Third Drawing Condition Sample Clauses

Third Drawing Condition. Landlord has not received a renewed ILC nor ----------------------- an 1LC commitment issued for a minimum of an additional one (1) year period as of the date which is fourteen (14) days prior to the then stated. expiration date of the ILC. In the event of the First Drawing Condition set forth above occurs, the Landlord shall have the right to draw upon the ILC and retain the proceeds of said ILC or other form of Security Deposit held hereunder as payment for Tenant's violation of the security provision set forth herein. In no event, however, shall any payments rendered hereunder be construed as liquidated damages and Landlord shall have all rights at law and in equity reserved; provided, however, that the amount of the Security Deposit paid to Landlord shall reduce, but not below zero, the amount of damages which may be owing by Tenant to Landlord on account of the Event of Default. In the event the Second Drawing Condition occurs, the Landlord shall have the tight to draw upon the ILC and retain the amount of proceeds of said ILC or other form of Security Deposit held hereunder equal to the amount of past due Base Rent payable under the terms of the Lease plus reasonable costs of collection thereof with the balance of the ILC proceeds to be remitted to Landlord's lender, Shawmut Bank, N.k (the "Custodian"), as custodian. Such proceeds shall be held by Custodian in escrow under the Pledge and Custodial Agreement as required for any non-TLC Security Deposit hereunder unless and until the ILC is replaced with another ILC complying with this section. If the amount of said past due Base Rent plus costs is not reimbursed by Tenant in the form of a replacement ILC or additional Security Deposit to the Custodian for a period of sixty (60) days following notice to Tenant that the amount of Base Rent is past due, then, upon written notice from Landlord, the remaining proceeds of the ILC or other form of Security Deposit held by Custodian shall be Immediately remitted to Landlord as payment for Tenant's violation of the security provision set forth herein and treated in the manner described above as if the First Drawing Condition occurred. If the Third Drawing Condition is satisfied, all of the proceeds of the ILC may be drawn for immediate remittance to Custodian and such proceeds shall be held by Custodian in escrow under the Pledge and Custodial Agreement as required for any non-ILC Security Deposit hereunder, unless and until the ILC is replaced with another IL...