Common use of Application of Security Clause in Contracts

Application of Security. If (a) an Event of Default by Tenant occurs under this Lease, or (b) Landlord receives a Non-Renewal Notice, or (c) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Event of Default, and/or (ii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25. If Landlord applies or retains any part of the proceeds of the Letter of Credit, or cash security, then Tenant, upon demand, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 in the amount so applied or retained such that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount on hand at all times during the Term. If Tenant shall comply with all of the terms, covenants and conditions of this Lease, then the Letter of Credit or then remaining balance of the cash security, as the case may be, shall be returned to Tenant promptly after (x) the Expiration Date, (y) the surrender and yield-up of possession of the Premises to Landlord in the manner required by this Lease, and (z) the curing of any outstanding Events of Default under this Lease.

Application of Security. If (a) an Event of Default by Tenant occurs under this Lease, or (b) Landlord receives a Non-Renewal Notice, or (c) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Rent or any other sum as to which Tenant there is in default an Event of Default including (i) any sum which Landlord may expend or may be required to expend by reason of such Event of Default, and/or (ii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ Tenant delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25. If Landlord applies or retains any part of the proceeds of the Letter of Credit, or cash security, then Tenant, upon within ten (10) days of Landlord’s written demand, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 in the amount so applied or retained such that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount on hand at all times during the Term. If Tenant shall comply with all of the terms, covenants and conditions of this Lease, then the Letter of Credit or then remaining balance of the cash security, as the case may be, shall be returned to Tenant promptly not later than sixty (60) days after the last to occur of the following: (x) the Expiration Date, (y) the surrender and yield-up of possession of the Premises to Landlord in the manner required by this Lease, and (z) the curing of any outstanding Events of Default under this Lease.

Application of Security. If (a) an Event of Default by Tenant occurs under and is continuing in the payment or performance of any of the terms, covenants or conditions of this Lease, including the payment of Rent, or (b) Landlord receives a Non-Renewal Notice, or (c) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Base Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Event of DefaultTenant’s default beyond any applicable cure periods, and/or (ii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, TTenant delivers to Landlord a ▇▇▇▇▇ delivers to Landlord a substitute ▇itute Letter of Credit which meets the requirements of this Article 25Section 6.5. If Landlord applies or retains any part of the proceeds of the Letter of Credit, or cash securityTenant shall, then Tenantwithin ten (10) days, upon demand, shall amend the Letter of Credit to increase the amount thereof by the amount so applied or deliver provide Landlord with an additional Letter of Credit which satisfies the requirements of this Article 25 in the amount so applied or retained such so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full amount thereof on hand at all times during the Lease Term. If Tenant shall comply with all of the terms, covenants and conditions of this Lease, then the The Letter of Credit or then remaining balance of the cash security, as the case may be, or balance thereof shall be returned to Tenant promptly after (x) the Expiration Date, (y) the surrender Date and yield-up after delivery of possession of the Leased Premises to Landlord in the manner required by this Lease, Lease and (z) the curing of any outstanding Events of Default under this Lease.

Application of Security. If (a) an Event Tenant defaults in respect of Default by Tenant occurs under any of the terms, covenants or conditions of this Lease, including the payment of Rent, Landlord may apply or (b) Landlord receives a Non-Renewal Notice, retain the whole or (c) Tenant files a voluntary petition under any Federal part of the cash security so deposited or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have may notify the right by sight draft to draw, at its election, Issuing Bank and thereupon receive all or a portion of the proceeds of monies represented by the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Fixed Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Event of DefaultTenant's default, and/or (ii) any damages to which Landlord is entitled pursuant to this Leaseor deficiency in the reletting of the Premises, whether such damages or deficiency accrue or accrues before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25. If Landlord applies or retains any part of the cash security or proceeds of the Letter of Credit, or cash securityas the case may be, then Tenant, upon demand, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 in deposit with Landlord the amount so applied or retained such so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full Security Deposit on hand at all times during the Term. If Tenant shall fully and faithfully comply with all of the terms, covenants and conditions of this Lease, then the cash security or Letter of Credit or then remaining balance of the cash securityCredit, as the case may be, shall be returned to Tenant promptly after (x) the Expiration Date, (y) the surrender Date and yield-up after delivery of possession of the Premises to Landlord in the manner required by this Lease. Tenant expressly agrees that Tenant shall have no right to apply any portion of the Security Deposit against any of Tenant's obligations to pay Rent hereunder and, and (z) if Tenant shall seek to so apply such Security Deposit, Tenant shall pay liquidated damages to Landlord in a sum equal to two times the curing amount of any outstanding Events of Default under this Leasesuch unpaid Rent.

