Common use of Form of Letter of Credit Clause in Contracts

Form of Letter of Credit. The Letter of Credit shall be (i) irrevocable; (ii) issued by a financial institution approved by Landlord in Landlord’s sole, reasonable discretion; (iii) in a form permitting partial and multiple drawings; (v) for (a) the entire Term extending until the date that which is ninety (90) days after the expiration of the Term, as such Term may be extended pursuant to the provisions of this Lease or (b) multiple terms of one (1) year each in duration, renewed at least sixty (60) days prior to the expiration thereof, the entire term extending until the date which is ninety (90) days after the expiration of the Term, as such Term may be extended pursuant to the provisions of the Lease; and (vi) be in the form attached hereto as Exhibit H or otherwise in form and substance acceptable to the Landlord, in its reasonable discretion. If a partial drawing occurs under the Letter of Credit, the Tenant shall, upon demand but not more than five (5) business days after such partial drawing, cause the financial institution to reissue the Letter of Credit in the amount then currently required under the terms of the Lease. In addition, within five (5) business days after the bank that issued the Letter of Credit then held by Landlord enters into any form of regulatory or governmental receivership or other similar regulatory or governmental proceeding, including any receivership instituted or commenced by the Federal Deposit Insurance Corporation (“FDIC”), or is otherwise declared insolvent or downgraded by the FDIC, Tenant shall deliver to Landlord a replacement letter of credit in the same form and amount of the initial letter of credit and from a banking institution acceptable to Landlord in its sole and absolute discretion. Notwithstanding the foregoing, the Landlord shall be entitled to draw down the entire amount of the Letter of Credit, without any notice, at any time on or after the earlier of (i) the occurrence of an Event of Default by Tenant under this Lease; or (ii) the thirtieth (30th) day preceding the expiration date of the Letter of Credit in the event Tenant is required to and fails to replace the Letter of Credit.

Form of Letter of Credit. (a) The Letter of Credit shall be (i) a clean, irrevocable; (ii) issued by a financial institution approved by Landlord in Landlord’s sole, reasonable discretion; (iii) in a form permitting partial and multiple drawings; (v) for (a) the entire Term extending until the date that which is ninety (90) days after the expiration sight draft letter of the Term, as such Term may be extended pursuant to the provisions of this Lease or (b) multiple terms of one (1) year each in duration, renewed at least sixty (60) days prior to the expiration thereof, the entire term extending until the date which is ninety (90) days after the expiration of the Term, as such Term may be extended pursuant to the provisions of the Lease; and (vi) be in the form attached hereto as Exhibit H or otherwise credit in form and substance satisfactory to Lender in its sole and absolute discretion, issued to Lender by a bank or another institution acceptable to the Landlord, Lender in its reasonable discretionsole and absolute discretion having a San Francisco, California branch office or a Los Angeles County, California branch office which will honor and permit one or more draws upon the Letter of Credit (the "Issuing Bank"). If a partial drawing occurs The Letter of Credit shall have an initial expiration date of no earlier than twelve (12) months after the issuance thereof and shall provide that it shall be automatically and continually renewed on an “evergreen” basis subject to customary “evergreen” terms and conditions which are satisfactory to Lender. Drawings under the Letter of CreditCredit shall be by clean sight draft, the Tenant shall, upon demand but not more than five (5) business days after such partial drawing, cause the financial institution to reissue the without documents. The Letter of Credit in shall be unconditional, irrevocable, and transferable, shall permit partial drawings, shall be governed by New York law, and the amount then currently required under issuer, terms and other features shall be subject to the terms approval of the Lease. In addition, within five (5) business days after the bank that issued the Letter of Credit then held by Landlord enters into any form of regulatory or governmental receivership or other similar regulatory or governmental proceeding, including any receivership instituted or commenced by the Federal Deposit Insurance Corporation (“FDIC”), or is otherwise declared insolvent or downgraded by the FDIC, Tenant shall deliver to Landlord a replacement letter of credit in the same form and amount of the initial letter of credit and from a banking institution acceptable to Landlord Lender in its sole and absolute discretion. Notwithstanding Unless the foregoingLetter of Credit has automatically renewed or extended and Lender has not received notice from the Issuing Bank that the Letter of Credit will not be automatically renewed or extended, the Landlord shall be entitled at least thirty (30) days prior to draw down the entire amount any expiration of the Letter of Credit, without or any noticesubsequent Letter of Credit, at any time on Borrower shall deliver to Lender a renewal or after the earlier of (i) the