Common use of Security Amount Clause in Contracts

Security Amount. Within five (5) days following the Consent Date, Subtenant shall deliver to Sublandlord security (the “Security”) for the faithful performance by Subtenant of all of its obligations under this Sublease and for all losses and damages Sublandlord may suffer as a result of Subtenant’s default (beyond applicable notice and cure periods) of this Sublease, in the amount equal to $372,920 (the “Security Amount”), either in the form of a cash Security Deposit or a Letter of Credit, as provided for below. Without prejudice to any other remedy available to Sublandlord under this Sublease or at law, if Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults (in all events beyond applicable notice and cure periods) with respect to any provisions of this Sublease, Sublandlord may use, apply or retain all or any portion of the Security Deposit or draw on the Letter of Credit, as the case may be, for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby (specifically excluding consequential, special or punitive damages).

Security Amount. Within five (5) days following the Consent Date, Subtenant shall deliver to Sublandlord security (the “Security”) for the faithful performance by Subtenant of all of its obligations under this Sublease and for all losses and damages Sublandlord may suffer as a result of Subtenant’s default (beyond applicable notice and cure periods) of this Sublease, in the amount equal to $372,920 124,307 (the “Security Amount”), either in the form of a cash Security Deposit or a Letter of Credit, as provided for below. Without prejudice to any other remedy available to Sublandlord under this Sublease or at law, if Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults (in all events beyond applicable notice and cure periods) with respect to any provisions of this Sublease, Sublandlord may use, apply or retain all or any portion of the Security Deposit or draw on the Letter of Credit, as the case may be, for the payment of any rent or other sum in default or for the payment of any other sum to which Sublandlord may become obligated by reason of Subtenant’s default, or to compensate Sublandlord for any loss or damage which Sublandlord may suffer thereby (specifically excluding consequential, special or punitive damages).