Common use of Renewal of Letter of Credit Clause in Contracts

Renewal of Letter of Credit. Tenant shall, not later than --------------------------- thirty (30) days prior to the expiration date of any Letter of Credit provided by Tenant pursuant to this Section 3.3, either initially or as a replacement or extension of such Letter of Credit, cause the expiration date thereof to be extended or provide a replacement Letter of Credit complying with the terms of this Section 3.3, such that a Letter of Credit remains in existence in the amount and for the time required under this Lease. Landlord shall have the right to draw upon the Letter of Credit in the event Tenant fails to provide Landlord with an extension of such Letter of Credit or a replacement Letter of Credit substantially in the form attached as Exhibit F not less than thirty (30) days --------- prior to the expiration date thereof. In the event such Letter of Credit is drawn upon due solely to the failure of Tenant to provide Landlord with such amendment or replacement Letter of Credit as aforesaid, the amount drawn shall be held by Landlord, as part of the Security Deposit in a segregated account with interest thereon at the money market rate as determined from time to time and published in The Wall Street Journal. Such funds shall be retained, expended ----------------------- or disbursed by Landlord for any amounts or sums due under this Lease to which the proceeds of the Letter of Credit could have been applied pursuant to this Lease provided that in the event Tenant delivers to Landlord a replacement Letter of Credit in the amount and in the form required by this Lease, Landlord will substitute such Letter of Credit for such cash and return the cash to Tenant together with any interest accrued thereon.

Renewal of Letter of Credit. Except as otherwise provided in Section 4.07, Tenant shall, not later than --------------------------- thirty (30) days prior to the expiration date of any Letter of Credit provided by Tenant pursuant to this Section 3.3, either initially or as a replacement or extension of such Letter of Credit, cause the expiration date thereof to be extended or provide a replacement Letter of Credit complying with the terms of this Section 3.3, such that a Letter of Credit remains in existence in the amount and for the time required under this Lease. Landlord shall have the right to draw upon maintain the Letter of Credit in effect from the event date of Tenant's execution of this Lease until the date which is sixty (60) days after Tenant fails shall have performed all of its obligations under the Lease (said period is hereinafter referred to provide as the "L/C Term"), unless as otherwise provided hereinafter provided. If the expiration date of the Letter of Credit (or any renewal or replacement Letter of Credit provided pursuant to this Article 4) occurs prior to the end of the L/C Term, then Tenant shall deliver to Landlord with an extension a renewal of such the Letter of Credit or a replacement Letter of Credit substantially in meeting all of the form attached as Exhibit F terms and conditions of this Article 4, not less later than thirty sixty (3060) days --------- prior to the then-applicable expiration date. Each Letter of Credit provided pursuant to this Article 4 shall have an expiration date thereof. In which is at least one (1) year from such Letter of Credit's date of issue except where the event such then-applicable expiration date of the Letter of Credit is drawn upon due solely to less than one (1) year from the failure end of Tenant to provide Landlord with such amendment the L/C Term, in which case the renewal or replacement Letter of Credit as aforesaid, the amount drawn shall be held for such lesser period. The issuing bank's agreement to place an automatic renewal provision in the Letter of Credit, shall not relieve or release Tenant from its obligation to provide a renewal or replacement Letter of Credit 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 Letter of Credit 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 LandlordTenant, as and Landlord shall have the right, without notice or demand, on one or more occasions, to draw upon all or any part of the Security Deposit in a segregated account with interest thereon at the money market rate as determined from time to time and published in The Wall Street Journal. Such funds shall be retained, expended ----------------------- or disbursed by Landlord for any amounts or sums due under this Lease to which the remaining proceeds of the Letter of Credit could have been applied pursuant to this Lease provided that in the event Tenant delivers to Landlord a replacement Letter of Credit in the amount and in the form required by this Lease, Landlord will substitute such Letter of Credit for such cash and return the cash to Tenant together with any interest accrued thereonCredit.

