Common use of Remedy for Improper Drafts Clause in Contracts

Remedy for Improper Drafts. Tenant’s sole remedy in connection with the improper presentment or payment of sight drafts drawn under any L-C shall be the right to obtain from Landlord a refund of the amount of any sight drafts that were improperly presented or the proceeds of which were misapplied, together with interest at the Interest Rate (as defined below) and reasonable actual out-of-pocket attorneys’ fees, provided that at the time of such refund, Tenant increases the amount of such L-C to the amount (if any) then required under the applicable provisions of Lease, as amended. Tenant acknowledges that the presentment of sight drafts drawn under any L-C, or the Bank’s payment of sight drafts drawn under such L-C, could not under any circumstances cause Tenant injury that could not be remedied by an award of money damages, and that the recovery of money damages would be an adequate remedy therefor. In the event Tenant shall be entitled to a refund as aforesaid during any period prior to the date this Lease is terminated, and Landlord shall fail to make such payment within ten (10) business days after demand, Tenant shall have the right to deduct the amount thereof together with interest thereon at the Interest Rate from the next installment of Base Rent, provided that the foregoing shall not be deemed to limit the right of Tenant to recover such amount from Landlord if the Lease has been terminated. For purposes of this Section 22, the “Interest Rate” shall be an annual rate equal to the lesser of (i) the annual “Bank Prime Loan” rate cited in the Federal Reserve Statistical Release Publication H.15(519), published weekly (or such other comparable index as Landlord and Tenant shall reasonably agree upon if such rate ceases to be published), plus four (4) percentage points, and (ii) the highest rate permitted by applicable law.

Remedy for Improper Drafts. Tenant’s 's sole remedy in connection with the improper draw, presentment or payment related to the L-C, or Landlord’s use or application of sight drafts drawn under any L-C Proceeds, shall be the right to obtain from Landlord a refund of the amount of any sight drafts L-C Proceeds that were actually received by Landlord and improperly presented used or the proceeds of which were misappliedapplied under this Article 21, together with interest at the Interest Rate (as defined below) and reasonable actual out-of-pocket attorneys’ ' fees, provided that at the time of such refund, Tenant first increases the amount of such L-C to the amount (if any) then required under the applicable provisions of this Lease or provide a Landlord with a replacement letter of credit in the L-C Amount then in effect that complies in full with all the terms and conditions of this Lease, as amended. Tenant acknowledges that the presentment of sight drafts drawn under any L-C or any demand for payment under the L-C, or the Bank’s 's payment of sight drafts or demands for payment drawn under such the L-C, could not under any 0000-0000-0000.7371310.00016/10-2-23/gjn/gjn -39- [Britannia Oyster Point][Pliant Therapeutics] circumstances cause Tenant injury that could not be remedied by an award of money damages, and that the recovery of money damages would be an adequate remedy therefor. In the event Tenant shall be entitled to a refund as aforesaid during any period prior to the date this Lease is terminated, and Landlord shall fail to make such payment within ten (10) business days after demand, Tenant shall have the right to deduct the amount thereof together with interest thereon at the Interest Rate from the next installment installment(s) of Base Rent, provided that the foregoing shall not be deemed to limit the right of Tenant to recover such amount from Landlord if the Lease has been terminated. For purposes of this Section 22, the “Interest Rate” shall be an annual rate equal to the lesser of (i) the annual “Bank Prime Loan” rate cited in the Federal Reserve Statistical Release Publication H.15(519), published weekly (or such other comparable index as Landlord and Tenant shall reasonably agree upon if such rate ceases to be published), plus four (4) percentage points, and (ii) the highest rate permitted by applicable law.

Remedy for Improper Drafts. Tenant’s 's sole and exclusive remedy in connection with Xxxxxxxx's improper draw against the L-C or Landlord's improper presentment application or payment retention of sight drafts drawn under any proceeds of the L-C shall be the right to obtain from Landlord a refund of the amount of any sight drafts draft(s) that were improperly presented or the proceeds of which were misappliedmisapplied or wrongfully held, together with interest at the Interest Rate (as defined below) and reasonable actual out-of-pocket attorneys’ ' fees, provided that at the time of such refund, Tenant increases the amount of such L-C to the amount (if any) then required under then-current L-C Amount. Tenant irrevocably waives any right to secondary, incidental, indirect or consequential damages in any way related to Landlord's draw on the applicable provisions of Lease, as amended. L-C. Tenant acknowledges that Xxxxxxxx's draw against the presentment of sight drafts drawn under any L-C, application or retention of any proceeds thereof, or the Bank’s 's payment of sight drafts drawn under such L-C, could not not, under any circumstances circumstances, cause Tenant injury that could not be remedied by an award of money damages, and that the recovery of money damages would be an adequate remedy therefor. In the event Tenant shall be entitled to a refund as aforesaid during any period prior to the date this Lease is terminated, and Landlord shall fail to make such payment within ten (10) business days after demand, Tenant shall have the right to deduct the amount thereof together with interest thereon at the Interest Rate from the next installment installment(s) of Base Rent, provided that the foregoing shall not be deemed to limit the right of Tenant to recover such amount from Landlord if the Lease has been terminated. For purposes of this Section 22, the “Interest Rate” shall be an annual rate equal to the lesser of (i) the annual “Bank Prime Loan” rate cited in the Federal Reserve Statistical Release Publication H.15(519), published weekly (or such other comparable index as Landlord and Tenant shall reasonably agree upon if such rate ceases to be published), plus four (4) percentage points, and (ii) the highest rate permitted by applicable law.

