Lease Collateral Sample Clauses
The Lease Collateral clause defines the requirement for the tenant to provide security, such as a security deposit or letter of credit, to the landlord as assurance for fulfilling lease obligations. Typically, this collateral is held by the landlord and may be used to cover unpaid rent, damages beyond normal wear and tear, or other breaches of the lease terms. The core function of this clause is to protect the landlord from financial loss by ensuring there are funds available to remedy tenant defaults or damages.
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Lease Collateral with the full execution and delivery of this Lease by Tenant, Tenant shall deliver to Landlord, as collateral for the full performance by Tenant of all of Tenant's obligations under this Lease and for all losses, liabilities and damages that Landlord may suffer as a result of any failure by Tenant to perform its obligations as and when required under this Lease, a clean, standby, unconditional, irrevocable, transferable letter of credit (the "Letter of Credit") in the form of Exhibit G attached hereto and incorporated herein by this reference, and containing the terms required herein, in the face amount of One Hundred Thirty Six Thousand Six Hundred Sixty Seven and 86/100ths Dollars ($136,667.86) (the "Letter of Credit Amount"), naming Landlord as beneficiary, issued by Bank of America or issued by a financial institution acceptable to Landlord in Landlord's sole and absolute discretion, and confirmed by Bank of America. The Letter of Credit shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant. Following the date of the full execution and delivery of this Lease by Landlord and Tenant, Tenant shall cause the Letter of Credit to be continuously maintained in effect (whether through replacement, renewal or extension) in the Letter of Credit Amount through the date (the "Final LC Expiration Date") that is sixty (60) days after the scheduled expiration date of the Term of this Lease (as such Term may be extended pursuant to this Lease). If the Letter of Credit held by Landlord has a stated expiration date which is earlier than the Final LC Expiration Date or if a notice of termination or non-renewal given by the issuing bank, then Tenant shall deliver a new Letter of Credit or certificate of renewal or extension to Landlord not later than thirty (30) days prior to the expiration date of the Letter of Credit then held by Landlord. Any renewal or replacement Letter of Credit shall comply with all of the provisions of this Article XXIV, shall be a clean, unconditional, irrevocable, transferable standby letter of credit as required in accordance herewith, and shall remain in effect (or be automatically renewable) through the Final LC Expiration Date upon the same terms as the expiring Letter of Credit or such other terms as may be acceptable to Landlord in its sole discretion. Landlord agrees that following the thirtieth (30th) month of the Lease Term, the amount of the letter of credit shall be reduced by Sixty Eight Thousand Three Hun...
Lease Collateral. In connection with each of the Leases, and any subleases of any such Lease, of each Subject Project, Borrowers shall have granted a perfected security interest to Agent in, and, to the extent required by Agent, shall have delivered and assigned to Agent or maintained in the Deposit Account with Bank One (i) all collateral for the obligations of such Tenants and, if applicable, subtenants and Lease Guarantors, including, without limitation, all security deposits and letters of credit and (ii) all property tax reserves and improvement reserves funded by any Tenant (collectively, the "Lease Collateral").
Lease Collateral. All right, title, interest, claims and demands ---------------- of the Debtor in the Leased Assets, to and under each Lease, all other Lease Documents relating thereto (including all tax indemnification agreements), together with Lease Payments in respect of the Leases and all rights, powers, privileges, options and other benefits of the Debtor as lessor under the Leases, including:
(a) the right to Lease Payments;
(b) the right to make all waivers and agreements and to enter into any amendments relating to the Leases or any provision thereof; and
(c) the right to take any action permitted under any Lease or by law upon the occurrence of a default or an event of default under the Leases or an event which, with the lapse of time or the giving of notice, or both, would constitute a default or an event of default under such Lease, including the commencement, prosecution and settlement of legal, administrative or other proceedings, and to do any and all other things whatsoever which the Debtor or any lessor is or may be entitled to do under any Lease.
Lease Collateral. See definition of “Nonrecourse Loan”.
Lease Collateral. In connection with each of the Leases, and the sublease of any such Leases, Borrowers shall have granted a security interest to Agent in, and shall have delivered to Agent to the extent required or shall have maintained in the Deposit Accounts with Bank One, all collateral for the obligations of such tenants and subtenants, including, without limitation, all security deposits and letters of credit (collectively, the "Lease Collateral"). A true and complete description of such Lease Collateral with respect to each Lease is set forth on Exhibit 3.7 hereto.