Common use of TENANT SECURITY Clause in Contracts

TENANT SECURITY. The Tenant shall provide in favor of the Landlord a Letter of Credit, in the amount of [***] (the “Tenant Security”); provided, that no such Tenant Security shall be required unless and until one hundred percent (100%) of the Rent Credit Amount has been applied in accordance with Section 4.1. Any Tenant Security provided pursuant to this Section 15.5 shall automatically expire on the earlier to occur of (i) FID and (ii) the fifth (5th) anniversary of the Ground Lease Commencement Date. The Landlord shall have the right to draw upon or make a claim against the Tenant Security upon the occurrence and continuation of an Event of Default resulting from the Tenant’s failure to make any payments owing under this Ground Lease, after the giving of any required notice hereunder and the expiration of any applicable cure period, including the cure periods set forth in Section 15.2, in each case, for an amount not to exceed the amount the non-payment of which gave rise to the Event of Default. All amounts drawn and actually paid under the Tenant Security shall be deemed applied to the applicable outstanding unpaid amount and upon such payment, if the amount paid is sufficient to satisfy in full the non-payment, the Event of Default giving rise to the Landlord’s right to make a claim against the Tenant Security shall be deemed to be cured. Any Letter of Credit posted by the Tenant as Tenant Security shall permit the Landlord to draw the entire amount available thereunder if such Letter of Credit is not renewed or replaced at least thirty (30) calendar days prior to its stated expiration date. The Tenant shall have the right, in its sole discretion, to replace the Tenant Security with the same form of the Tenant Security at any time.