Common use of Additional Rights of Lender Clause in Contracts

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, and Borrower shall have failed to provide a replacement Letter of Credit within five (5) Business Days thereof. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, Institution and Borrower shall have failed to provide a replacement substitute Letter of Credit is not provided within five thirty (530) Business Days thereofdays of such notice. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty fifteen (3015) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty fifteen (3015) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty fifteen (3015) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is providedprovided at least fifteen (15) days prior to such termination); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, Institution and Borrower shall have failed to provide a replacement substitute Letter of Credit is not provided within five fifteen (515) Business Days thereofdays of such cessation. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a), (b), (c) or (d) above and shall not be liable for for, any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, and Borrower shall have failed to provide a replacement Letter of Credit within five (5) Business Days thereof. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter Provided no Event of Credit proceeds shall be disbursed to Lender hereunderDefault is continuing, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either draws of a Letter of Credit or under this Section 6.11.2 shall thereafter be held as Reserve Guaranty in the amount of the cash proceeds then remaining after application Funds in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guarantythis Agreement.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, and Borrower shall have failed to provide a replacement Letter of Credit within five (5) Business Days thereof. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in clauses (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, Institution and Borrower shall have failed to provide has not substituted a replacement Letter of Credit from an Eligible Institution within five ten (510) Business Days thereofafter notice or (e) if the bank issuing the Letter of Credit shall not consent to the assignment of the Letter of Credit to such party as Lender shall request and Borrower has not substituted a Letter of Credit from an Eligible Institution within ten (10) Business Days after receiving notice from Lender of such failure to consent by the issuing bank. If Lender draws upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall apply all or any part thereof for the purposes for which such Letter of Credit was established. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a), (b), (c) (d) or (de) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, and Borrower shall have failed to provide a replacement Letter of Credit within five (5) Business Days thereof. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, Approved Bank and Borrower Borrowers shall not have failed to provide a replacement replaced such Letter of Credit with a Letter of Credit issued by an Approved Bank within five ten (510) Business Days after notice thereof. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower Borrowers due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit Credit’ will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is providedprovided at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to terminate); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, and Borrower shall have failed to provide a replacement Letter of Credit within five (5) Business Days thereofApproved Bank. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible InstitutionInstitution and within fifteen (15) Business Days after Lender notifies Borrower in writing of such circumstance, and Borrower shall have failed fail to provide deliver to Lender a replacement substitute Letter of Credit within five (5) Business Days thereofissued by an Eligible Institution. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights right to draw in full upon any Letter of CreditCredit in full: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, Approved Bank and Borrower shall have failed to provide a replacement substitute Letter of Credit within five is not provided at least fifteen (515) Business Days thereofdays from the date Lender receives such notice. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw upon any Letter of Credit upon the happening of an event specified in clauses (a), (b), (c) or (db) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn upon the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the -84- terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible InstitutionInstitution and within fifteen (15) Business Days after Lender notifies Borrower in writing of such circumstance, and Borrower shall have failed fail to provide deliver to Lender a replacement substitute Letter of Credit within five (5) Business Days thereofissued by an Eligible Institution. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.

Additional Rights of Lender. In addition to any other right Lender Agent may have to draw upon a Disposition Letter of Credit pursuant to the terms terms, covenants, provisions and conditions of this Agreement, Lender Agent shall have the additional rights right to draw in full any Disposition Letter of Credit: Credit if Agent shall have received notice (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the Eligible Institution issuing bank such Disposition that the such Letter of Credit will not be renewed and and/or a substitute Disposition Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding such Disposition Letter of Credit is scheduled to expire; (b) with respect to any from the Eligible Institution issuing the Disposition Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Disposition Letter of Credit will be terminated (except if the termination of such Disposition Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Disposition Letter of Credit is provided); or (dc) if Lender has received notice from any Person or otherwise reasonably determines that the bank issuing the Disposition Letter of Credit shall cease to be an Eligible Institution. Upon the occurrence of an event specified in (a), and Borrower (b) or (c) above, Agent shall have failed the right, at its option, to provide a replacement draw on and hold up to the full amount of any Disposition Letter of Credit within five (5as additional security for the Debt) Business Days and to apply all or any part thereof, in Agent's sole and absolute discretion, to payment of the Debt in such order, proportion or priority as Agent in its sole and absolute discretion may determine. Notwithstanding anything to the contrary contained in the above, Lender is Agent shall not be obligated to draw on any Disposition Letter of Credit upon the happening occurrence of an any event specified in (a), (b), (c) or (dc) above and shall not be liable for any losses Losses sustained by any Borrower Affiliate due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the any Disposition Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.* * *