occurrence of an Event of Default by Tenant under this Lease; or (ii) the thirtieth (30th) day preceding the expiration date replacement of the Letter of Credit which shall be identical to the original Letter of Credit in all respects except (i) the event Tenant expiration date and (ii) the LC Amount if the LC Amount is required otherwise permitted to and fails have been reduced in accordance with this Agreement. Borrower's failure to replace deliver such renewal or replacement of the Letter of Credit, or any subsequent Letter of Credit, within the time period and in the manner specified in the immediately preceding sentence shall constitute an LOC Event of Default (as hereinafter defined), and Lender may at its option and without giving notice to Borrower immediately draw upon such Letter of Credit the full amount of such Letter of Credit (or such lesser amount as Lender shall determine in its sole and absolute discretion, which shall not be deemed a waiver of Xxxxxx's right to make future draws), and hold and apply the proceeds as provided in Section 6(b). Any renewal or replacement of the Letter of Credit which is issued on or after the date which is nine (9) months prior to the Maturity Date shall have an expiration date not earlier than three (3) months after such Maturity Date. Lender acknowledges that the form and substance, and issuer, of the letter of credit a copy of which is attached hereto as Exhibit A complies with the requirements for the initial Letter of Credit required by this Agreement.

Form of Letter of Credit. The Letter of Credit shall be Amount. Tenant shall, within two (i2) irrevocable; (ii) issued by a financial institution approved by Landlord in Landlord’s sole, reasonable discretion; (iii) in a form permitting partial weeks following Tenant's execution and multiple drawings; (v) for (a) the entire Term extending until the date that which is ninety (90) days after the expiration of the Term, as such Term may be extended pursuant to the provisions delivery of this Lease or (b) multiple terms the "Letter of one (1) year each in durationCredit Delivery Date"), renewed at least sixty (60) days prior deliver to the expiration thereof, the entire term extending until the date which is ninety (90) days after the expiration of the TermLandlord, as such Term protection for the full and faithful performance by Tenant of all of its obligations under this Lease and for all losses and damages Landlord may be extended pursuant to suffer as a result of any breach or default by Tenant under this Lease, an irrevocable and unconditional negotiable standby letter of credit (the provisions "Letter of the Lease; and (vi) be Credit"), in the form attached hereto as Exhibit H and containing the terms required herein, payable in the City of Los Angeles, California, running in favor of Landlord and issued by a solvent, nationally recognized bank with a long term rating of A or otherwise in form and substance acceptable to higher (by Standard Poor's) or a long term rating of A2 or higher (by Xxxxx'x), under the Landlordsupervision of the Superintendent of Banks of the State of California, or a national banking association, in its reasonable discretion. If a partial drawing occurs under the amount of $407,566.00 (the "Letter of Credit, Credit Amount"). In no event shall Landlord be obligated to disburse any portion of the Tenant shall, upon demand but not more than five (5) business days after such partial drawing, cause the financial institution to reissue Improvement Allowance until Landlord has received the Letter of Credit in the amount then currently required under compliance with the terms of this Article 27. The Letter of Credit shall (i) be "callable" at sight, irrevocable and unconditional, (ii) be maintained in effect, whether through renewal or extension, for the Lease. In addition, within five period from the Commencement Date and continuing until the date (5the "LC Expiration Date") business that is one hundred twenty (120) days after the bank that issued expiration of the Term (as the same may be extended), and Tenant shall deliver a new Letter of Credit or certificate of renewal or extension to Landlord at least ninety (90) days prior to the expiration of the Letter of Credit then held by Landlord enters into Landlord, without any form action whatsoever on the part of regulatory or governmental receivership or other similar regulatory or governmental proceedingLandlord, including any receivership instituted or commenced (iii) be fully assignable by Landlord, its successors and assigns, (iv) permit partial draws and multiple presentations and drawings, and (v) be otherwise subject to the Federal Deposit Insurance Corporation International Standby Practices 1998, International Chamber of Commerce Publication No. 590. If Tenant exercises its option to extend the Term pursuant to Section 2.5 of this Lease then, not later than ninety (“FDIC”), or is otherwise declared insolvent or downgraded by 90) days prior to the FDICcommencement of the Renewal Term, Tenant shall deliver to Landlord a replacement letter new Letter of credit in Credit or certificate of renewal or extension evidencing the LC Expiration Date as one hundred twenty (120) days after the expiration of the Renewal Term. The form and terms of the Letter of Credit and the bank issuing the same form and amount of (the initial letter of credit and from a banking institution "Bank") shall