Application of Security. If (a) an Event of Default by Tenant occurs under this Lease, or (b) Landlord receives a Non-Renewal Notice, or (c) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Event of Default, and/or (ii) any damages to which Landlord ▇▇▇▇▇▇▇▇ is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇▇ delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 2528. If Landlord applies or retains any part of the proceeds of the Letter of Credit, or cash security, then Tenant, upon demandnot later than five (5) Business Days after demand therefor, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 28 in the amount so applied or retained such that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount on hand at all times during the Term. If Tenant shall comply with all of the terms, covenants and conditions of this Lease, then the Letter of Credit or then then- remaining balance of the cash security, as the case may be, shall be returned to Tenant promptly after (x) the Expiration Date, (y) the surrender and yield-up of possession of the Premises to Landlord in the manner required by this Lease, and (z) the curing of any outstanding Events of Default under this Lease.

Application of Security. If (a) an Event of Default by Tenant occurs under in the payment or performance of any of the terms, covenants or conditions of this Lease, including the payment of Rent, or (b) Tenant fails to make any installment of Rent as and when due, Landlord receives a Non-Renewal Notice, or (c) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, may apply or retain the whole or any part of such proceedsthe Security Deposit, as the case may be, (x) to the extent required for the payment of any Fixed Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Event of DefaultTenant’s default, and/or (ii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25. If Landlord applies or retains any part of the proceeds of the Letter of CreditSecurity Deposit, or cash security, then Tenant, upon demand, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 in deposit with Landlord the amount so applied or retained such so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full Security Deposit on hand at all times during the Term. If Tenant shall comply with all of The Security Deposit (less any sums Landlord is permitted to deduct from the terms, covenants and conditions Security Deposit pursuant to the terms of this Lease, then the Letter of Credit or then remaining balance of the cash security, as the case may be, Section 27.2) shall be returned to Tenant promptly after (x) the Expiration Date, (y) the surrender Date and yield-up after delivery of possession of the Premises to Landlord in the manner required by this Lease. Tenant hereby irrevocably waives and relinquishes any and all rights, benefits, or protections, if any, Tenant now has, or in the future may have, under Section 1950.7 of the California Civil Code, any successor statue, and all other provisions of law, now or hereafter in effect, including, but not limited to, any provision of law which (A) establishes the time frame by which a landlord must refund a security deposit under a lease, or (B) provides that a 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 a tenant, or to clean the subject premises. Tenant acknowledges and agrees that that (I) any statutory time frames for the return of a security deposit are superseded by the express period identified in this Section 27.2, above, and (zII) rather than be so limited, Landlord may claim from the curing Security Deposit (1) any and all sums expressly identified in this Article 27, above, and (2) any additional sums reasonably necessary to compensate Landlord for any and all losses or damages caused by Tenant’s default of any outstanding Events of Default under this Lease, including, but not limited to, all damages or rent due upon termination of this Lease pursuant to Section 1951.2 of the California Civil Code.

