which Sublandlord may otherwise be entitled.
Security Letter of Credit. Concurrently with the issuance by the Authority of the Bonds, (a) the Borrower shall cause the Letter of Credit to be delivered to the Trustee as security for and as the principal source of payment of the Bonds. The Borrower may also from time to time cause the delivery of an Alternate Letter of Credit in replacement therefor, to the extent permitted by the terms of the Indenture. So long as any Letter of Credit is held by the Trustee, all payments of principal and interest on the Bonds shall be funded from draws on the Letter of Credit in accordance with Section 404 of the Indenture. The Borrower shall pay the redemption premium due, if any, required by an optional redemption in accordance with Section 304(c) of the Indenture. Credits in the amounts of such draws applied to payments of principal of or interest on the Bonds will be granted in respect of installments of the Loan otherwise due under Section 4.2 and 4.4 hereof, to the extent the Bank is reimbursed by or on behalf of the Borrower for such draws. The Borrower hereby grants to the Authority a security interest in any moneys, funds or securities held hereunder or under the Indenture. This Loan Agreement shall constitute a security agreement for the purposes of the Uniform Commercial Code ("UCC") as in effect in New Jersey.
Security Letter of Credit. (i) Lessee hereby agrees with Lessor that, subject to paragraph (vi) below, Lessee shall deliver to Lessor (or if specified by the Beneficiaries, the Beneficiaries) the duly executed Security Letter of Credit for the amount specified in Exhibit C-1.
Security Letter of Credit. Simultaneously with the execution and delivery of this Agreement, International Wire has caused to be delivered to Oneida a documentary letter of credit in the initial stated amount of $9,560,958.90 issued by Chase Manhattan Bank Delaware in the form attached hereto as Exhibit "A" (the " Credit"), to provide a source of payment to the Trustee of any P&I Guaranty Claims made against Oneida in the event that such claims have not otherwise been paid by International Wire or Camden in accordance with Section 2 hereof and to provide, if necessary, a source of payment for the outstanding principal and accrued interest on the Bonds to be redeemed on the Scheduled Redemption Date, if any. Promptly upon the satisfaction of the Release Obligations, Oneida shall return the Security Letter of Credit to International for cancellation.
Security Letter of Credit. Tenant shall deposit with Landlord a clean, non-contingent, irrevocable letter of credit (the “Security Letter of Credit”), in form and substance satisfactory to Landlord and issued by a financial institution acceptable to Landlord, in the principal amount of Three Hundred Thousand Dollars ($300,000). The Security Letter of Credit shall be due and payable by Tenant simultaneously with Tenant’s waiver of its First Cancellation Right, or on the Rent Commencement Date, if the First Cancellation Right is neither exercised nor waived by Tenant by such date. Landlord’s receipt of the Security Letter of Credit shall be confirmed in the Lease Commencement Agreement. To the extent the same has not been applied or exhausted pursuant to the further terms hereof, the Security Letter of Credit shall be returned by Landlord to Tenant following the expiration of the Lease Term. In addition to any and all other remedies available to Landlord under this Lease, Landlord shall have the right to draw upon the Security Letter of Credit to cure any breach by Tenant of any of Tenant’s obligations or duties pursuant to this Lease, and upon any such draw, Tenant shall immediately restore the same to the dollar amount set forth in this Section. No interest shall accrue thereon or be paid or payable by Landlord with respect to the Security Letter of Credit. In the event that Tenant elects, pursuant to Section 1(f) above, to amortize any additional amounts toward the cost of the tenant improvements, then Tenant shall increase the principal amount of the Security Letter of Credit by an amount equal to the additional amount so amortized. At such time as Tenant provides satisfactory evidence to Landlord that Tenant has obtained a credit rating of BBB or better, and provided there are no uncured events of default existing at such time, the Security Letter of Credit shall be returned to Tenant.