be acceptable to Landlord Landlord, in its Landlord's sole and absolute discretion. Notwithstanding Landlord, or its then managing agent, shall have the foregoing, the Landlord shall be entitled right to draw down an amount up to the entire face amount of the Letter of CreditCredit if any of the following shall have occurred or be applicable: (1) such amount is due to Landlord under the terms and conditions of this Lease, without or (2) Tenant has filed a voluntary petition under the U.S. Bankruptcy Code or any noticestate bankruptcy code (collectively, at any time on "Bankruptcy Code"), or after (3) an involuntary petition has been filed against Tenant under the earlier of Bankruptcy Code, or (i4) the occurrence of an Event of Default by Tenant under this Lease; or (ii) the thirtieth (30th) day preceding the expiration date of Bank has notified Landlord that the Letter of Credit will not be renewed or extended through the LC Expiration Date or (5) the long term rating of the Bank has been downgraded to BBB or lower (by Standard & Poor's) or Baa2 or lower (by Xxxxx'x) and Tenant has failed to deliver a new Letter of Credit from a bank with a long term rating of A or higher (by Standard & Poor's) or A2 or higher (by Xxxxx'x) and otherwise meeting the requirements set forth in this Article 27 within thirty (30) days following notice from Landlord. The Letter of Credit will be honored by the event Bank regardless of whether Tenant is required disputes Landlord's right to and fails to replace draw upon the Letter of Credit.

Form of Letter of Credit. The Letter of Credit shall be (i) irrevocable; (ii) issued by a financial institution approved by Landlord in Landlord’s sole, reasonable discretion; (iii) in a form permitting partial and multiple drawings; (v) for (a) Concurrent with the entire Term extending until the date that which is ninety (90) days after the expiration of the Term, as such Term may be extended pursuant to the provisions execution of this Lease or Lease, ------------------------ Tenant shall deliver to Landlord an irrevocable, unconditional standby letter of credit in the original face amount of Six Hundred Twenty-Five Thousand Dollars (b$625,000) multiple terms of one (1) year each in duration, renewed at least sixty (60) days prior to the expiration thereof, the entire term extending until the date which is ninety (90) days after the expiration of the Term, as such Term may be extended pursuant to the provisions of the Lease; and (vi) be in the form attached hereto as Exhibit H C (the "Letter of Credit") to --------- secure the full and faithful performance of each and every term and provision of this Lease to be performed by Tenant as set forth in Section 4.1 above. The Letter of Credit shall be issued by a bank or otherwise in form and substance financial institution ("Issuing Bank") which is acceptable to the LandlordLandlord and which accepts deposits, in its reasonable discretion. If maintains accounts, is FDIC insured and has a partial drawing occurs under local Mountain View or San Francisco office which will negotiate the Letter of Credit. The Letter of Credit shall permit full or partial draws by Landlord or Landlord's assignee. Tenant shall pay all expenses, points or fees incurred by Tenant in obtaining, maintaining and renewing the Letter of Credit. As provided in Section 4.1 above, Tenant shall, upon demand but not more than five (5) business days after such partial drawing, shall cause the financial institution to reissue the Letter of Credit to remain in full force and effect during the entire term of this Lease and for a period of sixty (60) days following the expiration or earlier termination of this Lease (except in the amount then currently required under the terms case of the Leasetermination of this Lease solely by reason of Landlord's material default hereunder). In additionProvided this Lease has not expired or terminated, within five (5) business days after the bank that issued Tenant shall replace or renew the Letter of Credit then held by Landlord enters into any form from time to time at least thirty (30) days before its stated expiration date. Failure to so replace or renew the Letter of regulatory or governmental receivership or other similar regulatory or governmental proceeding, including any receivership instituted or commenced by the Federal Deposit Insurance Corporation (“FDIC”), or is otherwise declared insolvent or downgraded by the FDIC, Tenant Credit shall deliver to Landlord constitute a replacement letter of credit in the same form default hereunder and amount of the initial letter of credit and from a banking institution acceptable to Landlord in its sole and absolute discretion. Notwithstanding the foregoing, the Landlord shall thereafter be entitled to draw down the entire full amount of the Letter of Credit, without any notice, at any time on or after the earlier of (i) the occurrence of an Event of Default by Tenant under this Lease; or (ii) the thirtieth (30th) day preceding the expiration date Credit and hold it as a cash security deposit. The terms of the Letter of Credit in the event Tenant is required to and fails to replace shall expressly provide that the Letter of CreditCredit is assignable by Landlord, as beneficiary thereunder, to any transferee or assignee of Landlord's interest in the Premises who expressly assumes in writing Landlord's obligations under this Lease.

