Common use of Renewal of L/C Clause in Contracts

Renewal of L/C. Tenant shall maintain the L/C in effect from the date of Tenant’s execution of this First Amendment, but in no event later than January 26, 2005, until Tenant shall have performed all of its obligations under the Lease (said period is hereinafter referred to as the “L/C Term”). If the expiration date of the L/C (or any renewal or replacement L/C provided pursuant to this First Amendment section) occurs prior to the end of the L/C Term, then Tenant shall deliver to Landlord a renewal of the L/C or a replacement L/C meeting all of the terms and conditions of this Addendum section, not later than sixty (60) days prior to the then-applicable expiration date. Each L/C provided pursuant to this First Amendment section shall have an expiration date which is at least one (1) year from such L/C’s date of issue except where the then-applicable expiration date of the L/C is less than one (1) year from the end of the L/C Term, in which case the renewal or replacement L/C shall be for such lesser period. The issuing bank’s agreement to place an automatic renewal provision in the L/C, as required pursuant to said Exhibit “A”, shall not relieve or release Tenant from its obligation to provide a renewal or replacement L/C on the terms hereinabove stated, it being understood that any such automatic renewal is an independent obligation of the issuing bank which is intended for Landlord’s sole benefit. If Tenant fails to provide the renewal or replacement L/C not later than sixty (60) days prior to the then-applicable, stated expiration date (excluding automatic renewal provisions), such failure shall be a default by Tenant, and Landlord shall have the right, without notice or demand, to draw upon the entire remaining proceeds of the L/C.

Renewal of L/C. Tenant shall maintain the L/C in effect from the date of Tenant’s execution of this First Amendment, but in no event later than January 26, 2005, which Tenant delivers the L/C to Landlord until the date which is sixty (60) days after Tenant shall have performed all of its obligations under the Lease (said period is hereinafter referred to as the “L/C Term”). If the expiration date of the L/C (or any renewal or replacement L/C provided pursuant to this First Amendment section) occurs prior to the end of the L/C Term, then Tenant shall deliver to Landlord a renewal of the L/C or a replacement L/C meeting all of the terms and conditions of this Addendum section, not later than sixty (60) days prior to the then-applicable expiration date. Each L/C provided pursuant to this First Amendment section shall have an expiration date which is at least one (1) year from such L/C’s date of issue except where the then-applicable expiration date of the L/C is less than one (1) year from the end of the L/C Term, in which case the renewal or replacement L/C shall be for such lesser period. The issuing bank’s agreement to place an automatic renewal provision in the L/C, as required pursuant to said Exhibit Appendix “AI”, shall not relieve or release Tenant from its obligation to provide a renewal or replacement L/C on the terms hereinabove stated, it being understood that any such automatic renewal is an independent obligation of the issuing bank which is intended for Landlord’s sole benefit. If Tenant fails to provide the renewal or replacement L/C not later than sixty (60) days prior to the then-applicable, stated expiration date (excluding automatic renewal provisions), such failure shall be a default by Tenant, and Landlord shall have the right, without notice or demand, on one or more occasions, to draw upon all or any part of the entire remaining proceeds of the L/C.