Application of Security. If (a) an Event of Default by Tenant occurs under in the payment or performance of any of the terms, covenants or conditions of this Lease, or including the payment of Rent, (b) Tenant fails to make any installment of Rent as and when due, (c) Landlord receives a Non-Renewal Notice, Notice or (cd) the credit rating of the Issuing Bank has been downgraded below the rating specified above and Tenant files has failed to deliver a voluntary petition under new Letter of Credit from a bank with a credit rating meeting the standard specified above and otherwise meeting the requirements set forth in this Article 27 within 30 days following notice from Landlord, Landlord shall have the right to apply or retain the whole or any Federal part of the cash Security Deposit or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of Security Deposit represented by the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Fixed Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Event of DefaultTenant’s default, and/or (ii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, Landlord and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ Tenant delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 2527. If Landlord applies or retains any part of the proceeds of the Letter of Credit, Credit or cash security, then Tenant, upon demand, shall amend the Letter of Credit to increase the amount thereof by the amount so applied or deliver retained, provide Landlord with an additional Letter of Credit which satisfies the requirements of this Article 25 in the amount so applied or retained such or deposit with Landlord the amount so applied or retained so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full amount thereof on hand at all times during the Term. If Tenant shall comply with all of the terms, covenants and conditions of this Lease, then the Letter of Credit or then remaining balance of the cash security, as the case may be, shall be returned to Tenant promptly after (x) the Expiration Date, (y) the surrender Date and yield-up after delivery of possession of the Premises to Landlord in the manner required by this Lease, and (z) the curing of any outstanding Events of Default under this Lease.

Application of Security. If (a) an Event Tenant defaults in respect of Default by Tenant occurs under any of the terms, covenants or conditions of this Lease, including, the payment of Rent, Landlord may apply or (b) Landlord receives a Non-Renewal Notice, retain the whole or (c) Tenant files a voluntary petition under any Federal part of the cash security so deposited or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have may notify the right by sight draft to draw, at its election, Issuing Bank and thereupon receive all or a portion of the proceeds of monies represented by the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Fixed Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Event of DefaultTenant's default, and/or (ii) any damages to which Landlord is entitled pursuant to this Leaseor deficiency in the relenting of the Premises, whether such damages or deficiency accrue or accrues before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25. If Landlord applies or retains any part of the cash security or proceeds of the Letter of Credit, or cash securityas the case may be, then Tenant, upon demand, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 in deposit with Landlord the amount so applied or retained such so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full Security Deposit on hand at all times during the Term. If Tenant shall fully and faithfully comply with all of the terms, covenants and conditions of this Lease, then the cash security or Letter of Credit or then remaining balance of the cash securityCredit, as the case may be, shall be returned to Tenant promptly after (x) the Expiration Date, (y) the surrender Date and yield-up after delivery of possession of the Premises to Landlord in the manner required by this Lease. Tenant expressly agrees that Tenant shall have no right to apply any portion of the Security Deposit against any of Tenant's obligations to pay Rent hereunder and, and (z) if Tenant shall seek to so apply such Security Deposit, Tenant shall pay liquidated damages to Landlord in a sum equal to two times the curing amount of any outstanding Events of Default under this Leasesuch unpaid Rent.

Application of Security. If (a) an Event of Default by Tenant occurs under in the payment or performance of any of the terms, covenants or conditions of this Lease, including the payment of Rent, or (b) Tenant fails to make any installment of Rent as and when due, or (c) Landlord receives a Non-Renewal Notice, or (c) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Fixed Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Event of DefaultTenant’s default, and/or (ii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ Tenant delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 2527. If Landlord applies or retains any part of the proceeds of the Letter of Credit, or cash security, then Tenant, upon demand, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 in deposit with Landlord the amount so applied or retained such so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full amount thereof on hand at all times during the Term. If Tenant shall comply with all of the terms, covenants and conditions of this Lease, then the Letter of Credit or then remaining balance of the cash security, as the case may be, shall be returned to Tenant promptly after (x) the Expiration Date, (y) the surrender Date and yield-up after delivery of possession of the Premises to Landlord in the manner required by this Lease, and (z) the curing of any outstanding Events of Default under this Lease.

