Agent agrees that it will return to Borrower any cash security deposit (including any interest thereon) and/or Tenant Letter of Credit that was originally delivered to Administrative Agent by reason of the occurrence of a Default, if such Default is no longer existing and Administrative Agent would not otherwise be entitled to hold such security deposit or Tenant Letter of Credit if such Default had not occurred.
Additionally, if any other event has occurred pursuant to which a tenant's security deposit (including any interest thereon) or Tenant Letter of Credit (or any portion thereof) is required to be returned to a tenant, whether pursuant to its Lease (or other agreement with such tenant covering the same) or by operation of law, Administrative Agent agrees to timely do so whether or not a Default then exists.
Borrower agrees to give Lender prompt written notice of any material default under any Lease or any guaranty or other document or instrument related thereto if such Lease or guaranty has a Tenant Letter of Credit in lieu of a security deposit, or the existence of any other circumstance or state of facts of which Borrower has knowledge giving rise to a right for the beneficiary under the applicable Tenant Letter of Credit to make any full or partial draw thereunder.
Immediately following any partial draw by Borrower under a Tenant Letter of Credit held by Administrative Agent hereunder, the Borrower shall return (or cause to be returned) the original Tenant Letter of Credit to Lender to be held by Administrative Agent in accordance with this Section 9.11.
The Tenant Letter of Credit shall be transferable by Lender and its successors and assigns at a New York City bank.