Replacement After Draw Clause Samples

Replacement After Draw. If Landlord or the Beneficiary uses any portion of either Letter of Credit, or the cash security deposit resulting from a draw on either Letter of Credit, to cure any Default by Tenant hereunder and/or for any other reason permitted or contemplated by this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ may, at its election, so inform Tenant in writing and request that Tenant provide a replacement Letter of Credit or pay to Landlord a sum sufficient to return the applicable Letter(s) of Credit or cash security to one hundred percent (100%) of the amount specified in the Basic Lease Information. Within five (5) business days of the receipt by Tenant of such a notice from Landlord, Tenant shall provide a replacement Letter of Credit to Landlord or pay to Landlord in cash or immediately available funds the sum so requested, and the sum so paid by Tenant shall be held by Landlord as a part of the required lease security hereunder (until an acceptable replacement Letter of Credit is provided). Tenant’s failure to provide such replacement Letter of Credit or make such payment within such time period shall constitute a Default under this Lease without the necessity of further notice or opportunity to cure. Such replenishment obligation shall bear interest at the Default Rate hereunder, and Tenant acknowledges that attachment will be a proper remedy by which Landlord may seek to recover the amount that Tenant has then failed to pay. Any unused portion of the funds so obtained by Landlord or the Beneficiary shall be returned to Tenant upon replacement of either Letter of Credit in the full required amount.