Form of Letter of Credit. The Letter of Credit shall: (i) be issued by (and at all times be drawable upon) a federally insured national bank approved by Landlord in its reasonable discretion; (ii) be an irrevocable and unconditional standby Letter of Credit issued in the full amount of the required LOC Amount; (iii) be issued in the name of Landlord as beneficiary; (iv) have an initial term commencing on the date of issuance and ending no earlier than the first (1st) anniversary of this Lease Commencement Date; (v) state on its face that, notwithstanding the stated expiration date, the term of the Letter of Credit shall be (i) irrevocable; (ii) issued by a financial institution approved by Landlord in Landlord’s soleautomatically renewed for successive, reasonable discretion; (iii) in a form permitting partial and multiple drawings; (v) for (a) the entire Term extending until the date that which is ninety (90) days after the expiration of the Term, as such Term may be extended pursuant to the provisions of this Lease or (b) multiple terms of additional one (1) year each in durationperiods unless, renewed at least sixty (60) days prior to the expiration thereofany such date of expiration, the entire term extending until issuing bank shall have given written notice to Landlord, by certified mail, return receipt requested that the Letter of Credit will not be renewed; (vi) have a final expiration date which is ninety of not less than sixty (9060) days after the expiration of the Term, Expiration Date (as such Term may be extended pursuant adjusted for renewals and extensions); (vii) expressly provide that Landlord (and/or its successors and assigns) is entitled to the provisions of the Lease; and (vi) be in the form attached hereto as Exhibit H make one or otherwise in form and substance acceptable to the Landlord, in its reasonable discretion. If a partial drawing occurs more draws under the Letter of CreditCredit upon delivery to issuer of a sight draft (a “Draft”) in a banking office of issuer in Dallas, Texas (or such other location as is approved by Landlord) and signed by a purported officer or authorized agent or representative of Landlord and certifying to the Tenant shall, issuer that a Draw Event (hereinafter defined) has occurred and that Landlord is entitled to draw upon demand but not more than five (5) business days after such partial drawing, cause the financial institution to reissue the Letter of Credit in the amount then currently required under the terms of the Lease. In addition, within five draft submitted therewith; (5viii) business days after the bank allow partial draws by Landlord at its discretion from time to time; (ix) provide that issued the Letter of Credit then held by Landlord enters into any form of regulatory or governmental receivership or other similar regulatory or governmental proceeding, including any receivership instituted or commenced will be honored by the Federal Deposit Insurance Corporation issuing bank without inquiry as to the accuracy of the Draft or the authority of any person or party executing same and regardless of whether Tenant disputes the content of the Draft or the authority of any person or party executing same; (“FDIC”x) specifically provide that it may be transferred by Landlord, without cost to Landlord, to a subsequent owner of the Project (including a foreclosing mortgage lender) by written notice by the transferring Landlord/beneficiary to the issuer (with a copy to the Tenant), or is otherwise declared insolvent or downgraded by at which time the FDIC, Tenant shall deliver to Landlord a replacement letter of credit in the same form and amount of the initial letter of credit and from a banking institution acceptable to Landlord in its sole and absolute discretion. Notwithstanding the foregoing, the Landlord shall be entitled to draw down the entire amount of the Letter of Credit, without any notice, at any time on or after the earlier of (i) the occurrence of an Event of Default by Tenant under this Lease; or (ii) the thirtieth (30th) day preceding the expiration date issuer of the Letter of Credit in must be obligated to issue a new Letter of Credit on the event Tenant is required identical terms to the transferee (naming the transferee as beneficiary) upon written request by such transferee and fails to replace surrender of the previously issued Letter of Credit; (xi) remain in effect notwithstanding any assignment of this Lease or subletting by Tenant; (xii) be subject to the International Standby Practices 1998 (or such other recognized standards as Landlord may elect), and (xiii) otherwise be in a form satisfactory to Landlord in its reasonable discretion.

