Common use of Delivery of Letter of Credit Clause in Contracts

Delivery of Letter of Credit. In lieu of depositing a cash security deposit with Landlord. Tenant shall, on execution of this Lease deliver to Landlord and cause to be in effect during the Lease Term an unconditional irrevocable letter of credit ("LOC") in the amount specified for the Security Deposit in the Basic Lease Information, as it may be increased as provided in this Lease (the "LOC Amount") for an initial term of one (1) year end thereafter shall renew automatically from year to year through 30 days beyond the expiration date of this Lease or any extension thereto. The LOC shall be in a form acceptable to Landlord and shall be issued by an LOC bank selected by Tenant and acceptable to Landlord An LOC bank is a bank that accepts deposits, maintains accounts has a local office that will negotiate a letter of credit and the deposits of which are insured by the Federal Deposit Insurance Corporation Tenant shall pay all expenses points, or fees incurred by Tenant in obtaining the LOC. The LOC shall not be mortgaged, assigned or encumbered in any manner whatsoever Tenant without the prior written consent of Landlord. Tenant acknowledges that Landlord has the right to transfer or mortgage Its Interest in the Protect, the Building and in this Lease and Tenant agrees that in the event of any such transfer or mortgage, Landlord shall have the right to transfer or assign the LOC and/or the LOC Security Deposit (as defined below) to the transferee or mortgagee and in the event of such transfer Tenant shall look solely to such transferee or mortgagee for the return of the LOC and/or the LOC Security Deposit. Tenant shall, within ten (10) business days of request by Landlord execute such further instruments or assurances as Landlord may reasonably deem necessary to evidence or confirm Landlord's transfer or assignment of the LOC Security Deposit and/or the LOC to such transferee or mortgagee.

Delivery of Letter of Credit. In lieu of depositing a cash security deposit with Landlord. Tenant shall, on execution may replace the Security Deposit delivered to Landlord pursuant to the terms of this Lease deliver to Landlord Lease, with and cause to be in effect during the Lease Term Term, an unconditional unconditional, irrevocable letter of credit ("LOC") in the amount specified for the Security Deposit in the Basic Lease Information, as it may be increased as provided in this Lease (the "LOC AmountAMOUNT") for an initial term of one (1) year end thereafter which LOC shall renew automatically from year to year through 30 days beyond the expiration date of this Lease or any extension theretoyear. The LOC shall be in a form reasonably acceptable to Landlord and shall be issued by an LOC bank selected by Tenant and acceptable to Landlord Landlord. An LOC bank is a bank that accepts deposits, maintains accounts accounts, has a local office that will negotiate a letter of credit credit, and the deposits of which are insured by the Federal Deposit Insurance Corporation Corporation. Tenant shall pay all expenses expenses, points, or fees incurred by Tenant in obtaining the LOC. The LOC shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord. Tenant acknowledges that Landlord has the right to transfer or mortgage Its Interest its interest in the ProtectProject, the Building and in this Lease and Tenant agrees that in the event of any such transfer or mortgage, Landlord shall have the right to transfer or assign the LOC and/or the LOC Security Deposit (as defined below) to the transferee or mortgagee mortgagee, and in the event of such transfer transfer, Tenant shall look solely to such transferee or mortgagee for the return of the LOC and/or the LOC Security Deposit. Tenant shall, within ten (10) business days of request by Landlord execute such further instruments or assurances as Landlord may reasonably deem necessary to evidence or confirm Landlord's transfer or assignment of the LOC Security Deposit and/or the LOC to such transferee or mortgagee.

Delivery of Letter of Credit. In lieu of depositing a cash security deposit with Landlord. , Tenant shall, on concurrently with Tenant's execution of this Lease Lease, deliver to Landlord and cause to be in effect during the Lease Term an unconditional unconditional, irrevocable letter of credit ("LOC") in the amount specified for the Security Deposit in the Basic Lease Information, as it may be increased as provided in this Lease Information (the "LOC AmountAMOUNT") for an initial term of one (1) year end and thereafter shall renew automatically from year to year through 30 days beyond the expiration date of this his Lease or any extension thereto. The LOC shall be in a form reasonably acceptable to Landlord and shall be issued by an LOC bank selected by Tenant and reasonably acceptable to Landlord Landlord. An LOC bank is a bank that accepts deposits, maintains accounts accounts, has a local office that will negotiate a letter of credit credit, and the deposits of which are insured by the Federal Deposit Insurance Corporation Corporation, provided that Landlord hereby approves City National Bank. Tenant shall pay all expenses expenses, points, or fees incurred by Tenant in obtaining the LOC. The LOC shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord. Tenant acknowledges that Landlord has the right to transfer or mortgage Its Interest its interest in the ProtectProject, the Building and in this Lease and Tenant agrees that in the event of any such transfer or mortgage, Landlord shall have the right to transfer or assign the LOC and/or the LOC Security Deposit (as defined below) to the transferee or mortgagee mortgagee, and in the event of such transfer transfer, Tenant shall look solely to such transferee or mortgagee for the return of the LOC and/or the LOC Security Deposit. Tenant shall, within ten (10) business days of request by Landlord Landlord, execute such further instruments or assurances as Landlord may reasonably deem necessary to evidence or confirm Landlord's transfer or assignment of the LOC Security Deposit and/or the LOC to such transferee or mortgagee.

