Common use of Drawings under Letter of Credit Clause in Contracts

Drawings under Letter of Credit. Landlord shall have the immediate right to draw upon the Letter of Credit, in whole or in part, at any time and from time to time: (i) If a default occurs under the Lease, as amended hereby, and is not cured within any applicable notice or cure period, such draw being in an amount reasonably necessary to cure such default; or (ii) If the Letter of Credit held by Landlord expires earlier than the Final LC Expiration Date (whether by reason of a stated expiration date or a notice of termination or non-renewal given by the issuing bank), and Tenant fails to deliver to Landlord, at least 30 days prior to the expiration date of the Letter of Credit then held by Landlord, a renewal or substitute Letter of Credit that is in effect and that complies with the provisions of this Section III and Exhibit F of the Lease. No condition or term of this Lease shall be deemed to render the Letter of Credit conditional to justify the issuer of the Letter of Credit in failing to honor a drawing upon such Letter of Credit in a timely manner. Tenant hereby acknowledges and agrees that Landlord is entering into this Lease in material reliance upon the ability of Landlord to draw upon the Letter of Credit upon the occurrence of any default by Tenant under this Lease which continues beyond any applicable notice or cure period, or upon the occurrence of any of the other events described above in this Section III.B.

Drawings under Letter of Credit. Landlord shall have the immediate right to draw upon the Letter of Credit, in whole or in part, at any time and from time to time: (i) If a an event of default occurs under the Lease, as amended hereby, and is not cured within any the applicable notice or cure period, period provided for such draw being default in an amount reasonably necessary to cure such defaultthis Lease; or (ii) If the Letter of Credit held by Landlord expires (or is set to expire) earlier than the Final LC Expiration Date (whether by reason of a stated expiration date or a notice of termination or non-renewal given by the issuing bank), and Tenant fails to deliver to Landlord, at least 30 thirty (30) days prior to the expiration date of the Letter of Credit then held by Landlord, a renewal or substitute Letter of Credit that is in effect and that complies with the provisions of this Section III and Exhibit F of the LeaseParagraph 2(c)(ii). No condition or term of this Lease shall be deemed to render the Letter of Credit conditional to justify the issuer of the Letter of Credit in failing to honor a drawing upon such Letter of Credit in a timely manner. Tenant hereby acknowledges and agrees that Landlord is entering into this Lease in material reliance upon the ability of Landlord to draw upon the Letter of Credit upon the occurrence of any event of default by Tenant under this Lease which continues beyond any applicable notice or cure period, or upon the occurrence of any of the other events described above in this Section III.B.Paragraph 2(c)(ii)(B).

Drawings under Letter of Credit. Landlord shall have the immediate right to draw upon the Letter of Credit, in whole an amount necessary to cure a Tenant Default, and to reimburse Landlord for any costs or expenses incurred by Landlord in partconnection with such Default, at any time and from time to time: (i) If a default occurs under the Lease, as amended hereby, and is not cured within any applicable notice or cure period, such draw being in an amount reasonably necessary to cure such defaultDefault occurs; or (ii) If the Letter of Credit held by Landlord expires earlier than the Final LC Expiration Date (whether by reason of a stated expiration date or a notice of termination or non-renewal given by the issuing bank), and Tenant fails to deliver to Landlord, at least 30 days prior to the expiration date of the Letter of Credit then held by Landlord, a renewal or substitute Letter of Credit that is in effect and that complies with the provisions of this Section III and Exhibit F of the Lease1. No condition or term of this the Lease shall be deemed to render the Letter of Credit conditional to justify the issuer of the Letter of Credit in failing to honor a drawing upon such Letter of Credit in a timely manner. Tenant hereby acknowledges and agrees that Landlord is entering into this the Lease in material reliance upon the ability of Landlord to draw upon the Letter of Credit upon the occurrence of any default Default by Tenant under this the Lease which continues beyond any applicable notice or cure period, or upon the occurrence of any of the other events described above in this Section III.B.1.02.

Drawings under Letter of Credit. Landlord shall have the immediate right to draw upon the Letter of Credit, in whole or in part, at any time and from time to time: (i) If In the event of a default occurs under Default as defined in Section 22.1 of the Lease, as amended hereby, and is not cured within any applicable notice or cure period, such draw being in an amount reasonably necessary to cure such default; or (ii) If the Letter of Credit held by Landlord expires (or is set to expire) earlier than the Final LC Expiration Date (whether by reason of a stated expiration date or a notice of termination or non-renewal given by the issuing bank), and Tenant fails to deliver to Landlord, at least 30 thirty (30) days prior to the expiration date of the Letter of Credit then held by Landlord, a renewal or substitute Letter of Credit that is in effect and that complies with the provisions of this Section III and Exhibit F of the Lease6.2. No condition or term of this Lease shall be deemed to render the Letter of Credit conditional to justify the issuer of the Letter of Credit in failing to honor a drawing upon such Letter of Credit in a timely manner. Tenant hereby acknowledges and agrees that Landlord is entering into this Lease in material reliance upon the ability of Landlord to draw upon the Letter of Credit upon the occurrence of any default Default by Tenant under this Lease which continues beyond any applicable notice or cure period, or upon the occurrence of any of the other events described above in this Section III.B.6.2. In the event of a wrongful draw, the parties shall cooperate to allow Tenant to post a replacement Letter of Credit simultaneously with the return to Tenant of the wrongfully drawn sums, and Landlord shall upon request confirm in writing to the issuer of the Letter of Credit that Landlord’s draw was erroneous.

