Additional Letter of Credit Sample Clauses

Additional Letter of Credit. In addition to the Initial Letter of Credit, on or prior to August 1, 2014, Tenant shall deliver to Landlord an additional unconditional, irrevocable, transferable letter of credit in the amount specified in the Basic Lease Information for the Additional Letter of Credit and satisfying the requirements set forth in this Paragraph 31 (the “Additional Letter of Credit”). The Initial Letter of Credit and Additional Letter of Credit are sometimes collectively defined herein as the “Letters of Credit” and each individually as a “Letter of Credit.”

Additional Letter of Credit. In the event Tenant obtains a letter of credit or other form of credit enhancement from a sublessee, subtenant, operating company, management company, or any other individual or entity relating to the Facility, (the "Additional Letter of Credit"), such Additional Letter of Credit shall name Landlord as a beneficiary thereunder and shall be in a form acceptable to Landlord. Tenant hereby grants to Landlord a security interest in the Additional Letter of Credit. Tenant, within ten (10) subsequent to receipt of request therefore from Landlord, shall execute, and cause any applicable sublessee, subtenant, operating company, management company, or any other individual or entity to execute and deliver, all documents (including, without limitation, all bank/lender required documents) necessary for Landlord to perfect its security interest in the Additional Letter of Credit.

Additional Letter of Credit. Simultaneously with the execution of this Lease, Lessee shall execute and deliver to Lessor the Assignment of Rents and Leases granting Lessor, among other things, a security interest in any letter of credit or other form of credit enhancement from a sublessee, subtenant, operating company, management company, or any other individual or entity relating to the Facility (collectively the "Additional Letter of Credit"). Lessee shall, within ten (10) days from demand execute, and cause any applicable sublessee, subtenant, operating company, management company, or any other individual or entity to execute and deliver, all documents (including, without limitation, all bank/lender required documents) necessary for Lessor to perfect its security interest in the Additional Letter of Credit.

Additional Letter of Credit. Concurrently with Tenant’s execution and delivery of this First Amendment to Landlord, Tenant shall deliver to Landlord, as protection for Landlord to assure the full and faithful performance by Tenant of all of its obligations under the Lease (as modified by this First Amendment) and for all losses and damages Landlord may suffer as a result of any default (beyond the expiration of all applicable notice and cure periods) by Tenant under the Lease (as modified by this First Amendment), an irrevocable and unconditional negotiable letter or letters of credit (collectively, the “Letter of Credit”), in substantially the form as the Existing Letter of Credit, running in favor of Landlord issued by Silicon Valley Bank, or such other bank that is reasonably acceptable to Landlord (“Bank”), and under the supervision of the Superintendent of Banks of the State of California, in the initial amount, in the aggregate, of Four Hundred Twenty Thousand Dollars ($420,000.00) (“Stated Amount”); provided, however, that, except as hereinafter provided, commencing on the first (1st) anniversary of the Expansion Commencement Date and on each annual anniversary of the Expansion Commencement Date thereafter (each, an “Adjustment Date”), the Stated Amount shall, subject to the terms hereof, be reduced, in the aggregate, as follows: Initial Amount $ 420,000.00 Month 13 of Expansion Space Term $ 281,400.00 Month 25 of Expansion Space Term $ 188,538.00 Month 37 of Expansion Space Term $ 94,269.00 Month 49 of Expansion Space Term $ 0.00 However, if (i) a default (beyond the expiration of all applicable notice and cure periods) by Tenant occurs under the Lease (as modified by this First Amendment), or (ii) circumstances exist that would, with notice or lapse of time, or both, constitute a default by Tenant, and Tenant has failed to cure such default within the cure period permitted by Section 23 of the Lease or such lesser time as may remain before the relevant Adjustment Date as provided above, the Stated Amount shall not thereafter be reduced unless and until such default shall have been fully cured pursuant to the terms of the Lease, at which time the Stated Amount may be reduced as hereinabove described. All of the terms and provisions of Section 5 of the Lease pertaining to the Existing Letter of Credit shall apply with full force to the Additional Letter of Credit except to the extent inconsistent with the terms hereof.