Remedy for Improper Drafts. Tenant’s sole remedy in connection with the improper presentment or payment of sight drafts drawn under any L-C shall be the right to obtain from Landlord a refund of the amount of any sight drafts draft(s) that were improperly presented or the proceeds of which were misapplied, together with interest at the Interest Default Rate (as defined below) and reasonable actual out-of-pocket attorneys’ fees, provided that at the time of such refund, Tenant increases the amount of such L-C to the amount (if any) then required under the applicable provisions of the Amended Lease, as amended. Tenant acknowledges that the presentment of sight drafts drawn under any L-C, or the Bank’s payment of sight drafts drawn under such L-C, could not under any circumstances cause Tenant injury that could not be remedied by an award of money damages, and that the recovery of money damages would be an adequate remedy therefor. In the event Tenant shall be entitled to a refund as aforesaid during any period prior to the date this Lease is terminated, and Landlord shall fail to make such payment within ten (10) business days after demand, Tenant shall have the right to deduct the amount thereof together with interest thereon at the Interest Default Rate from the next installment installment(s) of Base Rent. FAX NO. [(_____) ______- _____] [Insert Bank Name And Address] SWIFT: [insert No., provided that the foregoing shall not be deemed to limit the right of Tenant to recover such amount from Landlord if the Lease has been terminatedany] DATE OF ISSUE: BENEFICIARY: [insert Beneficiary Name And Address] APPLICANT: [Insert Applicant Name And Address] LETTER OF CREDIT NO. For purposes of this Section 22_______ EXPIRATION DATE: __________ AT OUR COUNTERS AMOUNT AVAILABLE: USD[lnsert Dollar Amount] (U.S. DOLLARS [insert Dollar Amount]) LADIES AND GENTLEMEN: WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.______ IN YOUR FAVOR FOR THE ACCOUNT OF [Insert Tenant’s Name], the “Interest Rate” shall be an annual rate equal to the lesser of A [Insert Entity Type], UP TO THE AGGREGATE AMOUNT OF USD[lnsert Dollar Amount] (i[insert Dollar Amount] U.S. DOLLARS) the annual “EFFECTIVE IMMEDIATELY AND EXPIRING ON (Expiration Date) AVAILABLE BY PAYMENT UPON PRESENTATION OF YOUR DRAFT AT SIGHT DRAWN ON [Insert Bank Prime Loan” rate cited in the Federal Reserve Statistical Release Publication H.15(519Name] WHEN ACCOMPANIED BY THE FOLLOWING DOCUMENT(S): 1. THE ORIGINAL OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT AND AMENDMENT(S), published weekly IF ANY. 2. BENEFICIARY’S SIGNED STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED REPRESENTATIVE OF [Insert Landlord’s Name], A [Insert Entity Type] (or such other comparable index as Landlord and Tenant shall reasonably agree upon if such rate ceases to be published), plus four (4“LANDLORD”) percentage points, and (ii) the highest rate permitted by applicable law.STATING THE FOLLOWING:

Remedy for Improper Drafts. Tenant’s sole and exclusive remedy in connection with Landlord’s improper draw against the L-C or Landlord’s improper presentment application or payment retention of sight drafts drawn under any proceeds of the L-C shall be the right to obtain from Landlord a refund of the amount of any sight drafts draft(s) that were improperly presented or the proceeds of which were misappliedmisapplied or wrongfully held, together with interest at the Interest Default Rate (as defined below) and reasonable actual out-of-pocket attorneys’ fees, provided that at the time of such refund, Tenant increases the amount of such L-C to the amount (if any) then required under the applicable provisions of this Lease, as amended. Tenant acknowledges that Landlord’s draw against the presentment of sight drafts drawn under any L-C, application or retention of any proceeds thereof, or the Bank’s payment of sight drafts drawn under such L-C, could not not, under any circumstances circumstances, cause Tenant injury that could not be remedied by an award of money damages, and that the recovery of money damages would be an adequate remedy therefor. In the event Tenant shall be entitled to a refund as aforesaid during any period prior to the date this Lease is terminated, and Landlord shall fail to make such payment within ten (10) business days after demand, Tenant shall have the right to deduct the amount thereof together with interest thereon at the Interest Default Rate from the next installment installment(s) of Base Rent, provided that the foregoing shall not be deemed to limit the right of Tenant to recover such amount from Landlord if the Lease has been terminated. For purposes of this Section 22, the “Interest Rate” shall be an annual rate equal to the lesser of (i) the annual “Bank Prime Loan” rate cited in the Federal Reserve Statistical Release Publication H.15(519), published weekly (or such other comparable index as Landlord and Tenant shall reasonably agree upon if such rate ceases to be published), plus four (4) percentage points, and (ii) the highest rate permitted by applicable law.