Bank’s Financial Condition. If, at any time during the Lease Term, the Bank’s long term credit rating is reduced below the Credit Rating Threshold, or if the financial condition of the Bank changes in any other materially adverse way (either, a “Bank Credit Threat”), then Landlord shall have the right to require that Tenant obtain from a different issuer a substitute L/C that complies in all respects with the requirements of this Article 21, and Tenant’s failure to obtain such substitute L/C within ten (10) business days following Landlord’s written demand therefor (with no other notice or cure or grace period being applicable thereto, notwithstanding anything in this Lease to the contrary) shall entitle Landlord, or Landlord’s then managing agent, to immediately draw upon the then existing L-C in whole or in part, without notice to Tenant, as more specifically described in Section 21.3 below. Tenant shall be responsible for the payment of any and all of Landlord’s outside counsel’s reasonable attorneys’ fees incurred in connection with the review of the replacement letter of credit, which replacement is required pursuant to this Section or is otherwise requested by Tenant.
Bank’s Financial Condition. If, at any time during the Lease Term, the Bank's long term credit rating is reduced below the Credit Rating Threshold (a "Bank Credit Threat"), then Landlord shall have the right to require that Tenant obtain from a different issuer a substitute L-C that complies in all respects with the requirements of this Article 21, and Tenant's failure to obtain such substitute L-C within thirty (30) days following Landlord's written demand therefor (with no other notice or cure or grace period being applicable thereto, notwithstanding anything in this Lease to the contrary) shall entitle Landlord, or Landlord's then managing agent, to immediately draw upon the then existing L- C in whole or in part, without notice to Tenant, as more specifically described in Section 21.3 below. Tenant shall be responsible for the payment of any and all costs incurred with the review of any replacement L-C (including without limitation Landlord's reasonable attorneys' fees), which replacement is required pursuant to this Section or is otherwise requested by Tenant.
Bank’s Financial Condition. If, at any time during the Sublease Term, the Bank’s long term credit rating is reduced below the Credit Rating Threshold, or if the financial condition of the Bank changes in any other materially adverse way (either, a “Bank Credit Threat”), then Sublessor shall have the right to require that Sublessee obtain from a different issuer a substitute Letter of Credit that complies in all respects with the requirements of this Section 1.9, and Sublessee’s failure to obtain such substitute Letter of Credit within ten (10) business days following Sublessor’s written demand therefor (with no other notice or cure or grace period being applicable thereto, notwithstanding anything in this Sublease to the contrary) shall entitle Sublessor, or Sublessor’s then managing agent, to immediately draw upon the then existing L- C in whole or in part, without notice to Sublessee, as more specifically described in Section 1.11(c), below. Sublessee shall be responsible for the payment of any and all costs incurred with the review of any replacement Letter of Credit (including without limitation Sublessor’s reasonable attorneys’ fees), which replacement is required pursuant to this Section or is otherwise requested by Sublessee.
Bank’s Financial Condition. If, at any time during the Lease Term, subject to the TCCs of Section 21.8 below, the Bank’s long term credit rating is reduced below a long term issuer credit rating from Standard and Poor’s Professional Rating Service of A or a comparable rating from Xxxxx’x Professional Rating Service (either, a “Bank Credit Threat”), then Landlord shall have the right to require that Tenant obtain from a different issuer a substitute L-C that complies in all respects with the requirements of this Article 21, and Tenant’s failure to obtain such substitute L-C within ten (10) days following Landlord’s written demand therefor (with no other notice or cure or grace period being applicable thereto, notwithstanding anything in this Lease to the contrary) shall entitle Landlord, or Landlord’s then managing agent, to immediately draw upon the then existing L- C in whole or in part, without notice to Tenant, as more specifically described in Section 21.3 and 21.6 below. Except as limited during the Construction Period, subject to Section 21.8, Tenant shall be responsible for the payment of any and all costs incurred with the review of any replacement L-C (including without limitation Landlord’s reasonable attorneys’ fees), which replacement is required pursuant to this Section or is otherwise requested by Tenant.