Renewal of L/C. Tenant shall shall, at Tenant’s sole cost and expense, maintain the L/C in effect from the date of Tenant’s execution of this First Amendment, but in no event later than January 26, 2005, Fourth Amendment until Tenant shall have performed all that date which is sixty (60) days after the expiration of its obligations under the Lease Extended Term (said period is hereinafter referred to as the “L/C Term”); and provided that Tenant is not in default under the Lease, beyond the applicable cure period associated with such default, as of the commencement of the Option Term (as defined Section 17 of this Fourth Amendment), the L/C shall not be required to be maintained by Tenant as a condition of, and at any time during, such Option Term, and upon the commencement of the Option Term, the L/C shall be surrendered by Landlord to Tenant (and may be terminated by the notwithstanding anything to the contrary in this Section 9(b)). If the expiration date of the L/C (or any renewal or replacement L/C provided pursuant to this First Amendment sectionSection) occurs prior to the end of the L/C Term, then Tenant shall deliver to Landlord a renewal of the L/C or a replacement L/C meeting all of the terms and conditions of this Addendum sectionSection, not later than sixty (60) days prior to the then-applicable expiration date. Each L/C provided pursuant to this First Amendment section Section shall have an expiration date which is at least one (1) year from such L/C’s date of issue except where the then-applicable expiration date of the L/C is less than one (1) year from the end of the L/C Term, in which case the renewal or replacement L/C shall be for such lesser period. The issuing bankIssuing Bank’s agreement failure to place an automatic renewal provision in the L/C, as required pursuant to said Exhibit “A”B, or its notice to Landlord of the non-renewal of the L/C, notwithstanding such an automatic renewal provision of the L/C, shall not relieve or release Tenant from its obligation to provide a renewal or replacement L/C on the terms hereinabove stated, it being understood that any such automatic renewal provision of the L/C (and any failure of the Issuing Bank to comply with such automatic renewal commitment) is an independent obligation of the issuing bank which is intended for Landlordapplicable Issuing Bank to Tenant, and as between Landlord and Tenant, the failure of the Issuing Bank to comply with the automatic renewal terms of this Section 9 shall not excuse Tenant from satisfying Tenant’s sole benefitobligation to maintain the L/C in effect throughout the Extended Term. If Tenant fails to provide the renewal or a replacement L/C not later than sixty thirty (6030) days following Landlord’s receipt of a notice of non-renewal of the L/C from the Issuing Bank (and in any event, prior to the thenexpiration of the L/C regardless of when such notice of non-applicable, stated expiration date (excluding automatic renewal provisionsis received from the Issuing Bank by Landlord), such failure shall be a default by Tenant, and Landlord shall have the right, without notice or demand, on one or more occasions, to draw upon all or any part of the entire remaining proceeds of the L/C.C, which proceeds shall be held as part of the Security Deposit in accordance with the applicable terms and conditions of the Lease until such time as Tenant’s default is timely cured by delivery to Landlord of a replacement L/C from an Issuing Bank, in which event the unapplied proceeds of the L/C shall be promptly refunded to Tenant.

Renewal of L/C. Tenant Lessee shall maintain the L/C in effect from the date of Tenant’s execution of this First Amendment, but in no event later than January 26, 2005, which Lessee delivers the L/C to Lessor until Tenant the date which is sixty (60) days after Lessee shall have performed all of its obligations under the Lease (said period is hereinafter referred to as the “L/C Term”). If the expiration date of the L/C (or any renewal or replacement L/C provided pursuant to this First Amendment section) occurs prior to the end of the L/C Term, then Tenant Lessee shall deliver to Landlord Lessor a renewal of the L/C or a replacement L/C meeting all of the terms and conditions of this Addendum section, not later than sixty (60) days prior to the then-applicable expiration date. Each L/C provided pursuant to this First Amendment section shall have an expiration date which is at least one (1) year from such L/C’s date of issue except where the then-applicable expiration date of the L/C is less than one (1) year from the end of the L/C Term, in which case the renewal or replacement L/C shall be for such lesser period. The issuing bank’s agreement to place an automatic renewal provision in the L/C, as required pursuant to said Exhibit Appendix “AC-5A”, shall not relieve or release Tenant Lessee from its obligation to provide a renewal or replacement L/C on the terms hereinabove stated, it being understood that any such automatic renewal is an independent obligation of the issuing bank which is intended for LandlordLessor’s sole benefit. If Tenant Lessee fails to provide the renewal or replacement L/C not later than sixty (60) days prior to the then-applicable, stated expiration date (excluding automatic renewal provisions), such failure shall be a default by TenantLessee, and Landlord Lessor shall have the right, without notice or demand, on one or more occasions, to draw upon all or any part of the entire remaining proceeds of the L/C.

