Security for Payment of Rent Sample Clauses

Security for Payment of Rent. As security for the payment of all rent payable to the Sub-Lessor in accordance with the terms and provisions of this Sub-Lease, the Sub-Lessee hereby assigns and grants unto the Sub-Lessor security interest in all of the Sub-Lessee’s real and personal property, present and after acquired, including the proceeds therefrom, and agrees that the Sub-Lessor may seize and sell such property of the Sub-Lessee as may be necessary to satisfy the amount of rent payable.
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Security for Payment of Rent. Tenant hereby pledges and assigns to Landlord all the furniture, fixtures, goods and chattels of Tenant which shall or may be brought or put on the premises as security for payment of the rent. Tenant agrees that such lien may be enforced by such legal proceedings as may be necessary at the election of Landlord, provided, however, Landlord shall not have a lien which would be superior to a lien from a lending institution, supplier or leasing company, if such lending institution, supplier or leasing company has a perfected security interest in the equipment, furniture or other tangible personal property and which security interest has its origin in a transaction whereby Tenant acquired such equipment, furniture or other tangible personal property.
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Security for Payment of Rent. (a) As security for its obligation to pay Rent and to perform its other agreements and obligations as set forth herein, the Tenant shall provide to the Landlord within ten days of receipt of notice from Landlord that it has obtained a permit for construction of the foundation of the Building, an irrevocable letter of credit in the form annexed hereto as Schedule "E" or such other form as may be acceptable to the Landlord acting reasonably, issued by Canadian Imperial Bank of Commerce or one of the other six largest Canadian chartered banks which letter of credit shall be in the principal amount of $2,000,000.00 and shall expire on the then estimated Commencement Date. The letter of credit may have an expiry date prior to the Commencement Date provided, however, that the issuer of the letter of credit shall be obligated to either extend the letter of credit or to pay the amount the principal amount remaining outstanding as at the expiry date to the Landlord. The letter of credit or principal amount of $2,000,000.00 shall be returned or paid as applicable to the issuer of the letter of credit on the first date occurring on or after the Commencement Date when the Tenant delivers to the Landlord the letter of credit required under either (b) or (c) below. (b) If on or before the Commencement Date the Tenant delivers to the Landlord its audited financial statements for its fiscal year ended February 28, 1998 which statements were issued without qualification and indicate that the Tenant's "earnings before income taxes" exceed Cdn$5,000,000.00 and its Revenues for such fiscal period exceed Cdn$40,000,000.00 the Tenant shall be entitled on or after the Commencement Date to replace the letter of credit set out above by an irrevocable letter of credit in the amount of $1,000,000.00, in the form annexed hereto, renewable annually and to expire on the last day of the third year of the Initial Term hereof. (c) In the event that the audited consolidated financial statements for the Tenant for its fiscal year ended February 28, 1998 do not indicate revenues and earnings before income taxes in at least the amounts set forth in (b) above, the Tenant shall provide to the Landlord a replacement irrevocable letter of credit in the amount of $2,000,000.00 and otherwise on the terms and conditions set out in (b) above. If the Tenant fails to achieve the required revenues and earnings before income taxes for its fiscal year ended February 28, 1998 but achieves such revenues and...
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Security for Payment of Rent. Rail Company shall provide the Authority within thirty (30) days after the Rent Commencement Date with a contract bond, irrevocable letter of credit or other similar security reasonably acceptable to the Authority (“Performance Security”) in an amount equal to three (3) months’ annual rental payable by Rail Company pursuant to Section 5, to guarantee the faithful performance by Rail Company of its obligations under this Agreement and the payment of all rentals, fees and charges due hereunder. Rail Company shall be obligated to maintain such Performance Security in effect until the expiration of sixty (60) consecutive months following the Rent Commencement Date (the “Performance Security Termination Date”). If no Event of Default exists as of the Performance Security Termination Date, the Performance Security shall be returned to Rail Company within thirty (30) days. If an Event of Default exists as of the Performance Security Termination Date, the Performance Security shall be returned to Rail Company within thirty (30) days after the Event of Default is cured. Such Performance Security shall be in a form and with a company reasonably acceptable to the Authority and licensed to do business in the State of Florida. In the event that any such Performance Security shall be for a period less than the full period required by this Section or if Performance Security shall be canceled, Rail Company shall provide a renewal or replacement Performance Security for the remaining required period at least thirty (30) days prior to the date of such expiration or cancellation. The Authority may waive any requirement herein in its exclusive discretion.
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Security for Payment of Rent. Section 4.1 Covenant. Section 4.2 Base Rent.
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Security for Payment of Rent. As security for the payment of all rent payable to the Lessor in accordance with the terms and provisions of this Lease, the Lessee hereby assigns and grants unto the Lessor security interest in all of the Lessee's real and personal property, present and after acquired, including the proceeds therefrom, and agrees that the Lessor may seize and sell such property of the Lessee as may be necessary to satisfy the amount of rent payable.
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Related to Security for Payment of Rent