Bank’s Financial Condition. If, at any time during the Term, the Letter of Credit Issuer Requirements are no longer satisfied, or if the financial condition of the Bank changes in any other materially adverse way (either, a “Bank Credit Threat”), then Landlord shall have the right to require that Tenant obtain from a different issuer a substitute Letter of Credit that complies in all respects with the requirements of this Section 5, and Tenant’s failure to obtain such substitute Letter of Credit within ten (10) business days following Landlord’s written demand therefor (with no other notice or cure or grace period being applicable thereto, notwithstanding anything in this Lease to the contrary) shall entitle Landlord, or Landlord’s then managing agent, to immediately draw upon the then existing Letter of Credit in whole or in part, without notice to Tenant, as more specifically described in Section 5.3, below. Tenant shall be responsible for the payment of any and all out-of-pocket costs incurred with the review of any replacement Letter of Credit (including, without limitation, reasonable attorneys’ fees).
Bank’s Financial Condition. If, at any time during the Lease Term, the Bank’s long term credit rating is reduced below the Credit Rating Threshold (“Bank Credit Threat”), then Landlord shall have the right to require that Tenant obtain from a different issuer a substitute L-C that complies in all respects with the requirements of this Article 21, and Tenant’s failure to obtain such substitute L-C within thirty (30) days following Landlord’s written demand therefor (with no other notice or cure or grace period being applicable thereto, notwithstanding anything in this Lease to the contrary) shall entitle Landlord, or Landlord’s then managing agent, to immediately draw upon the then existing L-C in whole or in part, without notice to Tenant, as more specifically described in Section 21.3 below.
Bank’s Financial Condition. If, at any time during the Lease Term, the Bank’s long term credit rating is reduced below the Credit Rating Threshold, or if the financial condition of the Bank changes in any other materially adverse way (either, a “Bank Credit Threat”), then Landlord shall have the right to require that Tenant obtain from a different issuer a substitute L-C that complies in all respects with the requirements of this Article 21, and Tenant’s failure to obtain such substitute L-C within ten (10) days following Landlord’s written demand therefor (with no other notice or cure or grace period being applicable thereto, notwithstanding anything in this Lease to the contrary) shall entitle Landlord, or Landlord’s then managing agent, to immediately draw upon the then existing L- C in whole or in part, without notice to Tenant, as 811311.04/WLA 378421-00002/2-14-20/mem/mem -48- 000 XXXXXXX XXXXXXXXX [Akero Therapeutics, Inc.] more specifically described in Section 21.3, below. Tenant shall be responsible for the payment of any and all costs incurred with the review of any replacement L-C (including without limitation Landlord’s reasonable attorneys’ fees), which replacement is required pursuant to this Section or is otherwise requested by Tenant.
Bank’s Financial Condition. If, at any time during the Lease Term, the Bank’s long term credit rating is reduced below the Credit Rating Threshold, or if the financial condition of the Bank changes in any other materially adverse way (either, a “Bank Credit Threat”), then Landlord shall have the right to require that Tenant obtain from a different issuer a substitute L/C that complies in all respects with the requirements of this Article 21, and Tenant’s failure to obtain such substitute L/C within ten (10) days following Landlord’s written demand therefor (with no other notice or cure or grace period being applicable thereto, notwithstanding anything in this Lease to the contrary) shall entitle Landlord, or Landlord’s then managing agent, to immediately draw upon the then existing L/C in whole or in part, without notice to Tenant, as more specifically described in Section 21.3 below. Notwithstanding the foregoing, Tenant may elect to extend such ten (10) day period to a total of thirty (30) days by providing to Landlord prior to the expiration of such ten (10) day period cash in an amount equal to the then-required L/C Amount (the “Cash”), which Cash shall be held by Landlord in the same manner Landlord is required hereunder to hold cash proceeds from the L/C. To enable Tenant to obtain a substitute LC, Landlord shall promptly return the original L/C to Tenant following Landlord’s receipt of the Cash. Promptly following Landlord’s receipt of the substitute L/C, Landlord shall return the unapplied Cash to Tenant. If Tenant fails to replace the Cash with the substitute L/C on or before the expiration of such thirty (30) day period, Tenant shall be deemed to be in default of this Lease without additional notice or cure rights. In the event Tenant fails to provide to Landlord either such substitute L/C or the Cash within such ten (10) day period following delivery of Landlord’s written demand described above, Tenant shall be deemed to be in default of this Lease without additional notice or cure rights in Tenant and Landlord shall have the right to immediately draw on the full amount of the L/C and, further, the terms and conditions of Section 21.6.1 below shall apply. Tenant shall be responsible for the payment of any and all costs incurred with the review of any replacement L/C (including without limitation Landlord’s reasonable attorneys’ fees), which replacement is required pursuant to this Section or is otherwise requested by Tenant.
Bank’s Financial Condition
