Common use of Irrevocable Letter of Credit Clause in Contracts

Irrevocable Letter of Credit. If the Performance Guarantee is in the form of an LOC, then it shall be issued by a financial institution in the Phoenix metropolitan area and Landlord must be able to draw upon the LOC at any of the financial institution’s counters in the Phoenix metropolitan area. If Tenant fails to provide Landlord with a written extension of the LOC, in a form acceptable to Landlord, at least sixty (60) Days before the end of the term of the LOC, then, without Notice to Tenant, Landlord may draw upon the full amount of the LOC and retain all proceeds as a cash Performance Guarantee.

Irrevocable Letter of Credit. If the Performance Guarantee is in the form of an LOC, then it shall be issued by a financial institution in the Phoenix metropolitan area and Landlord must be able to draw upon the LOC at any of the financial institution’s counters in the Phoenix metropolitan area. If Tenant fails to provide Landlord with a written extension of the LOC, in a form acceptable to Landlord, at least sixty (60) Days calendar days before the end of the term of the LOC, then, without Notice to Tenant, Landlord may draw upon the full amount of the LOC and retain all proceeds as a cash Performance Guarantee.

Irrevocable Letter of Credit. If the Performance Guarantee is in the form of an LOC, then it shall be issued by a financial institution in the Phoenix metropolitan area area, and Landlord must be able to draw upon the LOC at any of the financial institution’s counters in the Phoenix metropolitan area. If Tenant fails to provide Landlord with a written extension of the LOC, LOC in a form acceptable to Landlord, Landlord at least sixty (60) Days days before the end of the term of the LOC, thenthen Landlord, without Notice notice to Tenant, Landlord may draw upon the full amount of the LOC and retain all hold the proceeds as a cash Performance Guarantee. Landlord may retain any interest that accrues to Tenant on the Performance Guarantee.