Application of Security. If (a) an Event of Default by Tenant occurs under and is continuing in the payment or performance of any of the terms, covenants or conditions of this Lease, including the payment of Rent, or (b) Landlord receives a Non-Renewal Notice, or (c) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Base Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Event of DefaultTenant’s default beyond any applicable cure periods, and/or (ii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ Tenant delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25Section 6.5. If Landlord applies or retains any part of the proceeds of the Letter of Credit, or cash securityTenant shall, then Tenantwithin ten (10) days, upon demand, shall amend the Letter of Credit to increase the amount thereof by the amount so applied or deliver provide Landlord with an additional Letter of Credit which satisfies the requirements of this Article 25 in the amount so applied or retained such so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full amount thereof on hand at all times during the Lease Term. If Tenant shall comply with all of the terms, covenants and conditions of this Lease, then the The Letter of Credit or then remaining balance of the cash security, as the case may be, or balance thereof shall be returned to Tenant promptly after (x) the Expiration Date, (y) the surrender Date and yield-up after delivery of possession of the Leased Premises to Landlord in the manner required by this Lease, Lease and (z) the curing of any outstanding Events of Default under this Lease.

Application of Security. If (a) an Event event of Default default by Tenant occurs under in the payment or performance of any of the terms, covenants or conditions of this Lease, including the payment of Rent, or (b) Landlord receives a Non-Renewal NoticeNotice and Tenant fails to produce a replacement Letter of Credit on or before the date that is thirty (30) days prior to the scheduled date of expiration of the then-current Letter of Credit, or (c) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Tenant’s Event of Default, and/or (ii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ Tenant delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25Section 6. If Landlord applies or retains any part of the proceeds of the Letter of Credit, or cash security, then Tenant, upon demand, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 in deposit with Landlord the amount so applied or retained such (or shall provide Landlord with a replacement Letter of Credit in the applicable amount, or an amendment to the then-current Letter of Credit reinstating the face amount of the Letter of Credit to the then-applicable required amount) so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full amount thereof on hand at all times during the Term. If no Event of Default on the part of Tenant shall comply with all of the termsthen exists, covenants and conditions of this Lease, then the Letter of Credit or then remaining balance of the cash security, as the case may be, shall be returned to Tenant promptly not later than sixty (60) days after (x) the Expiration Date, (y) Date of the surrender Lease and yield-up after delivery of possession of the Premises to Landlord in the manner required by this Lease. Without limiting the foregoing rights of Landlord, Tenant further agrees that Landlord may hold and (z) draw upon the curing Letter of Credit and any outstanding Events of Default proceeds thereof as security for future Rent damages or other future sums or costs which Tenant is obligated to pay and in that connection Tenant waives all rights, if any, under this LeaseCalifornia Civil Code Section 1950.7 to the contrary.

Application of Security. If (a) an Event of Default by Tenant occurs under this LeaseLease which is not cured after delivery of any required notice and the expiration of any applicable grace period, or (b) Landlord receives a Non-Renewal Notice, or (c) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Event of Default, and/or (ii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ Tenant delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 2527. If Landlord applies or retains any part of the proceeds of the Letter of Credit, or cash security, then Tenant, upon demand, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 27 in the amount so applied or retained such that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount on hand at all times during the Term. If Tenant shall comply with all of the terms, covenants and conditions of this Lease, then the Letter of Credit or then then- remaining balance of the cash security, as the case may be, shall be returned to Tenant promptly after (x) the Expiration Date, (y) the surrender and yield-up of possession of the Premises to Landlord in the manner required by this Lease, and (z) the curing of any outstanding Events of Default under this Lease.

