Springing Security Deposit Sample Clauses

Springing Security Deposit. Section 3.03 of the Lease is hereby amended and restated in its entirety as follows:
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Springing Security Deposit. Within 40 days after the end of each calendar quarter, Tenant shall provide to Landlord an Officer’s Certificate in the form of Exhibit B attached hereto to the effect that (i) either (a) the value of the Tenant’s cash, cash equivalents and marketable investment securities (as set forth in Tenant’s financial statements) at the end of such calendar quarter are equal to or greater than $80,000,000, or (b) the value of the Tenant’s cash, cash equivalents and marketable investment securities at the end of such calendar quarter are less than $80,000,000. If the value of the Tenant’s cash, cash equivalents and marketable investment securities drops below $80,000,000, Tenant shall, within five business (5) days after delivery of such Officer’s Certificate, deposit with Landlord an additional security deposit in an amount equal to $1,200,000 (payable in cash or in the form of a letter of credit reasonably acceptable to Landlord in accordance with the provisions of Section 3.6.1) (the “Springing Security Deposit” and, together with the Security Deposit, the “Security Deposits”); provided, however, in the event Tenant’s cash, cash equivalents and marketable investment securities once again exceeds $80,000,000 for two consecutive calendar quarters, Landlord shall promptly return the Springing Security Deposit to Tenant; provided, further, in the event Tenant reports financial profitability for four consecutive quarters, the requirements of this Section 3.6.3 shall be permanently eliminated and Landlord shall promptly return the Springing Security Deposit to Tenant. Failure to timely provide such Officer’s Certificate or such Springing Security Deposit, if required, shall be a default under this Lease.
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Springing Security Deposit. (a) If at any time during the Lease Term Tenant’s tangible net worth is less than One Hundred Million Dollars ($100,000,000.00), Tenant shall deposit with Landlord a cash security deposit of Ten Million and 00/100 Dollars ($10,000,000.00), in Constant Dollars (the “Springing Security Deposit”). Landlord may apply all or part of the Springing Security Deposit to any unpaid rent or other charges due from Tenant or to cure any other defaults of Tenant, or to fulfill Tenant’s obligations with respect to the Razing Covenant (as defined in Section 6.06 below). If Landlord uses any part of the Springing Security Deposit, Tenant shall restore the Springing Security Deposit to its full amount within ten (10) days after Xxxxxxxx’s written request. Tenant’s failure to do so shall be a material default under this Lease. No interest shall be paid on the Springing Security Deposit. Landlord shall not be required to keep the Springing Security Deposit separate from its other accounts and no trust relationship is created with respect to the Springing Security Deposit. In the event at any time following Tenant’s deposit of the Springing Security Deposit, Tenant’s tangible net worth exceeds Two Hundred Million Dollars ($200,000,000.00), Landlord shall return the Springing Security Deposit to Tenant in full; provided, however, that at all times thereafter the tangible net worth threshold that Tenant must maintain to avoid the requirement to deposit the Springing Security Deposit with Landlord pursuant to this Section 3.03(a) shall be Two Hundred Million Dollars ($200,000,000.00). (b) At Tenant’s election, in lieu of a cash Springing Security Deposit, Tenant may deliver to Landlord (as beneficiary), an irrevocable standby letter of credit (the “Letter of Credit”), substantially in the form of that attached as Exhibit “H” to this Lease. The Letter of Credit shall be, among other things: (i) subject to the Uniform Customs and Practices for Documentary Credits, International Chamber of Commerce Publication No. 600 (2007 Revision) or any subsequent revision; (ii) irrevocable and unconditional; (iii) in the amount of the Springing Security Deposit; (iv) conditioned for payment solely upon presentation of the Letter of Credit, a sight draft, and a written statement from Landlord that the amount to be drawn is due and owing to Landlord under the terms of this Lease; and (v) transferable one or more times by Landlord without the consent of Tenant. Tenant acknowledges and agrees that ...
Sample 1