Drawings under Letter of Credit. Landlord shall have the immediate right to draw upon the Letter of Credit, in whole or in part, at any time and from time to time: : (i) If a default occurs under the Lease, as amended hereby, and is not cured within any applicable notice or cure period, such draw being in an amount reasonably necessary to cure such defaultDefault occurs; or (ii) If the Letter of Credit held by Landlord expires earlier than the Final LC Expiration Date (whether by reason of a stated expiration date or a notice of termination or non-renewal given by the issuing bank), and Tenant fails to deliver to Landlord, at least 30 20 days prior to the expiration date of the Letter of Credit then held by Landlord, a renewal or substitute Letter of Credit that is in effect and that complies with the provisions of this Section III and Exhibit F 1. If a drawing is made pursuant to subpart (ii) above, the proceeds of the Letter of Credit shall be held by the Landlord as a cash security deposit in accordance with Section 6 of the Lease. No condition or term of this Lease shall be deemed to render the Letter of Credit conditional to justify the issuer of the Letter of Credit in failing to honor a drawing upon such Letter of Credit in accordance with the terms of the Letter of Credit in a timely manner. Tenant hereby acknowledges and agrees that Landlord is entering into this Lease in material reliance upon the ability of Landlord to draw upon the Letter of Credit upon the occurrence of any default Default by Tenant under this Lease which continues beyond any applicable notice or cure period, or upon the occurrence of any of the other events described above in this Section III.B.1.

Drawings under Letter of Credit. Landlord shall have the immediate right to draw upon the Letter of Credit, in whole or in part, at any time and from time to time: : (i) If a default occurs under the Lease, as amended hereby, and is not cured within any applicable notice or cure period, such draw being in an amount reasonably necessary to cure such defaultDefault occurs; or (ii) If the Letter of Credit held by Landlord expires earlier than the Final LC Expiration Date (whether by reason of a stated expiration date or a notice of termination or non-renewal given by the issuing bank), and Tenant fails to deliver to Landlord, at least 30 days prior to the expiration date of the Letter of Credit then held by Landlord, a renewal or substitute Letter of Credit that is in effect and that complies with the provisions of this Section III and Exhibit F 2. In the event Landlord draws upon the Letter of Credit pursuant to clause 2.02(ii) above, Landlord shall hold such cash as collateral in accordance with the terms of the Lease. Lease for the performance of Tenant’s obligations under the Lease No condition or term of this Lease shall be deemed to render the Letter of Credit conditional to justify the issuer of the Letter of Credit in failing to honor a drawing upon such Letter of Credit in a timely manner. Tenant hereby acknowledges and agrees that Landlord is entering into this Lease in material reliance upon the ability of Landlord to draw upon the Letter of Credit upon the occurrence of any default Default by Tenant under this Lease which continues beyond any applicable notice or cure period, or upon the occurrence of any of the other events described above in this Section III.B.2.02.

Drawings under Letter of Credit. Landlord shall have the immediate right to draw upon the Letter of Credit, in whole or in part, at any time and from time to time: : (i) If a default occurs under and continues beyond the Lease, as amended hereby, and is not cured within any expiration of all applicable notice or cure period, such draw being in an amount reasonably necessary to cure such defaultsure periods; or (ii) If the Letter of Credit held by Landlord expires earlier than the Final LC Expiration Date (whether by reason of a stated expiration date or a notice of termination or non-renewal given by the issuing bank), and Tenant fails to deliver to Landlord, at least 30 days prior to the expiration date of the Letter of Credit then held by Landlord, a renewal or substitute Letter of Credit that is in effect and that complies with the provisions of this Section III and Exhibit F of the Lease. V. No condition or term of this Lease shall be deemed to render the Letter of Credit conditional to justify the issuer of the Letter of Credit in failing to honor a drawing upon such Letter of Credit in a timely manner. Tenant hereby acknowledges and agrees that Landlord is entering into this Lease in material reliance upon the ability of Landlord to draw upon the Letter of Credit upon the occurrence of any default by Tenant under this Lease which that continues beyond any the expiration of all applicable notice or cure period, sure periods or upon the occurrence of any of the other events described above in this Section III.B.V(b).

Drawings under Letter of Credit. Landlord shall have the immediate right to draw upon the Letter of Credit, in whole or in part, at any time and from time to time: (i) If a default Default occurs under the Lease, as amended hereby, and is not cured within any the applicable notice or cure period, period provided for such draw being Default in an amount reasonably necessary to cure such defaultthis Lease; or (ii) If the Letter of Credit held by Landlord expires (or is set to expire) earlier than the Final LC Expiration Date (whether by reason of a stated expiration date or a notice of termination or non-renewal given by the issuing bank), and Tenant fails to deliver to Landlord, at least 30 ten (10) days prior to the expiration date of the Letter of Credit then held by Landlord, a renewal or substitute Letter of Credit that is in effect and that complies with the provisions of this Section III and Exhibit F of the LeaseArticle 6. No condition or term of this Lease shall be deemed to render the Letter of Credit conditional to justify the issuer of the Letter of Credit in failing to honor a drawing upon such Letter of Credit in a timely manner. Tenant hereby acknowledges and agrees that Landlord is entering into this Lease in material reliance upon the ability of Landlord to draw upon the Letter of Credit upon the occurrence of any default Default by Tenant under this Lease which continues beyond any applicable notice or cure period, or upon the occurrence of any of the other events described above in this Section III.B.Article 6.