Application of Security. If (a) an Event of Default by Tenant occurs under in the payment or performance of any of the terms, covenants or conditions of this Lease, including the payment of Monthly Base Rent or any additional rent due hereunder, or (b) Tenant fails to make any installment of Base Rent as and when due, or (c) Landlord receives a Non-Renewal Notice, or (c) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any portion of Annual Base Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Event of DefaultTenant’s default, and/or (ii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ Tenant delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 255. If Landlord applies or retains any part of the proceeds of the Letter of Credit, or cash security, then Tenant, upon demand, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 in deposit with Landlord the amount so applied or retained such so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full amount thereof on hand at all times during the Term. If Tenant shall comply with all of the terms, covenants and conditions of this Lease, then the Letter of Credit or then remaining balance of the cash security, as the case may be, shall be returned to Tenant promptly after (x) the Term Expiration Date, (y) the surrender Date and yield-up after delivery of possession of the Premises to Landlord in the manner required by this Lease, and (z) the curing of any outstanding Events of Default under this Lease.

Application of Security. If (a) an Event event of Default default by Tenant occurs under in the payment or performance of any of the terms, covenants or conditions of this Lease, including the payment of Rent, or (b) Landlord receives a Non-Renewal NoticeNotice and Tenant fails to produce a replacement Letter of Credit on or before the date that is thirty (30) days prior to the scheduled date of expiration of the then-current Letter of Credit, or (c) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Tenant’s Event of Default, and/or (ii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇▇ delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25Section 6. If Landlord applies or retains any part of the proceeds of the Letter of Credit, or cash security, then Tenant, upon demand, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 in deposit with Landlord the amount so applied or retained such (or shall provide Landlord with a replacement Letter of Credit in the applicable amount, or an amendment to the then-current Letter of Credit reinstating the face amount of the Letter of Credit to the then-applicable required amount) so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full amount thereof on hand at all times during the Term. If no Event of Default on the part of Tenant shall comply with all of the termsthen exists, covenants and conditions of this Lease, then the Letter of Credit or then remaining balance of the cash security, as the case may be, shall be returned to Tenant promptly not later than sixty (60) days after (x) the Expiration Date, (y) Date of the surrender Lease and yield-up after delivery of possession of the Premises to Landlord in the manner required by this Lease. Without limiting the foregoing rights of Landlord, ▇▇▇▇▇▇ further agrees that Landlord may hold and (z) draw upon the curing Letter of Credit and any outstanding Events of Default proceeds thereof as security for future Rent damages or other future sums or costs which Tenant is obligated to pay and in that connection Tenant waives all rights, if any, under this LeaseCalifornia Civil Code Section 1950.7 to the contrary.

Application of Security. If (a) an Event of Default by Tenant occurs under and is continuing in the payment or performance of any of the terms, covenants or conditions of this Lease, including the payment of Rent, or (b) Landlord receives a Non-Renewal Notice, or (c) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Annual Base Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Tenant’s Event of Default, and/or (ii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ Tenant delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25Section. If Landlord applies or retains any part of the proceeds of the Letter of Credit, or cash security, then Tenant, upon demandand within thirty (30) days, shall amend the Letter of Credit to increase the amount thereof by the amount so applied or deliver retained or provide Landlord with an additional Letter of Credit which satisfies the requirements of this Article 25 in the amount so applied or retained such so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full amount thereof on hand at all times during the Lease Term. If Tenant shall comply with all of the terms, covenants and conditions of this Lease, then the The Letter of Credit or then remaining balance of the cash security, as the case may be, or balance thereof shall be returned to Tenant promptly within thirty (30) days after (x) the Expiration Date, (y) the surrender Date and yield-up after delivery of possession of the Leased Premises to Landlord in the manner required by this Lease, Lease and (z) the curing of any outstanding Events of Default under this Lease.

