Common use of Transfer of Letter of Credit Clause in Contracts

Transfer of Letter of Credit. In the event that Landlord transfers its interest in the Premises, Tenant shall upon notice from and at no material cost to Landlord, deliver to Landlord an amendment to the Letter of Credit or a replacement Letter of Credit naming Xxxxxxxx’s successor as the beneficiary thereof. If Tenant fails to deliver such amendment or replacement within ten (10) business days after written notice from Landlord, Landlord shall have the right to draw down the entire amount of the Letter of Credit and hold the proceeds thereof in accordance with Section 7.5 below.

Transfer of Letter of Credit. In the event that Landlord transfers its interest in the Premises, Tenant shall upon notice from and at no material cost to Landlord, deliver to Landlord an amendment to the Letter of Credit or a replacement Letter of Credit naming XxxxxxxxLandlord’s successor as the beneficiary thereof. If Tenant fails to deliver such amendment or replacement within ten thirty (1030) business days after written notice from Landlord, Landlord shall have the right to draw down the entire amount of the Letter of Credit and hold the proceeds thereof in accordance with Section 7.5 below.

Transfer of Letter of Credit. In the event that Landlord transfers its interest in the Premises, Tenant shall upon notice from and at no material cost to Landlord, deliver to Landlord an amendment to the Letter of Credit or a replacement Letter of Credit naming Xxxxxxxx’s successor as the beneficiary thereof. If Tenant fails to deliver such amendment or replacement within ten (10) business days after written notice from Landlord, Landlord shall have the right to draw down the entire amount of the Letter of Credit and hold the proceeds thereof in accordance with Section 7.5 below.

Transfer of Letter of Credit. In the event that Landlord transfers its interest in the Premises, Tenant shall upon notice from and at no material cost to Landlord, deliver to Landlord an amendment to the Letter of Credit or a replacement Letter of Credit naming Xxxxxxxx’s successor as the beneficiary thereof. If Tenant fails to deliver such amendment or replacement within ten (10) business days after written notice from Landlord, Landlord shall have the right to draw down the entire amount of the Letter of Credit and hold the proceeds thereof in accordance with Section 7.5 6.4 below.

Transfer of Letter of Credit. In the event that Landlord transfers its interest in the Premises, Tenant shall upon notice from and at no material cost to Landlord, deliver to Landlord an amendment to the Letter of Credit or a replacement Letter of Credit naming XxxxxxxxLandlord’s successor as the beneficiary thereof. If Tenant fails to deliver such amendment or replacement within ten (10) business days after written notice from Landlord, Landlord shall have the right to draw down the entire amount of the Letter of Credit and hold the proceeds thereof in accordance with Section 7.5 7.4 below.

Transfer of Letter of Credit. In the event that Landlord transfers its interest in the Premises, Tenant shall upon notice from and at no material cost to Landlord, deliver to Landlord an amendment to the Letter of Credit or a replacement Letter of Credit naming XxxxxxxxLandlord’s successor as the beneficiary thereof. If Tenant fails to deliver such amendment or replacement within ten (10) business days after written notice from Landlord, Landlord shall have the right to draw down the entire amount of the Letter of Credit and hold the proceeds thereof in accordance with this Section 7.5 below26.14.

Transfer of Letter of Credit. In the event that Landlord transfers its interest in the Premises, Tenant shall upon notice from and at no material cost to Landlord, deliver to Landlord an amendment to the Letter of Credit or a replacement Letter of Credit naming Xxxxxxxx’s successor as the beneficiary thereof. If Tenant fails to deliver such amendment or replacement within ten (10) business days after written notice from Landlord, Landlord shall have the right to draw down the entire amount of the Letter of Credit and hold the proceeds thereof in accordance with Section 7.5 below.ten

Transfer of Letter of Credit. In the event that Landlord transfers its interest in the Premises, Tenant shall upon notice from and at no material cost to Landlord, deliver to Landlord an amendment to the Letter of Credit or a replacement Letter of Credit naming XxxxxxxxLandlord’s successor as the beneficiary thereof. If Tenant fails to deliver such amendment or replacement within ten (10) business days after written notice from Landlord, Landlord shall have the right to draw down the entire amount of the Letter of Credit and hold the proceeds thereof in accordance with Section 7.5 below.