Common use of Drawing Under Letter of Credit Clause in Contracts

Drawing Under Letter of Credit. In addition to the provisions of Section 4.1, Sublandlord may also draw upon the Initial Letter of Credit or any Replacement Letter of Credit on or after the occurrence of: (i) any failure by Subtenant to deliver to Sublandlord a Replacement Letter of Credit as and when required pursuant to Section 4.3(c); (ii) an uncured failure by Subtenant to perform one or more of its obligations under this Sublease and the existence of circumstances in which Sublandlord is enjoined or otherwise prevented by operation of law from giving to Subtenant a written notice which would be necessary for such failure of performance to constitute an event of default, or (iii) the appointment of a receiver to take possession of all or substantially all of the assets of Subtenant, or an assignment of Subtenant for the benefit of creditors, or any action taken or suffered by Subtenant under any insolvency, bankruptcy, reorganization or other debtor relief proceedings, whether now existing or hereafter amended or enacted; provided that in the event that Subtenant fails to pay rent or other sums due hereunder, or otherwise defaults (beyond applicable notice and cure periods) with respect to any provisions of this Sublease, Sublandlord may, at Sublandlord’s sole option, draw upon a portion of the face amount of the Initial Letter of Credit or any Replacement Letter of Credit, as applicable, as required to compensate Sublandlord for damages incurred (with subsequent demands as Sublandlord incurs further damage).

Drawing Under Letter of Credit. In addition Without prejudice to the provisions of Section 4.1any other remedy available to Sublandlord under this Sublease or at law, Sublandlord may also draw upon the Initial Letter of Credit or any Replacement Letter of Credit on or after the occurrence ofof either: (i) an uncured event of default under this Sublease; (ii) any failure by Subtenant to deliver to Sublandlord a Replacement Letter of Credit as and when required pursuant to this Section 4.3(c)4; (iiiii) an uncured failure by Subtenant to perform one or more of its obligations under this Sublease and the existence of circumstances in which Sublandlord is enjoined or otherwise prevented by operation of law from giving to Subtenant a written notice which would be necessary for such failure of performance to constitute an event of default, or (iiiiv) the appointment of a receiver to take possession of all or substantially all of the assets of Subtenant, or an assignment of Subtenant for the benefit of creditors, or any action taken or suffered by Subtenant under any insolvency, bankruptcy, reorganization or other debtor relief proceedings, whether now existing or hereafter amended or enacted; provided that in the event that Subtenant fails to pay rent of (i) or other sums due hereunder, or otherwise defaults (beyond applicable notice and cure periods) with respect to any provisions of this Subleaseiii), Sublandlord may, at Sublandlord’s sole option, draw upon a portion of the face amount of the Initial Letter of Credit or any Replacement Letter of Credit, as applicable, as required to compensate Sublandlord for damages incurred (with subsequent demands at Sublandlord’s sole election as Sublandlord incurs further damage).

Drawing Under Letter of Credit. In addition Without prejudice to any other remedy available to Sublandlord under this Sublease or at law, Sublandlord may, subject to the provisions of limitations set forth in Section 4.14.4 below, Sublandlord may also draw upon the Initial Letter of Credit or any Replacement Letter of Credit on or after the occurrence ofof either: (i) an uncured event of default under this Sublease; (ii) any failure by Subtenant to deliver to Sublandlord a Replacement Letter of Credit as and when required pursuant to this Section 4.3(c)4; (iiiii) an uncured failure by Subtenant to perform one or more of its obligations under this Sublease and the existence of circumstances in which Sublandlord is enjoined or otherwise prevented by operation of law from giving to Subtenant a written notice which would be necessary for such failure of performance to constitute an event of default, or (iiiiv) the appointment of a receiver to take possession of all or substantially all of the assets of Subtenant, or an assignment of Subtenant for the benefit of creditors, or any action taken or suffered by Subtenant under any insolvency, bankruptcy, reorganization or other debtor relief proceedings, whether now existing or hereafter amended or enacted; provided that in the event that Subtenant fails to pay rent of (i) or other sums due hereunder, or otherwise defaults (beyond applicable notice and cure periods) with respect to any provisions of this Subleaseiii), Sublandlord may, at Sublandlord’s sole option, draw upon a portion of the face amount of the Initial Letter of Credit or any Replacement Letter of Credit, as applicable, as required to compensate Sublandlord for damages incurred (with subsequent demands at Sublandlord’s sole election as Sublandlord incurs further damage).