Renewal of Letter of Credit. The Letter of Credit shall be automatically renewable in accordance with Exhibit B; provided however, that in the event the Issuing Bank gives notice of its election not to renew the Letter of Credit for any additional period pursuant thereto, Tenant shall, not later than --------------------------- on or before the date thirty (30) days prior to the expiration date of any the term of the Letter of Credit, deliver to Landlord a new Letter of Credit provided satisfying the foregoing conditions ("Substitute Letter of Credit") in lieu of the Letter of Credit then being held by Landlord. Tenant pursuant shall be required to this Section 3.3deliver a Substitute Letter of Credit satisfying the conditions hereof, either initially on or as a replacement or extension before the date thirty (30) days prior to the expiration of the term of such Letter of Credit. Tenant agrees that it shall from time to time, cause as necessary, whether as a result of a draw on the expiration date thereof to be extended or provide a replacement Letter of Credit complying with by Landlord pursuant to the terms hereof or as a result of the expiration of the Letter of Credit then in effect, renew or replace the original and any subsequent Letter of Credit so that a Letter of Credit, in the amount required hereunder, is in effect until a date which is at least thirty (30) days after the Termination Date of the Lease. If Tenant fails to furnish such renewal or replacement at least thirty (30) days prior to the stated expiration date of the Letter of Credit then held by Landlord, Landlord may draw upon such Letter of Credit and hold the proceeds thereof (and such proceeds need not be segregated) as a Security Deposit pursuant to the terms of this Section 3.3, such that a Letter of Credit remains in existence in the amount and for the time required under this Lease. Landlord shall have the right to draw upon the Letter of Credit in the event Tenant fails to provide Landlord with an extension of such Letter of Credit or a replacement Letter of Credit substantially in the form attached as Exhibit F not less than thirty (30) days --------- prior to the expiration date thereof. In the event such Letter of Credit is drawn upon due solely to the failure of Tenant to provide Landlord with such amendment or replacement Letter of Credit as aforesaid, the amount drawn shall be held by Landlord, as part of the Security Deposit in a segregated account with interest thereon at the money market rate as determined from time to time and published in The Wall Street Journal. Such funds shall be retained, expended ----------------------- or disbursed by Landlord for any amounts or sums due under this Lease to which the proceeds of the Letter of Credit could have been applied pursuant to this Lease provided that in the event Tenant delivers to Landlord a replacement Letter of Credit in the amount and in the form required by this Lease, Landlord will substitute such Letter of Credit for such cash and return the cash to Tenant together with any interest accrued thereon3.

Renewal of Letter of Credit. Tenant shall, not later than --------------------------- thirty shall maintain any Letter of Credit in effect from the date which Tenant delivers the Letter of Credit to Landlord until the date which is sixty (3060) days prior 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 Letter of Credit (or any renewal or replacement Letter of Credit provided by Tenant pursuant to this Section 3.3section) occurs prior to the end of the L/C Term, either initially or as then Tenant shall deliver to Landlord a replacement or extension renewal of such Letter of Credit, cause the expiration date thereof to be extended or provide a replacement Letter of Credit complying with the terms of this Section 3.3, such that a Letter of Credit remains in existence in the amount and for the time required under this Lease. Landlord shall have the right to draw upon the Letter of Credit in the event Tenant fails to provide Landlord with an extension of such Letter of Credit or a replacement Letter of Credit substantially in meeting all of the form attached as Exhibit F terms and conditions of this section, not less later than thirty (30) days --------- prior to the then-applicable expiration date. Each Letter of Credit provided pursuant to this section shall have an expiration date thereof. In which is at least one (1) year from such Letter of Credit’s date of issue except where the event such then-applicable expiration date of the Letter of Credit is drawn upon due solely to less than one (1) year from the failure end of Tenant to provide Landlord with such amendment the L/C Term, in which case the renewal or replacement Letter of Credit as aforesaid, the amount drawn shall be held for such lesser period. The issuing bank’s agreement to place an automatic renewal provision in the Letter of Credit shall not relieve or release Tenant from its obligation to provide a renewal or replacement Letter of Credit 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 Letter of Credit not later than fifteen (15) days prior to the then-applicable, stated expiration date (excluding automatic renewal provisions), such failure shall be a default by LandlordTenant, as and Landlord shall have the right, without notice or demand, on one or more occasions, to draw upon all or any part of the Security Deposit in a segregated account with interest thereon at the money market rate as determined from time to time and published in The Wall Street Journal. Such funds shall be retained, expended ----------------------- or disbursed by Landlord for any amounts or sums due under this Lease to which the remaining proceeds of the Letter of Credit could have been applied pursuant to this Lease provided that in accordance with the event Tenant delivers to Landlord a replacement Letter terms of Credit in the amount and in the form required by this Lease, Landlord will substitute such Letter of Credit for such cash and return the cash to Tenant together with any interest accrued thereon.