Springing Security Deposit. If at any time during the Lease Term Tenant’s tangible net worth is less than One Hundred Million Dollars ($100,000,000.00), Tenant shall deposit with Landlord a cash security deposit of Six Hundred Thousand Dollars ($600,000.00), in Constant Dollars (the “Springing Security Deposit”). Landlord may apply all or part of the Springing Security Table of Contents Deposit to any unpaid rent or other charges due from Tenant or to cure any other defaults of Tenant, or to fulfill Tenant’s obligations with respect to the Razing Covenant (as defined in Section 6.06 below). If Landlord uses any part of the Springing Security Deposit, Tenant shall restore the Springing Security Deposit to its full amount within ten (10) days after Landlord’s written request. Tenant’s failure to do so shall be a material default under this Lease. No interest shall be paid on the Springing Security Deposit. Landlord shall not be required to keep the Springing Security Deposit separate from its other accounts and no trust relationship is created with respect to the Springing Security Deposit. Any reference to the “Security Deposit” in this Lease shall be deemed to refer to the Springing Security Deposit.
Sample 1
Springing Security Deposit. Within 15 days after the end of each calendar quarter, Tenant shall provide to Landlord an Officer's Certificate in the form of Exhibit C attached hereto to the effect that either (a) the value of Tenant's unrestricted cash and Cash Equivalents at the end of such calendar quarter are equal to or greater than the Cash Threshold (defined below), or (b) the value of the Tenant's unrestricted cash and Cash Equivalents at the end of such calendar quarter are less than the Cash Threshold. As used herein, "Cash Threshold" means the greater of the following: (1) $6,000,000.00 or (2) an amount equal to Tenant's current annual cash burn rate, which shall be evidenced by either (i) a cash flow analysis prepared by Tenant ("Tenant's Cash Flow Analysis") and delivered to Landlord within fifteen (15) days following the end of each calendar quarter showing Tenant's net cash in-flow and out-flow for the immediately preceding twelve (12) month period, or (ii) the Net Cash Used in Operating Activities for the immediately preceding twelve (12) month period as shown on Tenant's Consolidated Statements of Cash Flow. For purposes of calculating the Cash Threshold, Tenant's Cash Flow Analysis and/or Tenant's Consolidated Statements shall exclude one-time cash contributions made by Tenant relating to the acquisition of the Property and the initial build-out of the Improvements per the Work Letter Agreement (i.e., Tenant's TI Contribution, Excess Costs and Development Management Fees (as each of those terms are defined in the Work Letter Agreement)) and one-time cash payments made by Tenant associated with the pay-off or pay-down of its convertible debt. As used herein, "Tenant's Consolidated Statements of Cash Flow" means those consolidated statements of Tenant's cash flow as prepared by Tenant in accordance with GAAP and which are publicly filed with the SEC on a quarterly basis. If the value of Tenant's unrestricted cash and Cash Equivalents drops below the Cash Threshold, or if Tenant fails to deliver to Landlord the required Officer's Certificate within the above 15-day period, Tenant shall, within five (5) days after delivery of such Officer's Certificate (or failure to deliver such Officer's Certificate), deposit with Landlord an additional security deposit in an amount equal to One Million Five Hundred Seventy-Five Thousand and 00/100 Dollars ($1,575,000.00) (i.e., an amount equal to the aggregate sum of Base Annual Rental payable during the first twelve (12) months of the...
Sample 1
Springing Security Deposit. (a) If at any time during the Lease Term Tenant’s tangible net worth is less than One Hundred Million Dollars ($100,000,000.00), Tenant shall deposit with Landlord a cash security deposit of Six Hundred Thousand Dollars ($600,000.00), in Constant Dollars (the “Springing Security Deposit”). Landlord may apply all or part of the Springing Security Deposit to any unpaid rent or other charges due from Tenant or to cure any other defaults of Tenant, or to fulfill Tenant’s obligations with respect to the Razing Covenant (as defined in Section 6.06 below). If Landlord uses any part of the Springing Security Deposit, Tenant shall restore the Springing Security Deposit to its full amount within ten (10) days after Landlord’s written request. Tenant’s failure to do so shall be a material default under this Lease. No interest shall be paid on the Springing Security Deposit. Landlord shall not be required to keep the Springing Security Deposit separate from its other accounts and no trust relationship is created with respect to the Springing Security Deposit. Any reference to the “Security Deposit” in this Lease shall be deemed to refer to the Springing Security Deposit. (b) At Tenant’s election, in lieu of a cash Springing Security Deposit, Tenant may deliver to Landlord (as beneficiary), an irrevocable standby letter of credit (the “Letter of Credit”), substantially in the form of that attached as Exhibit “H” to this Lease. The Letter of Credit shall be, among other things:
Sample 1