Application of Security. If (a) an Event of Default by Tenant ----------------------- occurs under in the payment or performance of any of the terms, covenants or conditions of this Lease, including the payment of Rent, and which includes any payment default following Tenant's bankruptcy as to which no notice or cure is required, or (b) Landlord receives a Non-Renewal Notice and Tenant does not provide a substitute Letter of Credit satisfying the requirements of Section 33.2 within ten (10) Business Days following the date of such Non-Renewal Notice, Landlord may apply or (c) Tenant files a voluntary petition under retain the whole or any Federal part of the cash Security Deposit or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have may notify the right by sight draft to draw, at its election, Issuing Bank and thereupon receive all or a such portion of the proceeds of Security Deposit represented by the Letter of Credit as is then, and so long as such Event of Default is continuing, thereafter holdneeded for the uses hereinbelow authorized, and use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Fixed Rent or any other sum as to which Tenant is in default including (ia) any sum which Landlord may expend or may be required to expend by reason of such Event of DefaultTenant's default, and/or (iib) any damages or Deficiency to which Landlord is entitled pursuant to this LeaseLease or applicable Requirements, whether such damages accrue or Deficiency accrues before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25. If Landlord applies or retains any part of the proceeds of the Letter of CreditSecurity Deposit, or cash security, then Tenant, upon demand, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 in deposit with Landlord the amount so applied or retained such so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full Security Deposit on hand at all times during the Term. If Tenant shall fully and faithfully comply with all of the terms, covenants and conditions of this Lease, then the Letter Security Deposit (or so much thereof as remains after Landlord has been adequately compensated for damages due to Tenant's failure to comply fully with the terms, covenants and conditions of Credit or then remaining balance of the cash security, as the case may be, this Lease) shall be returned to Tenant promptly after (x) the Expiration Date, (y) the surrender Date and yield-up after delivery of possession of the Premises to Landlord in the manner required by this Lease, and (z) . Tenant expressly agrees that Tenant shall have no right to apply any portion of the curing Security Deposit against any of any outstanding Events of Default under this LeaseTenant's obligations to pay Rent hereunder.

Application of Security. If (a) an Event of Default by Tenant occurs under this Lease, or (b) Tenant fails to make any installment of Rent as and when due, or (c) Landlord receives a Non-Renewal Notice, or (cd) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Event of Default, and/or (ii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ Tenant delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25. If Landlord applies or retains any part of the proceeds of the Letter of Credit, or cash security, then Tenant, upon demand, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 in the amount so applied or retained such that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount on hand at all times during the Term. If Tenant shall comply with all of the terms, covenants and conditions of this Lease, then the Letter of Credit or then remaining balance of the cash security, as the case may be, shall be returned to Tenant promptly after (x) the Expiration Date, (y) the surrender and yield-up of possession of the Premises to Landlord in the manner required by this Lease, and (z) the curing of any outstanding Events of Default under this Lease.

Application of Security. If (a) an Event of Default by ----------------------- Tenant occurs under in the payment or performance of any of the terms, covenants or conditions of this Lease, including the payment of Rent, or any payment default following Tenant's bankruptcy as to which no notice or cure is required, or (b) Landlord receives a Non-Renewal Notice and Tenant does not provide a substitute Letter of Credit satisfying the requirements of Section 33.2 within ten (10) Business Days following the date of such Non-Renewal Notice, Landlord may apply or (c) Tenant files a voluntary petition under retain the whole or any Federal part of the cash Security Deposit or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have may notify the right by sight draft to draw, at its election, Issuing Bank and thereupon receive all or a such portion of the proceeds of Security Deposit represented by the Letter of Credit as is then, and so long as such Event of Default is continuing, thereafter holdneeded for the uses hereinbelow authorized, and use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Fixed Rent or any other sum as to which Tenant is in default including (ia) any sum which Landlord may expend or may be required to expend by reason of such Event of DefaultTenant's default, and/or (iib) any damages or Deficiency to which Landlord is entitled pursuant to this LeaseLease or applicable Requirements, whether such damages accrue or Deficiency accrues before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25. If Landlord applies or retains any part of the proceeds of the Letter of CreditSecurity Deposit, or cash security, then Tenant, upon demand, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 in deposit with Landlord the amount so applied or retained such so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full Security Deposit on hand at all times during the Term. If Tenant shall fully and faithfully comply with all of the terms, covenants and conditions of this Lease, then the Letter Security Deposit (or so much thereof as remains after Landlord has been adequately compensated for damages due to Tenant's failure to comply fully with the terms, covenants and conditions of Credit or then remaining balance of the cash security, as the case may be, this Lease) shall be returned to Tenant promptly after (x) the Expiration Date, (y) the surrender Date and yield-up after delivery of possession of the Premises to Landlord in the manner required by this Lease, and (z) . Tenant expressly agrees that Tenant shall have no right to apply any portion of the curing Security Deposit against any of any outstanding Events of Default under this LeaseTenant's obligations to pay Rent hereunder.