  • Security for Payment To secure payment of all obligations due hereunder, the Customer hereby grants to Custodian a continuing security interest in and right of setoff against each Account and all Property held therein from time to time in the full amount of such obligations; provided that, if there is more than one Account and the obligations secured pursuant to this Section can be allocated to a specific Account or the Portfolio related to such Account, such security interest and right of setoff will be limited to Property held for that Account only and its related Portfolio. Should the Customer fail to pay promptly any amounts owed hereunder, Custodian shall be entitled to use available Cash in the Account or applicable Account, as the case may be, and to dispose of Securities in the Account or such applicable Account as is necessary. In any such case and without limiting the foregoing, Custodian shall be entitled to take such other action(s) or exercise such other options, powers and rights as Custodian now or hereafter has as a secured creditor under the New York Uniform Commercial Code or any other applicable law.

  • Payment of Rent If the tenant is required to pre-pay rent in advance it should be selected. This is common with tenants with no or bad credit history. Section XIII.

  • Late Payment of Rent If any installment of Base Rent or Additional Charges (but only as to those Additional Charges which are payable directly to Lessor or Lessor’s agent or assignee) shall not be paid within five (5) Business Days after its due date, Tenant will pay to Lessor on demand a late charge (to the extent permitted by law) computed at the Overdue Rate (or at the maximum rate permitted by law, whichever is the lesser) on the amount of such installment, from the due date of such installment to the date of payment thereof. To the extent that Tenant pays any Additional Charges to Lessor pursuant to any requirement of this Lease, Tenant shall be relieved of its obligation to pay such Additional Charges to the entity to which they would otherwise be due. If any Facility Mortgagee shall so require, or if any Additional Charges shall not be paid to a third party payee within five (5) Business Days after its due date, Lessor may at any time thereafter, at Lessor’s option, require Tenant to deposit into an escrow account under the sole dominion and control of Lessor (or the applicable Facility Mortgagee), on the first day of each and every month, an amount sufficient to insure that such escrow account shall contain an amount sufficient to make such payment on its next due date, in which event Lessor shall make all future payments for such expense from the escrow account. In the event of any failure by Tenant to pay any Additional Charges when due, Tenant shall promptly pay and discharge, as Additional Charges, every fine, penalty, interest and cost that may be added for non-payment or late payment of such items. Lessor shall have all legal, equitable and contractual rights, powers and remedies provided either in this Lease or by statute or otherwise in the case of non-payment of Rent.