Form of Letter of Credit. Upon execution of this Sublease, and as a condition precedent to the effectiveness of this Sublease, Sublessee shall deliver to Sublessor an irrevocable stand-by letter of credit in the amount of Six Hundred Sixty Three Thousand and 00/100 Dollars ($663,000.00) (the "Letter of Credit") as credit enhancement for Sublessee's faithful performance of all terms, covenants and conditions of this Sublease and not as a security deposit, as more particularly described in this Section 6. The Letter of Credit shall be (i) irrevocable; (ii) issued by a financial institution approved by Landlord in Landlord’s sole, reasonable discretion; (iii) in a form permitting partial and multiple drawings; (v) for (a) the entire Term extending until the date that which is ninety (90) days after the expiration of the Term, as such Term may be extended pursuant to the provisions of this Lease or (b) multiple terms of one (1) year each in duration, renewed at least sixty (60) days prior to the expiration thereof, the entire term extending until the date which is ninety (90) days after the expiration of the Term, as such Term may be extended pursuant to the provisions of the Lease; and (vi) be in the form attached hereto as Exhibit H or otherwise in form and substance and issued by a bank that is reasonably satisfactory to Sublessor. Sublessor hereby confirms that Silicon Valley Bank is acceptable to as the Landlord, in its reasonable discretion. If a partial drawing occurs under initial issuer of the Letter of Credit. The Letter of Credit shall: (i) name Sublessor as beneficiary, (ii) be effective upon the Tenant shallcommencement date of the Early Access Period, (iii) allow Sublessor to make partial and multiple draws thereunder up to the face amount for the purposes permitted under this Section 6, (iv) require the issuing bank to pay to Sublessor the amount of a draw upon demand but not more than five receipt by such bank of a sight draft signed by Sublessor and presented to the issuing bank, accompanied by Sublessor's statement that said draw is being made in accordance with the terms of this Section 6, and (5v) business days after such partial drawing, cause provide that Sublessor can freely transfer the financial institution Letter of Credit upon an assignment or other transfer of its interest in this Sublease to reissue the assignee or transferee without having to obtain the consent of Sublessee or the issuing bank. Sublessee shall be responsible for all fees associated with issuance of the Letter of Credit. Sublessor shall be entitled to draw upon the Letter of Credit in the amount then currently required under the terms of the Lease. In addition, within five (5) business days after the bank that issued the Letter of Credit then held by Landlord enters into any form of regulatory or governmental receivership or other similar regulatory or governmental proceeding, including any receivership instituted or commenced by the Federal Deposit Insurance Corporation (“FDIC”)accordance with this Section 6, or is otherwise declared insolvent or downgraded by the FDIC, Tenant shall deliver to Landlord a replacement letter of credit in the same form and amount of the initial letter of credit and from a banking institution acceptable to Landlord in its sole and absolute discretion. Notwithstanding the foregoing, the Landlord shall be entitled to draw down the entire amount of the Letter of Credit, without any notice, at any time on or after the earlier of within thirty (i30) the occurrence of an Event of Default by Tenant under this Lease; or (ii) the thirtieth (30th) day preceding days prior to the expiration date of the Letter of Credit in the event Tenant is required unless Sublessee shall have delivered to and fails to replace the Sublessor a replacement Letter of CreditCredit meeting the requirements of this Section 6 and with an expiration date not less than twelve (12) months after the date of delivery. The Letter of Credit (or a replacement thereof satisfactory to Sublessor) shall remain in effect until the earlier of (i) the Expiration Date (i.e., March 31, 2011), or (ii) the date this Sublease becomes effective as a direct lease between Landlord and Sublessee.