Right to Draw. (i) If the Security Deposit is in the form of cash, in the event of any default (after the expiration of any applicable cure period expressly set forth in Section 16.01 hereof) by Tenant hereunder, Landlord shall have the right, but shall not be obligated, to apply all or any portion of the Security Deposit to compensate Landlord (whether in whole or in part) for such default, in which event, within fifteen (15) days thereafter, Tenant shall be obligated to deposit with Landlord the amount necessary to restore the balance of the Security Deposit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the payment by Tenant to restore such Security Deposit shall operate to cure such default or to estop Landlord from pursuing any remedy to which Landlord would otherwise be entitled.
Right to Draw. Subject to paragraph E below, PIC or its successors in interest may draw, at any time and from time to time, without diminution or restriction because of the insolvency of either PIC or Cumis, upon the established letter of credit, trust fund or subsequent cash deposit.
Right to Draw. 1. If the Security Deposit is in the form of cash, in the event of any Default by Tenant hereunder, Landlord shall have the right, but shall not be obligated, to apply all or any portion of the Security Deposit to compensate Landlord (whether in whole or in part) for such default, in which event, within five (5) business days thereafter, Tenant shall be obligated to deposit with Landlord the amount necessary to restore the balance of the Security Deposit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the payment by Tenant to restore such Security Deposit shall operate to cure such default or to estop Landlord from pursuing any remedy to which Landlord would otherwise be entitled, unless and until Tenant has fully compensated Landlord for any damage resulting from such default and Tenant has restored any Security Deposit and otherwise complied with the terms hereof.
Right to Draw. 27 E. Right to Pledge or Assign....................................... 27 F.
Right to Draw. (i) In the event of any default by BroadSoft hereunder (after any applicable notice and cure period set forth herein, except if BroadSoft is the subject of a voluntary or involuntary bankruptcy proceeding as described in Section 23.01 of the Lease, in which case, no such notice and cure period shall apply) MIASI shall have the right to draw upon the Letter of Credit in whole or in part and apply the proceeds thereof as may be necessary to compensate MIASI for any default under this Sublease on the part of BroadSoft, and BroadSoft, within fifteen (15) days after MIASI delivers written demand therefor to BroadSoft, shall forthwith restore the Letter of Credit to its original amount; provided, however, neither the application of the security deposit as set forth above nor the restoration by BroadSoft of such security deposit shall operate to cure such default or to estop MIASI from pursuing any remedy to which MIASI would otherwise be entitled, unless and until BroadSoft has fully compensated MIASI for any damage resulting from such default and BroadSoft has restored any security deposit and otherwise complied with the terms hereof. Should MIASI elect to draw the full amount of the Letter of Credit upon a default by BroadSoft, BroadSoft expressly waives any right it might otherwise have to prevent MIASI from drawing on the Letter of Credit and agrees that an action for damages and not injunctive or other equitable relief shall be BroadSoft’s sole remedy in the event BroadSoft disputes MIASI’s claim to any such amounts.
Right to Draw. Lender shall have the right to draw upon the Borrower Letter of Credit in the full amount thereof upon the occurrence of any Default. In the event that the Borrower Letter of Credit will not be renewed for any reason, Borrower shall either (a) deliver a substitute or replacement letter of credit in form and content reasonably satisfactory to Lender (a "Replacement Letter of Credit") prior to the date (the "Replacement Date") that is thirty (30) days prior to the expiration of the Borrower Letter of Credit or (b) elect to reinstate the Capital Expenditure Impounds by delivering to Lender the sum of $61,308 (the "Reinstatement Deposit") prior to the Replacement Date and $10,218 on each payment date thereafter for payment or reimbursement of Capital Expenditures. The failure of Borrower to either deliver a Replacement Letter of Credit or the Reinstatement Deposit prior to the Replacement Date shall be considered a Default under the Loan Documents, and Lender shall, in addition to any other remedy available to Lender under the Loan Documents, be entitled to draw upon the Borrower Letter of Credit in the full amount thereof.
Right to Draw. Lender shall have the right to draw upon the Borrower Letter of Credit in the full amount thereof upon the occurrence of (i) any Default or (ii) the receipt by Lender of notice stating that the Borrower Letter of Credit will not be renewed (as provided for in such Borrower Letter of Credit) and, in the event of such nonrenewal (whether by notice by the issuing bank or otherwise), the failure of Borrower to deliver a substitute or replacement letter of credit in form and content satisfactory to Lender prior to the date that is thirty (30) days prior to the expiration of the Borrower Letter of Credit.
Right to Draw. (1) In the event of any default by Subtenant hereunder that continues after notice and the expiration of any applicable cure period under this Sublease, Sublessor shall have the right to draw upon the Letter of Credit in whole or in part and apply the proceeds thereof as may be necessary to compensate Sublessor for any such default under this Sublease on the part of Subtenant, and Subtenant, within three (3) business days after Sublessor delivers written demand therefor to Subtenant, shall forthwith restore the Letter of Credit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the restoration by Subtenant of such Security Deposit shall operate to cure such default or to estop Sublessor from pursuing any remedy to which Sublessor would otherwise be entitled.
Right to Draw. Lessor shall be entitled to draw on that portion of the ------------- Letter of Credit which Lessor in good faith determines to be necessary to cure Lessee's default (or, in the event Lessor is barred by applicable law, specifically including any laws with respect to insolvency, from issuing to Lessee a default notice, Lessee's breach) of any Lease provision(s). Any such draw shall be made by Xxxxxx's written signed statement to the drawee bank of (i) a default by Lessee or its Transferee(s) under this Lease (and the passing of the applicable cure period provided in the Lease without a cure of the default, subject to the provisions of Section 10.6 below) or (ii) a breach of the Lease by Lessee with respect to which Lessor is barred by applicable law, specifically including any laws with respect to insolvency, from issuing to Lessee a default notice. No other act or notice whatsoever shall be required by Xxxxxx in order to be entitled to draw on the entire sum of the Letter of Credit. Any sums remaining after deduction by Lessor of the amounts owed by Lessee pursuant to the default or breach under this Lease shall be treated as a Security Deposit as provided in Section 10.3 below.
Right to Draw. 27 E. Right to Pledge or Assign. . . . . . . . . . . . . . . . . . . . . . . . . . . 28 F.