Application of Security. If (a) an Event of Default by Tenant occurs under in the payment or performance of any of the terms, covenants or conditions of this Lease, including the payment of Rent, or (b) Landlord receives a Non-Renewal Notice, Landlord may apply or (c) Tenant files a voluntary petition under retain the whole or any Federal or state bankruptcy or insolvency code, law or proceeding, then part of any cash Security Deposit and/or Landlord shall have may notify the right by sight draft to draw, at its election, Issuing Bank and thereupon receive all or a portion of the proceeds of Security Deposit represented by the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Fixed Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Event of DefaultTenant’s default, and/or (iii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25. If Landlord applies or retains any part of the proceeds of the Letter of CreditSecurity Deposit, or cash security, then Tenant, upon within 10 days after demand, shall amend the Letter of Credit deposit with Landlord (or deliver provide an additional Letter letter of Credit which satisfies credit meeting the requirements of this Article 25 in 27) the amount so applied or retained such so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full Security Deposit on hand at all times during the Term. If Landlord receives any amount represented by the Letter of Credit, Landlord shall retain, as a cash Security Deposit, any sum not applied by Landlord in accordance with provisions of Article 27. Landlord shall hold any such cash Security Deposit in accordance with the provisions of Article 27. If Tenant shall comply with all of the terms, covenants and conditions of this Lease, then the Letter of Credit or then remaining balance of the cash security, as the case may be, Security Deposit shall be returned to Tenant promptly after (x) within 30 days following the Expiration Date, (y) the Date and Tenant’s surrender and yield-up of possession of the Premises to Landlord in the manner as required by this Lease, and (z) the curing of any outstanding Events of Default under this Lease.

Application of Security. If (ai) an Event of Default a default by Tenant occurs under and is continuing in the payment or performance of any of the terms, covenants or conditions of this Lease, including the payment of Rent, or (bii) Landlord receives a Non-Renewal NoticeNotice and Tenant does not provide a substitute Letter of Credit which meets the requirements of this Section 6.5, or (ciii) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Base Rent or any other sum as to which Tenant is in default beyond any applicable cure period including (i1) any sum which Landlord may expend or may be required to expend by reason of such Event of DefaultTenant’s default beyond any applicable cure periods, and/or (ii2) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ Tenant delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25Section 6.5. If Landlord applies or retains any part of the proceeds of the Letter of Credit, or cash security, then Tenant, upon demandand within ten business (10) days, shall amend the Letter of Credit to increase the amount thereof by the amount so applied or deliver retained or provide Landlord with an additional Letter of Credit which satisfies the requirements of this Article 25 in the amount so applied or retained such so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full amount thereof on hand at all times during the Term. If Tenant shall comply with all of the terms, covenants and conditions of this Lease, then the The Letter of Credit or then remaining balance of the cash security, as the case may be, or balance thereof shall be returned to Tenant promptly after (x) the Expiration Date, (y) the surrender Date and yield-up after delivery of possession of the Leased Premises to Landlord in the manner required by this Lease, Lease and (z) the curing of any outstanding Events of Default under this Lease.

