Common use of ASSIGNMENT OF LETTER OF CREDIT/MORTGAGEE Clause in Contracts

ASSIGNMENT OF LETTER OF CREDIT/MORTGAGEE. Landlord shall assign the Letters of Credit and its rights thereto in connection with any sale or other transfer of Landlord’s interest in the Buildings. In addition, Landlord shall be entitled to assign the Letter of Credits and/or its rights thereto or to the proceeds therefrom from time to time in connection with an assignment of this Lease to a Mortgagee as security for the obligations of Landlord to such Mortgagee. Tenant shall cooperate with Landlord in connection with any modifications of or amendments to the Letters of Credit that may be reasonably requested by any Mortgagee and/or in connection with any such assignment. At Landlord’s sole election, Landlord may also direct Tenant to cause the Letters of Credit to directly name a Mortgagee as the sole beneficiary thereunder.

ASSIGNMENT OF LETTER OF CREDIT/MORTGAGEE. Landlord shall assign the Letters of Credit and its rights thereto in connection with any sale or other transfer of Landlord’s interest in the Buildings. In addition, Landlord shall be entitled to assign the Letter of Credits and/or Credit and its rights thereto or to the proceeds therefrom from time to time in connection with an assignment of this Lease to a Mortgagee as security for the obligations of Landlord to such Mortgagee, or in connection with a sale or other transfer of Landlord's interest in all or a portion of the Project (provided that, in each instance, Landlord pays any bank fees associated with any transfer of the Letter of Credit). Tenant shall cooperate with Landlord in connection with any modifications of or amendments to the Letters Letter of Credit that may be reasonably requested by any Mortgagee and/or in connection with any such assignment. At Landlord’s 's sole election, Landlord may also direct Tenant to cause the Letters Letter of Credit to directly name a Mortgagee as the sole beneficiary thereunder.