Letters of Credit as Tenant Security Deposits. With respect to any security deposits which are letters of credit, Seller shall, if the same may be assigned or quitclaimed by Seller, (i) deliver to Buyer at the Closing such letters of credit, (ii) execute and deliver such other instruments as the issuers of such letters of credit shall reasonably require, and (iii) cooperate with Buyer to change the named beneficiary under such letters of credit to Buyer so long as Seller does not incur any additional liability or expense in connection therewith.
Letters of Credit as Tenant Security Deposits. With respect to any security deposits which are letters of credit, Seller shall, if the same are assignable, (i) deliver to Buyer at the Closing such letters of credit, (ii) execute and deliver such other instruments as the issuers of such letters of credit shall reasonably require, and (iii) cooperate with Buyer to change the named beneficiary under such letters of credit to Buyer so long as Seller does not incur any additional liability or expense in connection therewith.
Letters of Credit as Tenant Security Deposits. If applicable, all original letters of credit which are security deposits under the Leases and the transfer documentation as described in Section 8.1.
Letters of Credit as Tenant Security Deposits. With respect to any security deposits which are letters of credit, Prudential shall, if the same are assignable, (i) deliver to Meridian at the Closing such letters of credit, (ii) execute and deliver such other instruments as the issuers of such letters of credit shall reasonably require, and (iii) cooperate with Meridian to change the named beneficiary under such letters of credit to Meridian so long as Prudential does not incur any additional liability or expense in connection therewith.
Letters of Credit as Tenant Security Deposits. With respect to --------------------------------------------- any security deposits which are letters of credit, Prudential shall, if the same are assignable, (i) deliver to REIT OP at the Closing such letters of credit, (ii) execute and deliver such other instruments as the issuers of such letters of credit shall reasonably require to assign such letters of credit, and (iii) cooperate with REIT OP to change the named beneficiary under such letters of credit to REIT OP so long as Prudential does not incur any additional liability or expense in connection therewith.
Letters of Credit as Tenant Security Deposits. Tenant obligations under the Leases to post security deposits with the landlord have expired. Seller does not possess any cash security deposits or security deposits in the form of letters of credit from any tenants under any of the Leases;
Letters of Credit as Tenant Security Deposits. With respect to any security deposits which are letters of credit, Seller shall, if the same are assignable, (i) deliver to Buyer at the Closing such letters of credit,(ii) execute and deliver such other instruments as the issuers of such letters of credit shall reasonably require, and (iii) cooperate with Buyer to change the named beneficiary under such letters of credit to Buyer so long as Seller does not incur any additional liability or expense in connection therewith. Notwithstanding the foregoing to the contrary, Seller can complete after Closing the requirements of this Section 6.3(1) not completed thereby, at which point the obligations under this Section 6.3(1) shall survive Closing and not merge into the Deed. If letters of credit are not assignable, Seller shall undertake the obligation to obtain a new letter of credit from such tenant for the benefit of Buyer.
Letters of Credit as Tenant Security Deposits. To the extent a tenant security deposit is held by Seller in the form of a letter of credit, all original letters of credit (each, an “LOC”). Seller shall execute and deliver on or prior to Closing such other instruments as the issuer of such LOC shall reasonably require in order to cause the named beneficiary under such LOC to be changed to Purchaser. If any LOC is transferable solely by the beneficiary, Seller agrees to obtain and complete the required transfer form(s) from the financial institution that issued the LOC and deposit the same with the original of such LOC with the Title Company at Closing, and any transfer fees payable in connection therewith shall be credited against the Sales Price payable to Seller at Closing. If any LOC cannot be unilaterally transferred by the beneficiary, then Seller shall deliver said original LOC into escrow at Closing and Seller will cooperate, at no out-of-pocket cost to Seller, with Purchaser to obtain a new LOC with Purchaser as the beneficiary or to change the named beneficiary under such LOC. In such an event, if a default by tenant should occur after the Closing that would give rise to the landlord having the right to cash the existing LOC before a replacement LOC is obtained, and the proceeds of such LOC are assignable pursuant to its terms, then Seller shall draw upon such LOC on Purchaser’s behalf so long as Purchaser delivers the existing LOC back to Seller. Purchaser hereby indemnifies and holds Seller harmless against any claims, liabilities, fees, costs or expenses incurred by Seller in connection with the performance of its obligations under the immediately preceding sentence. This Section 4(b)(vii) shall survive the Closing.
Letters of Credit as Tenant Security Deposits. With respect to any security deposits which are letters of credit, Seller shall, if the same may be assigned or quitclaimed by Seller, (i) deliver to Buyer at the Closing such letters of credit, (ii) at Closing, execute and deliver such other instruments as the issuers of such letters of credit shall reasonably require, and (iii) cooperate with Buyer to change the named beneficiary under such letters of credit to Buyer so long as Seller does not incur any additional liability or expense in connection therewith. The terms of this Section 7.3(j) shall survive the Closing and not be merged therein with respect to any letter of credit assigned to Buyer as of Closing.
Letters of Credit as Tenant Security Deposits. With respect --------------------------------------------- to any security deposits which are letters of credit, the Partnership shall, if the same are assignable, (i) deliver to BPECW LLC on the date hereof such letters of credit, (ii) execute and deliver such other instruments as the issuers of such letters of credit shall reasonably require, and (iii) cooperate with BPECW LLC to change the named beneficiary under such letters of credit to BPECW LLC so long as the Partnership does not incur any additional liability or expense in connection therewith.