Delivery of Letter of Credit. In lieu of depositing a cash security deposit with Landlord. Tenant shallmay, on within thirty (30) days after execution of this Lease deliver to Landlord and cause to be in effect during Lease, replace the Lease Term cash Security Deposit with an unconditional unconditional, irrevocable letter of credit ("“LOC"”) in the amount specified for the Security Deposit in the Basic Lease Information, as it may be increased as provided in this Lease (the "“LOC Amount"”) for an initial term of the LOC of one (1) year end and thereafter shall renew automatically from year to year through 30 days beyond the expiration date of this Lease or any extension thereto. The LOC shall be he in a form acceptable to Landlord and shall be he issued by an LOC bank selected by Tenant and acceptable to Landlord Landlord. The LOC shall survive termination of this Lease. An LOC bank is a bank that accepts deposits, maintains accounts accounts, has a local office that will negotiate a letter of credit credit, and the deposits of which are insured by the Federal Deposit Insurance Corporation Corporation. Tenant shall pay all expenses expenses, points, or fees incurred by Tenant in obtaining the LOC. The LOC shall not be he mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord. Tenant acknowledges that Landlord has the right to transfer or mortgage Its Interest its interest in the ProtectProject, the Building and in this Lease and Tenant agrees that in the event of any such transfer or mortgage, Landlord shall have the right to transfer or assign the LOC and/or the LOC Security Deposit (as defined below) to the transferee or mortgagee mortgagee, and in the event of such transfer transfer, Tenant shall look solely to such transferee or mortgagee for the return of the LOC and/or the LOC Security Deposit. Tenant shall, within ten (10) business days of request by Landlord Landlord, execute such further instruments or assurances as Landlord may reasonably deem necessary to evidence or confirm Landlord's ’s transfer or assignment of the LOC Security Deposit and/or the LOC to such transferee or mortgagee.

Delivery of Letter of Credit. In lieu of depositing a cash security deposit with Landlord. , Tenant shall, on execution of this Lease Lease, deliver to Landlord and cause to be in effect during the Lease Term an unconditional unconditional, irrevocable letter of credit ("LOC") in the amount specified for the Security Deposit Letter of Credit in the Basic Lease Information, as it may be increased as provided in this Lease (the "LOC Amount") for an initial term of one (1) year end and which shall thereafter shall renew automatically from year to year through 30 year, unless the LOC bank notifies Landlord at least thirty (30) days beyond the prior to such expiration date of this Lease or any extension theretothe LOC. The LOC shall be in a form reasonably acceptable to Landlord and shall be issued by an LOC bank selected by Tenant and acceptable to Landlord Landlord. An LOC bank is a bank that accepts deposits, maintains accounts accounts, has a local office that will negotiate a letter of credit credit, and the deposits of which are insured by the Federal Deposit Insurance Corporation Corporation. Tenant shall pay all expenses expenses, points, or fees incurred by Tenant in obtaining the LOC. The LOC shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord. Tenant acknowledges that Landlord has the right to transfer or mortgage Its Interest its interest in the Protect, Project the Building and in this Lease and Tenant agrees that in the event of any such transfer or mortgage, Landlord Landlord, at its cost, shall have the right to transfer or assign the LOC and/or the LOC Security Deposit (as defined below) to the transferee or mortgagee mortgagee, and in the event of such transfer transfer, Tenant shall look solely to such transferee or mortgagee for the return of the LOC and/or the LOC Security Deposit. Tenant shall, within ten (10) business days of request by Landlord execute such further instruments or assurances as Landlord may reasonably deem necessary to evidence or confirm Landlord's transfer or assignment of the LOC Security Deposit and/or the LOC to such transferee or mortgagee.*