Common use of Terms of the Letter of Credit Clause in Contracts

Terms of the Letter of Credit. The irrevocable stand-by Letter of Credit which Tenant shall deliver to Landlord as its security deposit: (a) shall be in compliance with the terms of this Article 6 and otherwise shall be in a form reasonably satisfactory to Landlord, (b) shall be issued by a mutually agreeable financial institution ("Bank"), (c) shall name Landlord as beneficiary, (d) shall be for a term of no less than one (1) year and shall provide that it is automatically renewable unless the issuer serves Landlord with a written notice of non-renewal ("Notice of Non-Renewal") at least thirty (30) days before the then applicable expiration date of the Letter of Credit, (e) shall provide that in the event that Landlord transfers ownership of the Premises to another person/entity, Landlord, subject to compliance with the requirements of the Bank for the transfer of the Letter of Credit, may transfer the Letter of Credit to the new owner upon Xxxxxxxx's presentation to the issuer of a written notice of transfer together with the original Letter of Credit and that in such event the issuer shall reissue the Letter of Credit in the name of the transferee stated in the notice of transfer, and (f) shall provide that Landlord may draw upon the Letter of Credit by presenting the following to the issuer: (i) a sight draft in an amount which does not exceed the amount of the Letter of Credit executed by the person executing the "Certificate" as described in sub-part (ii) hereof, and (ii) a certificate (the "Certificate") executed under penalty of perjury under the laws of the State of California, stating that the person executing the Certificate is the duly appointed representative of Landlord and further stating (1) that the Account Party is in default under the Lease, following written notice and the passage of any applicable cure period, and that the amount of the sight draft presented concurrently with the Certificate is due, owing, and unpaid under the Lease, or (2) that the "Notice of Non-Renewal" has been given and that the Account Party has not provided Landlord with a satisfactory substitute letter of credit.

Terms of the Letter of Credit. The irrevocable stand-by Letter of Credit which Tenant shall deliver to Landlord as its security deposit: (a) shall be in compliance with the terms of this Article 6 and otherwise shall be in a form reasonably satisfactory to Landlord, (b) shall be issued by a mutually agreeable financial institution ("Bank"), (c) shall name Landlord as beneficiary, (d) shall be for a term of no less than one (1) year and shall provide that it is automatically renewable unless the issuer serves Landlord with a written notice of non-renewal ("Notice of Non-Renewal") at least thirty (30) days before the then applicable expiration date of the Letter of Credit, (e) shall provide that in the event that Landlord transfers ownership of the Premises to another person/entity, Landlord, subject to compliance with the requirements of the Bank for the transfer of the Letter of Credit, may transfer the Letter of Credit to the new owner upon XxxxxxxxLandlord's presentation to the issuer of a written notice of transfer together with the original Letter of Credit and that in such event the issuer shall reissue the Letter of Credit in the name of the transferee stated in the notice of transfer, and (f) shall provide that Landlord may draw upon the Letter of Credit by presenting the following to the issuer: (i) a sight draft in an amount which does not exceed the amount of the Letter of Credit executed by the person executing the "Certificate" as described in sub-part (ii) hereof, and (ii) a certificate (the "Certificate") executed under penalty of perjury under the laws of the State of California, stating that the person executing the Certificate is the duly appointed representative of Landlord and further stating (1) that the Account Party is in default under the Lease, following written notice and the passage of any applicable cure period, and that the amount of the sight draft presented concurrently with the Certificate is due, owing, and unpaid under the Lease, or (2) that the "Notice of Non-Renewal" has been given and that the Account Party has not provided Landlord with a satisfactory substitute letter of credit.

Terms of the Letter of Credit. The irrevocable stand-by Letter (A) Following the occurrence of Credit which Tenant shall one or more Triggering Events, Clearwire Parent will, as soon as reasonably practicable, deliver to Landlord as its security deposit: (a) shall be in compliance with the terms Licensee a letter of this Article 6 credit issued by a commercial bank reasonably acceptable to Licensee and otherwise shall be in a form reasonably satisfactory acceptable to Landlord,Licensee that may be drawn upon by Licensee to satisfy any monetary obligations of Clearwire and/or Clearwire US under the Lease or the Services Agreement that have not been satisfied ("LETTER OF CREDIT"). (bB) If the Triggering Event is based on Section 1(a), the Letter of Credit shall be, subject to increases as provided in Section 3(e) below, for the amount of the Monthly Lease Payments (as that term is defined in the Lease) that would be due through the earlier of (i) expiration of the current term of the Lease or (ii) [***] ("MONTHLY LEASE PAYMENTS OUTSTANDING"). [*** Confidential Treatment Requested] (C) If the Triggering Event is based on Section 1(b), the Letter of Credit shall be issued by a mutually agreeable financial institution for an amount equal to the cash payments required to be made under the Services Agreement until the earlier of (i) expiration of the current term of the Lease Agreement and (ii) [***], (in each case assuming maximum rollover of those service credits pursuant to the terms of the Services Agreement) ("BankSERVICE CREDITS OUTSTANDING"),. (cD) If the Triggering Event is based on Sections 1(c) or 1(d) or a combination of any Triggering Events, then the Letter of Credit shall name Landlord as beneficiary,be for an amount equal to [***]. (dE) The Parties acknowledge and agree that Clearwire Parent is currently subject to limitations on its ability to incur indebtedness under that certain Loan Agreement, dated as of August 21, 2006 ("LOAN AGREEMENT"). The Parties further acknowledge and agree that Section 7.1(k) of the Loan Agreement specifically permits Clearwire Parent to incur indebtedness represented by letters of credit in an aggregate face amount not to exceed [***] at any one time outstanding (the "LOC BASKET"). [***]. (F) The term of the Letter of Credit shall be for a term period of no less than one (1) year and shall provide that it is automatically renewable unless time from the issuer serves Landlord with a written notice of non-renewal ("Notice of Non-Renewal") at least thirty (30) days before the then applicable expiration date delivery of the Letter of Credit, (e) shall provide that in Credit through the event that Landlord transfers ownership earlier to occur of the Premises to another person/entity[***]; provided, Landlord, subject to compliance with however that upon the requirements of the Bank for the transfer first anniversary of the Letter of Credit, and each anniversary thereafter, in each event if the Triggering Event is still continuing, then Clearwire Parent will either renew or substitute a new Letter of Credit with the LOC Term determined in accordance with this section. [***]. If the Triggering Event is not continuing, then Clearwire Parent may transfer terminate the Letter of Credit to the new owner upon Xxxxxxxx's presentation to the issuer of a written notice of transfer together with the original Letter of Credit and that in such event the issuer shall reissue the Letter of Credit in the name of the transferee stated in the notice of transfer, and (f) shall provide that Landlord may draw upon the Letter of Credit by presenting the following to the issuer: (i) a sight draft in an amount which does not exceed the amount of the Letter of Credit executed by the person executing the "Certificate" as described in sub-part (ii) hereof, and (ii) a certificate (the "Certificate") executed under penalty of perjury under the laws of the State of California, stating that the person executing the Certificate is the duly appointed representative of Landlord and further stating (1) that the Account Party is in default under the Lease, following written notice and the passage of any applicable cure period, and that the amount of the sight draft presented concurrently with the Certificate is due, owing, and unpaid under the Lease, or (2) that the "Notice of Non-Renewal" has been given and that the Account Party has not provided Landlord with a satisfactory substitute letter of creditLicensee.

