Common use of Permitted Security Clause in Contracts

Permitted Security. Tenant shall provide the Security Deposit to Landlord in the form of one or more letters of credit (“LC”) meeting the criteria set forth in Section 3(E)(7) (“Permitted Security”); provided that, the aggregate number of LCs forming a part of the security Deposit shall at no time exceed four (4). Tenant shall immediately notify Landlord in writing if Tenant acquires actual knowledge (from a source other than Landlord) that any LC provided to Landlord no longer constitutes Permitted Security.

Permitted Security. Tenant shall provide the Security Deposit to Landlord in the form of one or more letters of credit (“"LC”") meeting the criteria set forth in Section 3(E)(7) (“"Permitted Security”"); provided that, the aggregate number of LCs forming a part of the security Security Deposit shall at no time exceed four (4). Tenant shall immediately notify Landlord in writing if Tenant acquires actual knowledge (from a source other than Landlord) that any LC provided to Landlord no longer constitutes Permitted Security.