Renewal of L/C. Tenant shall maintain the L/C in effect from the date of Tenant’s execution of this First Amendment, but in no event later than January 26, 2005, Amendment until the date which is 60 days after Tenant shall have performed all of its obligations under the Lease (said period is hereinafter referred to as the “L/C Term”). If the expiration date of the L/C (or any renewal or replacement L/C provided pursuant to this First Amendment section) occurs prior to the end of the L/C Term, then Tenant shall deliver to Landlord a renewal of the L/C or a replacement L/C meeting all of the terms and conditions of this Addendum section, not later than sixty thirty (6030) days prior to the then-then applicable expiration date. Each L/C provided pursuant to this First Amendment section shall have an expiration date which is at least one (1) year from such L/C’s date of issue except where the then-then applicable expiration date of the L/C issue is less than one (1) year from the end of the L/C Term, in which case the renewal or replacement L/C shall be for such lesser period. The issuing bank’s agreement to place an automatic renewal provision in the L/C, as required pursuant to said Exhibit “A”D-1, shall not relieve or release Tenant from its obligation to provide a renewal or replacement L/C on the terms hereinabove stated, it being understood that any such automatic renewal is an independent obligation of the issuing bank which is intended for Landlord’s sole benefit. If Tenant fails to provide the renewal or replacement L/C not later than sixty thirty (6030) days prior to the then-applicable, stated expiration date (excluding automatic renewal provisions), and if such failure is continuing ten (10) days following the delivery by Landlord to Tenant of written notice thereof, such failure shall not be a default by TenantTenant under the Lease, and but Landlord shall thereupon have the right, without notice or demand, on one or more occasions, to draw upon all or any part of the entire remaining proceeds of the L/C.C, and hold the L/C proceeds as a cash security deposit pursuant to the Lease and/or apply the L/C proceeds pursuant to Section 4 of this Exhibit D.

Renewal of L/C. Tenant Lessee shall maintain the L/C in effect from the date of Tenant’s execution of this First Amendment, but in no event later than January 26, 2005, which Lessee delivers the L/C to Lessor until Tenant the date which is sixty (60) days after Lessee shall have performed all of its obligations under the Lease (said period is hereinafter referred to as the “L/C Term”). If the expiration date of the L/C (or any renewal or replacement L/C provided pursuant to this First Amendment section) occurs prior to the end of the L/C Term, then Tenant Lessee shall deliver to Landlord Lessor a renewal of the L/C or a replacement L/C meeting all of the terms and conditions of this Addendum section, not later than sixty (60) days prior to the then-applicable expiration date. Each L/C provided pursuant to this First Amendment section shall have an expiration date which is at least one (1) year from such L/C’s date of issue except where the then-applicable expiration date of the L/C is less than one (1) year from the end of the L/C Term, in which case the renewal or replacement L/C shall be for such lesser period. The issuing bank’s agreement to place an on automatic renewal provision in the L/C, as required pursuant to said Exhibit Appendix “AC-6A”, shall not relieve or release Tenant Lessee from its obligation to provide a renewal or replacement L/C on the terms hereinabove stated, it being understood that any such automatic renewal is an independent obligation of the issuing bank which is intended for LandlordLessor’s sole benefit. If Tenant Lessee fails to provide the renewal or replacement L/C not later than sixty (60) days prior to the then-applicable, stated expiration date (excluding automatic renewal provisions), such failure shall be a default by TenantLessee, and Landlord Lessor shall have the right, without notice or demand, on one or more occasions, to draw upon all or any part of the entire remaining proceeds of the L/C.

