Example ContractsClausesletter of credit feesVariants
Letter of Credit Fees
Letter of Credit Fees contract clause examples

Letter of Credit. Landlord is currently holding a Letter of Credit in the amount of $444,890.20. Notwithstanding any terms and conditions of this Lease to the contrary, as of the date of Tenant’s signature to this Fourth Amendment, and as a condition to the effectiveness of this Fourth Amendment, the Letter of Credit shall be amended or replaced so as to increase the amount to $594,725.50. The Letter of Credit shall be amended or replaced so as to increase the amount to $1,151,206 on or before the Premises F Commencement Date. The Letter of Credit shall be amended or replaced so as to increase the amount to $1,540,668.00 on or before the Premises D Commencement Date. All other terms and condition set forth in [Article 8.2] of the Lease with respect to the Letter of Credit shall remain in full force and effect.

Letter of Credit. Landlord is currently holding a Letter of Credit in the amount of $8,200,184.00 as collateral for Tenant’s performance of its obligations under the Lease, as amended hereby. No additional letter of credit shall be required in connection with this Amendment.

Letter of Credit; Increase of L-C Amount. The L-C currently held by Landlord is in the amount of $870,277.56. In connection with this Third Amendment, Landlord and Tenant herby agree that the L-C Amount shall be increased to a new total amount equal to $1,523,768.76 (the “New L-C Amount”). Accordingly, within fifteen (15) days following the Effective Date, Tenant shall provide Landlord with either # a new L-C in such amended L-C Amount, which new L-C complies with the requirements of the Lease and Landlord shall concurrently return the existing L-C, or # an amendment to the L-C (in form and content reasonably acceptable to Landlord) in order that the L-C, as amended, is in the New L-C Amount.

Landlord currently holds a Security Deposit in the amount of $72,102.00 under the Lease. Concurrently with Tenant’s delivery of a signed original of this Sixth Amendment to Landlord, Tenant shall deliver to Landlord an amended Letter of Credit which increases the amount of the existing Letter of Credit being held by Landlord to $177,359.00 or an additional Letter of Credit in the amount of $105,257.

Concurrently with Tenant’s delivery of an executed copy of this Fourth Amendment to Landlord, Tenant shall deliver an amendment to the existing Letter of Credit being held by Landlord reducing the amount of such Letter of Credit from $440,000.00 to $270,000.00.

Security Deposit. The parties hereby acknowledge that Landlord is currently holding a Security Deposit in the form of a Letter of Credit in the amount of One Hundred Twenty-Three Thousand Three Hundred Seventy-Five and 00/100 Dollars ($123,375.00) pursuant to Paragraph 2 # of the Lease. Tenant shall, at the time that Tenant executes and delivers this Amendment to Landlord, deliver an amendment to the Letter of Credit increasing the amount to $156,862.89 or deliver a replacement letter of credit satisfying the requirements of the Lease from an issuer approved by Landlord in the amount of $156,862.89.

Landlord is currently in possession of a letter of credit in the amount of $111,345.00 as credit enhancement under the Lease (the “LC Security”). Contemporaneously with Landlord’s and Tenant’s execution and delivery of this Amendment, Tenant shall deliver to Landlord an additional amount of $32,014.00 as an increase to the LC Security. The entire sum (i.e., 143,359.00) shall be held as the L/C Security pursuant to Article 21 of the Original Lease as amended by this Amendment through the date Tenant has satisfied all its obligations under the Lease.

LETTER OF CREDIT. The Parties acknowledge that upon execution of this Amendment, Tenant shall terminate the previous letter of credit, in the amount of $250,000, and issue a new letter of credit in the amount of $400,000, pursuant to the amended terms of the Lease.

Letter of Credit; Security Deposit. Landlord and Tenant acknowledge that, in accordance with Section 8 of the First Amendment and Section 8 of the Second Amendment, Tenant has previously delivered an L-C in the amount of $201,816.64 and a cash Security Deposit in the amount of $200,219.66 to Landlord. Pursuant to the Third Amendment, Tenant is obligated to increase the L-C or cash Security Deposit by an amount equal to $235,556.52 prior to the Third Expansion Commencement Date. Notwithstanding anything in the Lease to the contrary, concurrent with Tenant’s execution of this Fifth Amendment, Tenant shall provide an L-C (via delivery of a new L-C in such amount or an amendment to the existing L-C, which shall in either event be in a form reasonably acceptable to Landlord and in conformance with the terms of the Lease) in the total amount of $1,218,810.74 (the "New L-C"). To the extent that the total amount held by Landlord at any time after the Effective Date as security for the Lease, as hereby amended, is less than the amount required, Tenant shall provide the difference to Landlord pursuant to the terms of the Lease. Following receipt of the New L-C, Landlord shall return the cash Security Deposit currently held by Landlord.

Concurrent with Tenant’s delivery of an executed copy of this First Amendment to Landlord, Tenant shall deliver to Landlord a replacement Letter of Credit in the full amount of the Security Deposit, or amend the existing Letter of Credit in the amount of $34,000 to the full amount of the Security Deposit.

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