Additional Letter of Credit. In the event that Tenant is in default of its obligations under the Lease after the expiration of any applicable grace period set forth in the Lease, then Landlord shall have the right, at any time after such event, without giving any further notice to Tenant, to draw upon said Letter of Credit (or Additional Letter of Credit, as defined below, as the case may be) (a) the amount necessary to cure such default or (b) if such default cannot reasonably be cured by the expenditure of money, to exercise all rights and remedies Landlord may have on account of such default, the amount which, in Landlord’s opinion, is necessary to satisfy Tenant’s liability in account thereof. In the event of any such draw by Landlord, Tenant shall, within twenty (20) days of written demand therefor, deliver to Landlord an additional Letter of Credit satisfying the conditions specified in Section 20.2 above (“Additional Letter of Credit”), except that the amount of such Additional Letter of Credit shall be the amount of such draw. Tenant’s failure to provide the Additional Letter of Credit upon written notice from Landlord shall be a material breach of the Lease, as amended hereby. In addition, in the event of a termination based upon the default of Tenant under the Lease, as amended hereby, or a rejection of the Lease, as amended hereby, pursuant to the provisions of the Federal Bankruptcy Code, Landlord shall have the right to draw upon the Letter of Credit (from time to time, if necessary) to cover the full amount of damages and other amounts due from Tenant to Landlord under the Lease, as amended hereby. Any amounts so drawn shall, at Landlord’s election, be applied first to any unpaid rent and other charges which were due prior to the filing of the petition for protection under the Federal Bankruptcy Code. Any such draw on the Letter of Credit shall not constitute a waiver of any other rights of Landlord with respect to Tenant’s default under the Lease, as amended hereby. Tenant hereby covenants and agrees not to oppose, contest or otherwise interfere with any attempt by Landlord to draw upon said Letter of Credit including, without limitation, by commencing an action seeking to enjoin or restrain Landlord from drawing upon said Letter of Credit. Tenant also hereby expressly waives any right or claim it may have to seek such equitable relief. In addition to whatever other rights and remedies it may have against Tenant if Tenant breaches its obligations under this paragraph, T...

Additional Letter of Credit. If Landlord is required to provide any funds or Landlord Contribution to Tenant on account of any RFO Premises, Landlord shall have the right to require, as a condition to the exercise of Tenant's right to lease such RFO Premises, the delivery of an additional letter of credit, with a Letter of Credit Amount in the same proportion to the Total Rentable Area of such RFO Premises as the Letter of Credit Amount provided by Tenant in connection with the initially demised premises to the Total Rentable Area of the premises.

Additional Letter of Credit. Within ninety (90) days after the execution of this First Amendment, Lessee shall deliver to Lessor an additional Three Million Five Hundred Thousand Dollar ($3,500,000.00) letter of credit, payable to Lessor and its lender as co-beneficiaries, which complies with the letter of credit requirements of Section 4.06 of the Lease, substantially in the form of the letter of credit currently held by lessor under the Lease, and, in all other respects, is in a form and with a bank satisfactory to Lessor. The additional letter of credit delivered pursuant to this Section 2 shall become part of Security Deposit so that the total Security Deposit shall be Fourteen Million Four Hundred Three Thousand, Seven Hundred Seventy-Six Dollars and no cents ($14,403,776.00).

Additional Letter of Credit. The Additional Letter of Credit shall be deemed to be issued under this Agreement as of the Amendment Date at the request of TWC and shall constitute a Letter of Credit hereunder for all purposes (including Section 2.2(b) and Section 2.2(d)), and no notice requesting issuance thereof shall be required hereunder. Each reference herein to the issuance of a Letter of Credit shall include any such deemed issuance. BofA shall be the Issuing Bank for purposes of the Additional Letter of Credit. All fees accrued on the Additional Letter of Credit to but excluding the Amendment Date shall be for the account of BofA, and all fees accruing on the Additional Letter of Credit on and after the Amendment Date shall be for the account of BofA, as Issuing Bank hereunder, and the Banks as provided herein.

Additional Letter of Credit. The Additional Letter of Credit shall be an unconditional, irrevocable, negotiable standby letter of credit running In favor of Landlord and shall be a signed draft. The issuer of the Additional Letter of Credit (the “Issuer”) shall (1) be a solvent, nationally recognized commercial bank that is acceptable to Landlord in its reasonable discretion, (2) have a branch located in San Diego County, California and Bellevue, Washington (provided that if the Issuer is Silicon Valley Bank (“SVB”), it shall be sufficient to have a branch located in Santa Clara, California) capable of honoring a demand upon such Additional Letter of Credit and allow presentation of the Additional Letter of Credit by overnight courier delivery and by facsimile presentation, (3) be chartered under the laws of the United States, any State thereof or the District of Columbia, (4) be insured by the Federal Deposit Insurance Corporation; and (5) have a long term rating of BBB+ or higher as rated by Standard & Pear’s (collectively, the “Additional Letter of Credit Issuer Requirements”), Provided that SVB satisfies the Additional Letter of Credit Issuer Requirements, Landlord confirms that SVB is an acceptable Issuer. The Additional Letter of Credit shall be maintained in effect, whether through replacement, renew or extension, throughout the entire Lease Term and for an additional one hundred twenty (120) days following the expiration or earlier termination of the Lease. The Additional Letter of Credit, and any extensions or renewals thereof, shall be substantially in the form and content as attached hereto as Exhibit “A”, shall be for a term of not less than one year or, if the remaining portion of the Lease Term is less than one year, then for such period plus one hundred twenty (120) days, and shall be irrevocable during that term. The Letters of Credit covering subsequent periods shall be obtained and delivered to Landlord not less than thirty (30) days prior to the expiration of the then-existing Additional Letter of Credit, without any action whatsoever on the part of Landlord. The term for each such Additional Letter of Credit shall begin no later than the expiration date of the previous Additional Letter of Credit and shall comply with all requirements of this Section 1.1. The Additional Letter of Credit shall be subject to The Uniform Customs and Practice for Documentary Credits” (2007 Revision) International Chamber Of Commerce Publication No. 600.