Renewal of L/C. Tenant Lessee shall maintain the L/C in effect from the date of Tenant’s execution of this First Amendment, but in no event later than January 26, 2005, which Lessee delivers the L/C to Lessor until Tenant the date which is sixty (60) days after Lessee shall have performed all of its obligations under the Lease (said period is hereinafter referred to as the “L/C Term”). If the expiration date of the L/C (or any renewal or replacement L/C provided pursuant to this First Amendment section) occurs prior to the end of the L/C Term, then Tenant Lessee shall deliver to Landlord Lessor a renewal of the L/C or a replacement L/C meeting all of the terms and conditions of this Addendum section, not later than sixty (60) days prior to the then-applicable expiration date. Each L/C provided pursuant to this First Amendment section shall have an expiration date which is at least one (1) year from such L/C’s date of issue except where the then-applicable expiration date of the L/C is less than one (1) year from the end of the L/C Term, in which case the renewal or replacement L/C shall be for such lesser period. The issuing bank’s agreement to place an automatic renewal provision in the L/C, as required pursuant to said Exhibit Appendix “AB-7A”, shall not relieve or release Tenant Lessee from its obligation to provide a renewal or replacement L/C on the terms hereinabove stated, it being understood that any such automatic renewal is an independent obligation of the issuing bank which is intended for LandlordLessor’s sole benefit. If Tenant Lessee fails to provide the renewal or replacement L/C not later than sixty (60) days prior to the then-applicable, stated expiration date (excluding automatic renewal provisions), such failure shall be a default by TenantLessee, and Landlord Lessor shall have the right, without notice or demand, on one or more occasions, to draw upon all or any part of the entire remaining proceeds of the L/C.

Renewal of L/C. Tenant shall shall, at Tenant’s sole cost and expense, maintain the L/C in effect from December 1, 2020 until the date of Tenant’s execution of this First Amendment, but in no event later than January 26, 2005, until which is sixty (60) days after Tenant shall have performed all of its obligations under the Lease (said period is hereinafter referred to as the “L/C Term”). If the expiration date of the L/C (or any renewal or replacement L/C provided pursuant to this First Amendment Addendum section) occurs prior to the end of the L/C Term, then Tenant shall deliver to Landlord a renewal of the L/C or a replacement L/C meeting all of the terms and conditions of this Addendum section, not later than sixty (60) days prior to the then-applicable expiration date. Each L/C provided pursuant to this First Amendment Addendum section shall have an expiration date which is at least one (1) year from such L/C’s date of issue except where the then-applicable expiration date of the L/C is less than one (1) year from the end of the L/C Term, in which case the renewal or replacement L/C shall be for such lesser period. The issuing bank’s agreement to place an automatic renewal provision in the L/C, as required pursuant to said Exhibit “A”1, shall not relieve or release Tenant from its obligation to provide a renewal or replacement L/C on the terms hereinabove stated, it being understood that any such automatic renewal is an independent obligation of the issuing bank which is intended for Landlord’s sole benefit. If Tenant fails to provide the renewal or replacement L/C not later than sixty (60) days prior to the then-applicable, stated expiration date (excluding automatic renewal provisions), such failure shall be a default by Tenant, and Landlord shall have the right, without notice or demand, on one or more occasions, to draw upon all or any part of the entire remaining proceeds of the L/C.

Renewal of L/C. Tenant shall maintain the L/C in effect from the date of Tenant’s execution of this First Amendment, but in no event later than January 26, 2005, Amendment until the date which is 30 days after Tenant shall have performed all of its obligations under the Lease (said period is hereinafter referred to as the “L/C Term”). If the expiration date of the L/C (or any renewal or replacement L/C provided pursuant to this First Amendment section) occurs prior to the end of the L/C Term, then Tenant shall deliver to Landlord a renewal of the L/C or a replacement L/C meeting all of the terms and conditions of this Addendum section, not later than sixty (60) 60 days prior to the then-applicable expiration date. Each L/C provided pursuant to this First Amendment section shall have an expiration date which is at least one (1) year from such L/C’s date of issue except where the then-applicable expiration date of the L/C is less than one (1) year from the end of the L/C Term, in which case the renewal or replacement L/C shall be for such lesser period. The issuing bank’s agreement to place an automatic renewal provision in the L/C, as required pursuant to said Exhibit “A”D-1, shall not relieve or release Tenant from its obligation to provide a renewal or replacement L/C on the terms hereinabove stated, it being understood that any such automatic renewal is an independent obligation of the issuing bank which is intended for Landlord’s sole benefit. If Tenant fails to provide the renewal or replacement L/C not later than sixty (60) 30 days prior to the then-applicable, stated expiration date (excluding automatic renewal provisions), such failure shall be a default by Tenant, and Landlord shall have the right, without notice or demand, on one or more occasions, to draw upon all or any part of the entire remaining proceeds of the L/C.