Related to Springing Security Deposit

  • Security Deposit Tenant has deposited or concurrently herewith is depositing with Landlord the sum set forth in Article 1.F. of the Basic Lease Provisions as security for the full and faithful performance of every provision of this Lease to be performed by Tenant. If Tenant breaches any provision of this Lease, including but not limited to the payment of rent, Landlord may use all or any part of this security deposit for the payment of any rent or any other sums in default, or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant's default. If any portion of said deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit funds with Landlord in a form acceptable under Section 3(b) above and in an amount sufficient to restore the security deposit to its full amount. Tenant agrees that Landlord shall not be required to keep the security deposit in trust, segregate it or keep it separate from Landlord's general funds, but Landlord may commingle the security deposit with its general funds and Tenant shall not be entitled to interest on such deposit. At the expiration of the Term, and provided there exists no default by Tenant hereunder, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord's option, to Tenant's "Transferee", as such term is defined in Article 15 below), provided that subsequent to the expiration of this Lease, Landlord may retain from said security deposit (i) an amount reasonably estimated by Landlord to cover potential Direct Cost reconciliation payments due with respect to the calendar year in which this Lease terminates or expires (such amount so retained shall not, in any event, exceed ten percent (10%) of estimated Direct Cost payments due from Tenant for such calendar year through the date of expiration or earlier termination of this Lease and any amounts so retained and not applied to such reconciliation shall be returned to Tenant within thirty (30) days after Landlord's delivery of the Statement for such calendar year), (ii) any and all amounts reasonably estimated by Landlord to cover the anticipated costs to be incurred by Landlord to remove any signage provided to Tenant under this Lease, to remove cabling and other items required to be removed by Tenant under Section 29(b) below and to repair any damage caused by such removal (in which case any excess amount so retained by Landlord shall be returned to Tenant within thirty (30) days after such removal and repair), and (iii) any and all amounts permitted by law or this Article 4. Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code and all other provisions of law, now or hereafter in effect, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 4 above, and all of Landlord's damages under this Lease and California law including, but not limited to, any damages accruing upon termination of this Lease under Section 1951.2 of the California Civil Code and/or those sums reasonably necessary to compensate Landlord for any other loss or damage, foreseeable or unforeseeable, caused by the acts or omissions of Tenant or any officer, employee, agent, contractor or invitee of Tenant.

  • 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.

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

  • 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)

  • 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.

  • Cash Deposit No cash will be deposited into the certificate account on the closing date.

  • Continuing Security Interest; Assignment This Agreement shall create a continuing security interest in the Pledged Collateral and shall (i) be binding upon the Pledgors, their respective successors and assigns and (ii) inure, together with the rights and remedies of the Administrative Agent hereunder, to the benefit of the Administrative Agent and the other Secured Parties and each of their respective successors, transferees and assigns. No other Persons (including any other creditor of any Pledgor) shall have any interest herein or any right or benefit with respect hereto. Without limiting the generality of the foregoing clause (ii), any Secured Party may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any other person, and such other person shall thereupon become vested with all the benefits in respect thereof granted to such Secured Party, herein or otherwise, subject however, to the provisions of the Credit Agreement. Each of the Pledgors agrees that its obligations hereunder and the security interest created hereunder shall continue to be effective or be reinstated, as applicable, if at any time payment, or any part thereof, of all or any part of the Obligations is rescinded or must otherwise be restored by the Secured Party upon the bankruptcy or reorganization of any Pledgor or otherwise.

  • Additional Deposit For reasons of administration, the right is reserved to require payment by parents of an additional deposit (Additional Deposit), as shown on the fees list for the relevant year, in the case of a pupil whose normal residence is outside the United Kingdom. The Additional Deposit will be retained in the general funds of the School until the Pupil leaves and will be repaid by means of a credit without interest to the final payment of Fees or other sums due to the School on leaving, unless stated otherwise in these terms and conditions. See also clause 9.8.

  • Initial Deposit On the Closing Date, the Depositor will deposit, or cause to be deposited, the Required Reserve Amount in the Reserve Account according to Section 4.1 of the Exchange Note Sale Agreement.

  • Payment of Leasehold Obligations Each Borrower shall at all times pay, when and as due, its rental obligations under all leases under which it is a tenant, and shall otherwise comply, in all material respects, with all other terms of such leases and keep them in full force and effect and, at Agent’s request will provide evidence of having done so.

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