Application of Security. If (a) an Event of Default by Tenant occurs under in the payment or performance of any of the terms, covenants or conditions of this Lease, including the payment of Rent, or (b) Tenant fails to make any installment of Rent as and when due beyond an applicable notice and cure period, or (c) Landlord receives a Non-Renewal Notice, or (c) Tenant files a voluntary petition under any Federal or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have the right by sight draft to draw, at its election, all or a portion of the proceeds of the Letter of Credit and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Rent or any other sum as to which Tenant is in default including (i) any sum which Landlord may expend or may be required to expend by reason of such Tenant’s Event of Default, and/or (ii) any damages to which Landlord is entitled pursuant to this Lease, whether such damages accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ Tenant delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25Section 6. If Landlord applies or retains any part of the proceeds of the Letter of Credit, or cash security, then Tenant, within five (5) Business Days upon written demand, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 in deposit with Landlord the amount so applied or retained such so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full amount thereof on hand at all times during the Term. If Tenant shall comply with all of the terms, covenants and conditions of this Lease, then the Letter of Credit or then remaining balance of the cash security, as the case may be, shall be returned to Tenant promptly within thirty (30) days after (x) the Expiration Date, (y) the surrender Date and yield-up after delivery of possession of the Premises to Landlord in the manner required by this Lease, and (z) the curing of any outstanding Events of Default under this Lease.

Application of Security. If (a) an Event Tenant defaults, beyond the applicable notice and/or cure period, if any, in the payment or performance of Default by Tenant occurs under any of the terms, covenants or conditions of this Lease, including the payment of Rent, Landlord may use, apply or (b) Landlord receives a Non-Renewal Notice, retain the whole or (c) Tenant files a voluntary petition under any Federal part of the cash Security Deposit or state bankruptcy or insolvency code, law or proceeding, then Landlord shall have may notify the right by sight draft to draw, at its election, Issuing Bank and thereupon receive all or a portion of the proceeds of Security Deposit represented by the Letter of Credit Credit, and thereafter hold, use, apply, or retain the whole or any part of such proceeds, as the case may be, (x) to the extent required for the payment of any Rent or any other sum as to which Tenant is in default default, including (i) any sum which Landlord may expend or may be required to expend by reason of such Event of DefaultTenant’s default, and/or and (ii) any damages or Deficiency to which Landlord is entitled pursuant to this LeaseLease or applicable Requirements, whether such damages or Deficiency accrue before or after summary proceedings or other reentry by Landlord, and/or (y) as a cash security deposit, unless and until, in the case of clause (c) above, T▇▇▇▇▇ delivers to Landlord a substitute Letter of Credit which meets the requirements of this Article 25. If Landlord uses, applies or retains any part of the proceeds of the Letter of CreditSecurity Deposit, or cash security, then Tenant, upon demand, shall amend the Letter of Credit or deliver an additional Letter of Credit which satisfies the requirements of this Article 25 in deposit with Landlord the amount so applied or retained such so that Landlord shall have a Letter of Credit (or Letters of Credit) in the Letter of Credit Amount full Security Deposit on hand at all times during the Term. If Tenant shall fully and faithfully comply with all of the terms, covenants and conditions of this Lease, then the Letter of Credit Security Deposit (or then remaining balance of the cash security, so much thereof as the case may be, remains) shall be returned to Tenant promptly within thirty (30) days after (x) the Expiration Date, (y) the surrender Date and yield-up after delivery of possession of the Premises to Landlord in the manner required by this Lease, but if Tenant shall not have so complied, then the Security Deposit (or so much thereof as remains) shall be returned to Tenant after the Expiration Date and after delivery of possession of the Premises to Landlord in the manner required by this Lease, within thirty (z30) the curing of any outstanding Events of Default days after all defaults under this LeaseLease are cured and there are no amounts due and payable to Landlord hereunder. Tenant expressly agrees that Tenant shall have no right to apply any portion of the Security Deposit against any of Tenant’s obligations to pay Rent hereunder.