LC Election definition
Examples of LC Election in a sentence
Without limitation of Landlord’s right thereafter to make a LC Election, Landlord shall hold the proceeds of any such draw upon the Letter of Credit as a portion of the Security Deposit pursuant to the terms of this Lease.
As of the Expiration Date, any sums held by Landlord under this Section 4.5 shall be returned to Tenant, only as and when the conditions of Section 3.1, or if the LC Election has been made, of Section 3.2, for the return of the Security Deposit or Letter of Credit, as applicable, have been met and provided that any and all Real Property Impositions accrued or due and owing hereunder have been paid in full.
If, on the basis of such Capital Expenditures Report, Tenant is entitled to a payment as described in Section 7.6.1 above, then, notwithstanding anything to the contrary, such payment shall be due and payable to Tenant only as and when the conditions of Section 3.1, or if the LC Election has been made, Section 3.2, for the return of the Security Deposit or, as applicable, Letter of Credit have been met.
As of the Expiration Date, any sums held by Landlord under this Section 4.5 shall be returned to Tenant, only as and when the conditions of Section 3.1, or if the LC Election has been made, Section 3.2, for the return of the Security Deposit or, as applicable, Letter of Credit have been met and provided that any and all Real Property Impositions due and owing hereunder have been paid in full.
Within ten (10) days after notice of an LC Election, Tenant shall deliver to Landlord a Letter of Credit satisfying the requirements of this Section 3.4.2 in the place and stead of the cash Security Deposit, whereupon Landlord shall return (or cooperate with Tenant to cause the escrowee under the Security Deposit Escrow to return) any unapplied portion of a cash Security Deposit then held by Landlord.
Unless Tenant has made the LC Election pursuant to Section 3.2, Tenant shall pay to and deposit with Landlord an amount equal to three and (3) monthly payments of Base Rent as of the Commencement Date (subject to increase as described in this Section 3.1) as security (the “Security Deposit”) for the full and faithful performance by Tenant of each and every term, provision, covenant and condition of this Lease.
Within ten (10) days after notice of an LC Election, Tenant shall deliver to Landlord a Letter of Credit satisfying the requirements of this Section 3.4.2 in the place and stead of the cash Security Deposit, whereupon Landlord shall return any unapplied portion of a cash Security Deposit then held by Landlord.
Within 10 days after notice of a Guarantor LC Election, Guarantor shall deliver to the Landlord a Guarantor Letter of Credit satisfying the requirements of this SECTION 3.
Unless Tenant has made the LC Election, Tenant shall pay to Landlord upon the delivery of this Lease an amount equal to one (1) month of Fixed Rent (subject to increase as described in SECTION 3.4.4 below, the "SECURITY AMOUNT") as security (the "SECURITY DEPOSIT") for the full and faithful performance by Tenant of each and every term, provision, covenant and condition of this Lease.
Unless Landlord has made the LC Election, Tenant has paid Landlord upon the delivery of this Lease an amount equal to six (6) months of Fixed Rent (the "Security Amount") as security (the "Security Deposit") for the full and faithful performance by Tenant of each and every term, provision, covenant and condition of this Lease.