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with b)with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, and Borrower shall have failed to provide a replacement Letter of Credit within five (5) Business Days thereof. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (ai) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty forty five (3045) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (bii) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty forty five (3045) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty forty five (3045) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (ciii) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement hereof or a substitute Letter of Credit is providedprovided by no later than forty five (45) days prior to such termination); or (div) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, Approved Bank and Borrower has not substituted a Letter of Credit from an Approved Bank within fifteen (15) days after notice; and/or (v) if the bank issuing the Letter of Credit shall have failed fail to provide (A) issue a replacement Letter of Credit within five in the event the original Letter of Credit has been lost, mutilated, stolen and/or destroyed or (5B) Business Days thereofconsent to the transfer of the Letter of Credit to any Person designated by Lender. If Lender draws upon a Letter of Credit pursuant to the terms and conditions of this Agreement, provided no Event of Default exists, Lender shall apply all or any part thereof for the purposes for which such Letter of Credit was established. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (ai), (bii), (ciii), (iv) or (dv) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit unless upon the occurrence of any of the events set forth in clauses (i) through (iii), Borrower has delivered a cash deposit to Lender in the amount of the Letter of Credit to replace such Letter of Credit: (ai) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank Issuing Bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty fifteen (3015) days Business Days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (cii) upon receipt of notice from the issuing bank Issuing Bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (diii) if Lender has received notice that the bank issuing the Letter of Credit Issuing Bank shall cease to be an Eligible Institution, Institution and Borrower shall have failed fails to provide deliver a replacement Letter of Credit within five fifteen (515) Business Days thereofafter Borrower’s receipt of notice from Lender that the Issuing Bank is no longer an Eligible Institution. If Lender draws on the Letter of Credit pursuant to this Section 7.8(c) and no Event of Default exists and is continuing, then Lender shall apply the proceeds of the Letter of Credit to Borrower’s reserve obligations under this Agreement. Notwithstanding anything to the contrary contained in the aboveherein, Lender is shall not be obligated to draw upon any Letter of Credit upon the happening of an event specified in clauses (ai), (b), (cii) or (diii) above and shall not be liable for any losses sustained by Borrower due to as a result of the insolvency of the bank issuing the Letter of Credit if Lender has not drawn upon the Letter of Credit. If Borrower shall not be entitled to draw from any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve GuarantyCredit.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender Xxxxxx has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender Xxxxxx has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (d) if Lender Xxxxxx has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, and Borrower shall have failed to provide a replacement Letter of Credit within five (5) Business Days thereof. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in clauses (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender Xxxxxx has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect The failure of Lender to insist upon strict performance of any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will term hereof shall not be renewed and deemed to be a substitute Letter waiver of Credit is any term of this Security Instrument. Borrower shall not provided at least thirty be relieved of Borrower’s obligations hereunder by reason of (30i) days prior the failure of Lender to comply with any request of Borrower or any Guarantor to take any action to foreclose this Security Instrument or otherwise enforce any of the date on which provisions hereof or of the outstanding Letter Note or the other Loan Documents, (ii) the release, regardless of Credit is scheduled to expire; consideration, of the whole or any part of the Property, or of any Person liable for the Debt or any portion thereof, or (iii) any agreement or stipulation by Lender extending the time of payment or otherwise modifying or supplementing the terms of the Note, this Security Instrument or the other Loan Documents (b) with respect to any Letter It is agreed that the risk of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior loss or damage to the date Property is on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, and Borrower shall have failed to provide a replacement Letter of Credit within five (5) Business Days thereof. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereofBorrower, and Lender shall promptly disburse have no liability whatsoever for decline in value of the Property, for failure to maintain the insurance policies, or for failure to determine whether insurance in force is adequate as to the amount of risks insured, (c) Trustee or Lender may resort for the payment of the Debt to any other security for the debt held by Trustee or Lender in such remaining cash proceeds order and manner as Trustee or Lender, in its discretion, may elect Lender may take action to Borrower upon its receipt recover the Debt, or any portion thereof, or to enforce any covenant hereof without prejudice to the right of such replacement Letter Trustee or Lender thereafter to foreclose this Security Instrument. The rights of Credit Lender and Trustee under this Security Instrument shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Trustee or Reserve Guaranty.Lender shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. Lender and Trustee shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to every right and remedy now or hereafter afforded at law or in equity

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, and Borrower shall have failed to provide a replacement Letter of Credit within five (5) Business Days thereof. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If In the event that Lender draws on any Letter of Credit proceeds relating to Reserve Funds pursuant to this Section 6.11.2, Lender shall be disbursed deposit any funds drawn under such Letter of Credit with the applicable Reserve Funds. Lender shall use commercially reasonable efforts to give Borrower notice that Lender hereunder, Borrower shall thereafter be permitted intends to deliver to Lender, as a replacement for such cash proceeds, either draw under a Letter of Credit or Reserve Guaranty under the circumstances set forth in the amount of the cash proceeds then remaining after application in accordance with the terms hereofthis Section 6.11.2, and provided that Lender shall promptly disburse such remaining cash proceeds have no liability for its failure to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guarantyso notify Borrower.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit or cash in the amount of the outstanding Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit or cash in the amount of the outstanding Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a substitute Letter of Credit or cash is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution, Institution and Borrower shall have failed to provide a replacement substitute Letter of Credit has not been provided within five ten (510) Business Days thereofdays. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either draws upon a Letter of Credit or Reserve Guaranty in Credit, the amount so drawn shall be deposited by Lender into the related account established pursuant to the Cash Management Agreement, provided no Event of the cash proceeds Default then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guarantyexists.

Additional Rights of Lender. In addition to any other right Lender may have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) with respect to any evergreen Letter of Credit, if Lender has received a notice from the issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit is scheduled to expire and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (c) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement Agreement, or any other Loan Document or a substitute Letter of Credit is provided); or (d) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an L/C Eligible Institution, and Borrower shall have failed to provide a replacement Letter of Credit within five (5) Business Days thereof. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of an event specified in (a), (b), (c) or (d) above and shall not be liable for any losses sustained by Borrower or Maryland Owner due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit. If any Letter of Credit proceeds shall be disbursed to Lender hereunder, Borrower shall thereafter be permitted to deliver to Lender, as a replacement for such cash proceeds, either a Letter of Credit or Reserve Guaranty in the amount of the cash proceeds then remaining after application in accordance with the terms hereof, and Lender shall promptly disburse such remaining cash proceeds to Borrower upon its receipt of such replacement Letter of Credit or Reserve Guaranty.