Additional Letter of Credit. The Letter of Credit is issued as an additional letter of credit under the Credit Agreement and is subject to the terms and conditions of the Credit Agreement. The Letter of Credit Documents are incorporated herein by this reference.
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 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT OF 1933. 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. As of the date hereof, Tenant shall deposit with Landlord as a supplement to the security deposit, an additional Letter of Credit ("Additional Premises Letter of Credit") in the amount of Eighty Seven Thousand Four Hundred Six and 00/100 Dollars ($87,406.00) (the "Additional Premises Security Deposit"), which Additional Premises Security Deposit shall be held by Landlord subject to the terms and provisions of Article 8 of
Additional Letter of Credit. Whereas Landlord is unwilling to lease the Additional Premises to Tenant unless Tenant provides additional security for Tenant's obligations under the Lease, Tenant shall, on or before the Rent Commencement Date, deposit with Landlord an irrevocable letter of credit ("Additional Letter of Credit") in the amount of Fifty Thousand ($50,000.00) Dollars issued by a bank (other than Silicon Valley Bank) acceptable to Landlord in Landlord's sole discretion as security for the full and faithful performance of Tenant's obligations under the Lease. Landlord hereby approves both Xxxxx Fargo and Bank of America as issuing banks for such Additional Letter of Credit. The provisions of Paragraph 7.B shall apply to the Additional Letter of Credit. Landlord shall have no obligation to proceed against any security which it holds for Tenant's obligations under the Lease in any particular order.
Additional Letter of Credit. Landlord represents and agrees that the requirement for Tenant to maintain the Additional Letter of Credit in the amount of $26,679.00 pursuant to Section IV of the Second Amendment shall be returned to Tenant within 30 days following the Reduction Effective Date, subject to Landlord’s rights therein; provided, however, it being understood that if the New Agreement is not executed on or before August 1, 2018, then Tenant’s obligation to maintain the Additional Letter of Credit in the amount of $26,679.00 shall remain and the provisions of Section IV of the First Amendment shall continue in full force and effect as if this Amendment had not been executed.
Additional Letter of Credit. Landlord is currently holding a Letter of Credit in the amount of $614,548.33. Concurrently with Tenant’s delivery of this Amendment, in lieu of a cash Security Deposit, Tenant may deliver to Landlord, an additional letter of credit in the amount of $26,679.00 (the “Additional Letter of Credit”), which Additional Letter of Credit shall be in form and with the substance of Exhibit B attached hereto. The Additional Letter of Credit shall be issued by a financial institution acceptable to Landlord with a branch in San Diego County, California, at which draws on the Additional Letter of Credit will be accepted. The Additional Letter of Credit shall provide for automatic yearly renewals throughout the Term for the Expansion Space, and shall have an outside expiration date (if any) that is not earlier than 30 days after the expiration of the Term for the Expansion Space. In the event the Additional Letter of Credit is not continuously renewed through the period set forth above, or upon any breach under the Lease by Tenant, including specifically Tenant's failure to pay Rent or to abide by its obligations under Sections 7.1 and 15.3 of the Lease, Landlord shall be entitled to draw upon said Additional Letter of Credit by the issuance of Landlord's sole written demand to the issuing financial institution. Any such draw shall be without waiver of any rights Landlord may have under the Lease or at law or in equity as a result of any default by Tenant.
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: Adjustment Date Stated Amount 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. 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.