Terms of the Letter of Credit. The irrevocable stand-by Letter (A) Following the occurrence of Credit which Tenant shall one or more Triggering Events, Clearwire Parent will, as soon as reasonably practicable, deliver to Landlord as its security deposit: (a) shall be in compliance with the terms Licensee a letter of this Article 6 credit issued by a commercial bank reasonably acceptable to Licensee and otherwise shall be in a form reasonably satisfactory acceptable to Landlord,Licensee that may be drawn upon by Licensee to satisfy any monetary obligations of Clearwire and/or Clearwire US under the Lease or the Services Agreement that have not been satisfied ("LETTER OF CREDIT"). (bB) If the Triggering Event is based on Section 1(a), the Letter of Credit shall be, subject to increases as provided in Section 3(e) below, for the amount of the Monthly Lease Payments (as that term is defined in the Lease) that would be due through the earlier of (i) expiration of the current term of the Lease or (ii) [***] ("MONTHLY LEASE PAYMENTS OUTSTANDING"). (C) If the Triggering Event is based on Section 1(b), the Letter of Credit shall be issued by a mutually agreeable financial institution for an amount equal to the cash payments required to be made under the Services Agreement until the earlier of (i) expiration of the current term of the Lease Agreement and (ii) [***], (in each case assuming maximum rollover of those service credits pursuant to the terms of the Services Agreement) ("BankSERVICE CREDITS OUTSTANDING"),. (cD) If the Triggering Event is based on Sections 1(c) or 1(d) or a combination of any Triggering Events, then the Letter of Credit shall name Landlord as beneficiary,be for an amount equal to [***]. (dE) The Parties acknowledge and agree that Clearwire Parent is currently subject to limitations on its ability to incur indebtedness under that certain Loan Agreement, dated as of August 21, 2006 ("LOAN AGREEMENT"). The Parties further acknowledge and agree that Section 7.1(k) of the Loan Agreement specifically permits Clearwire Parent to incur indebtedness represented by letters of credit in an aggregate face amount not to exceed [***] at any one time outstanding (the "LOC BASKET"). [***]. (F) The term of the Letter of Credit shall be for a term period of no less than one (1) year and shall provide that it is automatically renewable unless time from the issuer serves Landlord with a written notice of non-renewal ("Notice of Non-Renewal") at least thirty (30) days before the then applicable expiration date delivery of the Letter of Credit, (e) shall provide that in Credit through the event that Landlord transfers ownership earlier to occur of the Premises to another person/entity[***]; provided, Landlord, subject to compliance with however that upon the requirements of the Bank for the transfer first anniversary of the Letter of Credit, and each anniversary thereafter, in each event if the Triggering Event is still continuing, then Clearwire Parent will either renew or substitute a new Letter of Credit with the LOC Term determined in accordance with this section. [***]. If the Triggering Event is not continuing, then Clearwire Parent may transfer terminate the Letter of Credit to the new owner upon Xxxxxxxx's presentation to the issuer of a written notice of transfer together with the original Letter of Credit and that in such event the issuer shall reissue the Letter of Credit in the name of the transferee stated in the notice of transfer, and (f) shall provide that Landlord may draw upon the Letter of Credit by presenting the following to the issuer: (i) a sight draft in an amount which does not exceed the amount of the Letter of Credit executed by the person executing the "Certificate" as described in sub-part (ii) hereof, and (ii) a certificate (the "Certificate") executed under penalty of perjury under the laws of the State of California, stating that the person executing the Certificate is the duly appointed representative of Landlord and further stating (1) that the Account Party is in default under the Lease, following written notice and the passage of any applicable cure period, and that the amount of the sight draft presented concurrently with the Certificate is due, owing, and unpaid under the Lease, or (2) that the "Notice of Non-Renewal" has been given and that the Account Party has not provided Landlord with a satisfactory substitute letter of creditLicensee.