  • Abatement of Rent In the event that Tenant is prevented from using, and does not use, the Premises or any portion thereof, as a result of (i) any repair, maintenance or alteration performed by Landlord, or which Landlord failed to perform, after the Lease Commencement Date and required by this Lease, which substantially interferes with Tenant’s use of the Premises, or (ii) any failure to provide services, utilities or access to the Premises as required by this Lease (either such set of circumstances as set forth in items (i) or (ii), above, to be known as an “Abatement Event”), then Tenant shall give Landlord notice of such Abatement Event, and if such Abatement Event continues for five (5) consecutive business days after Landlord’s receipt of any such notice (the “Eligibility Period”), then the Base Rent, Tenant’s Share of Direct Expenses, and Tenant’s obligation to pay for parking (to the extent not utilized by Tenant) shall be abated or reduced, as the case may be, after expiration of the Eligibility Period for such time that Tenant continues to be so prevented from using, and does not use for the normal conduct of Tenant’s business, the Premises or a portion thereof; provided, however, in the event that Tenant is prevented from using, and does not use, a portion of the Premises, and as result thereof it is commercially impractical for Tenant to use all or a portion of the remaining Premises (i.e., the portion of the Premises that Tenant is actually able to use), and if Tenant does not conduct its business from the remaining Premises or portion thereof, then for such time during which it is impractical for Tenant to conduct its business therein, the Base Rent, Tenant’s Share of Direct Expenses, and Tenant’s obligation to pay for parking (to the extent not utilized by Tenant) shall also be abated for the remaining Premises (or portion thereof) that Tenant does not use. If, however, Tenant reoccupies any portion of the Premises during such period, the Base Rent, Tenant’s Share of Direct Expenses, and Tenant’s obligation to pay for parking (to the extent not utilized by Tenant) allocable to such reoccupied portion, based on the proportion that the rentable area of such reoccupied portion of the Premises bears to the total rentable area of the Premises, shall be payable by Tenant from the date Tenant reoccupies such portion of the Premises. To the extent an Abatement Event is caused by an event covered by Articles 11 or 13 of this Lease, then Tenant’s right to ▇▇▇▇▇ rent shall be governed by the terms of such Article 11 or 13, as applicable, and the Eligibility Period shall not be applicable thereto. Such right to ▇▇▇▇▇ Base Rent and Tenant’s Share of Direct Expenses shall be Tenant’s sole and exclusive remedy for rent abatement at law or in equity for an Abatement Event. Except as expressly provided in this Section 19.5.2 or elsewhere in this Lease, nothing contained herein shall be interpreted to mean that Tenant is excused from paying Rent due hereunder.

  • ABATEMENT OF RENT; LESSEE'S REMEDIES (a) In the event of (i) Premises Partial Damage or (ii) Hazardous Substance Condition for which Lessee is not legally responsible, the Base Rent, Common Area Operating Expenses and other charges, if any, payable by Lessee hereunder for the period during which such damage or condition, its repair, remediation or restoration continues, shall be abated in proportion to the degree to which Lessee's use of the Premises is impaired, but not in excess of proceeds from insurance required to be carried under Paragraph 8.3(b). Except for abatement of Base Rent, Common Area Operating Expenses and other charges, if any, as aforesaid, all other obligations of Lessee hereunder shall be performed by Lessee, and Lessee shall have no claim against Lessor for any damage suffered by reason of any such damage, destruction, repair, remediation or restoration. (b) If Lessor shall be obligated to repair or restore the Premises under the provisions of this Paragraph 9 and shall not commence, in a substantial and meaningful way, the repair or restoration of the Premises within ninety (90) days after such obligation shall accrue, Lessee may, at any time prior to the commencement of such repair or restoration, give written notice to Lessor and to any Lenders of which Lessee has actual notice of Lessee's election to terminate this Lease on a date not less than sixty (60) days following the giving of such notice. If Lessee gives such notice to Lessor and such Lenders and such repair or restoration is not commenced within thirty (30) days after receipt of such notice, this Lease shall terminate as of the date specified in said notice. If Lessor or a Lender commences the repair or restoration of the Premises within thirty (30) days after the receipt of such notice, this Lease shall continue in full force and effect. "Commence" as used in this Paragraph 9.6 shall mean either the unconditional authorization of the preparation of the required plans, or the beginning of the actual work on the Premises, whichever occurs first.