Common use of Uses of Letters of Credit Clause in Contracts

Uses of Letters of Credit. Lessor shall have the right to draw upon a letter of credit up to its full amount whenever (a) an Event of Default hereunder has occurred, (b) an event of default under any other lease or agreement between Lessor or an Affiliate of Lessor and Lessee or an Affiliate of Lessee or under any other letter of credit, guaranty, mortgage, deed of trust, or other instrument now or hereafter executed by Lessee or an Affiliate of Lessee in favor of Lessor or an Affiliate of Lessor has occurred or (c) an event or circumstance has occurred which with notice or passage of time, or both, would constitute an Event of Default hereunder or an event of default under any such other lease, agreement, letter of credit, guaranty, mortgage, deed of trust or other instrument, notwithstanding that transmittal of any such notice may be barred by applicable law. In addition, if Lessee fails to obtain a satisfactory letter of credit prior to the applicable Letter of Credit Date, Lessor may draw upon the full amount of the then existing letter of credit without giving any notice or time to cure to Lessee. No such draw shall (i) cure or constitute a waiver of an Event of Default, (ii) be deemed to fix or determine the amounts to which Lessor is entitled to recover under this Lease or otherwise, or (iii) be deemed to limit or waive Lessor's right to pursue any remedies provided for in this Lease. If all or any portion of a letter of credit is drawn against by Lessor, Lessee shall, within two (2) business days after demand by Lessor, cause the issuer of such letter of credit to issue Lessor, at Lessee's expense, a replacement or supplementary letter of credit in substantially the form attached hereto as Exhibit D such that at all times during the Term, Lessor shall have the ability to draw on one or more letters of credit totaling, in the aggregate, the amount required pursuant to Section 21.3.

Uses of Letters of Credit. Lessor shall have the right to draw upon a letter of credit up to its full amount whenever (a) an Event of Default hereunder has occurred, (b) occurred or an event of default under any other lease or agreement between Lessor or an Affiliate of Lessor and Lessee or an Affiliate of Lessee or under any other letter of credit, guaranty, mortgage, deed of trust, or other instrument now or hereafter executed by Lessee or an Affiliate of Lessee in favor of Lessor or an Affiliate of Lessor has occurred or (c) an event or circumstance has occurred which with notice or passage of time, or both, would constitute an Event of Default hereunder or an event of default under and any such other lease, agreement, letter of credit, guaranty, mortgage, deed of trust or other instrument, notwithstanding that transmittal of any such notice may be barred by applicable law. In additioncure periods have expired; provided further, if Lessee Xxxxxx fails to obtain a satisfactory letter of credit prior to the applicable Letter of Credit Date, Lessor may draw upon the full amount of the then existing letter of credit without giving any notice or time to cure to Lessee. No such draw shall (i) cure or constitute a waiver of an Event of Default, (ii) be deemed to fix or determine the amounts to which Lessor is entitled to recover under this Lease or otherwise, or (iii) be deemed to limit or waive Lessor's right to pursue any remedies provided for in this Lease. If all or any portion of a letter of credit is drawn against by Lessor, Lessee shall, within two (2) business days after demand by Lessor, cause order the issuer of such letter of credit to issue Lessor, at LesseeXxxxxx's expense, a replacement or supplementary letter of credit in substantially the form attached hereto as Exhibit D J such that at all times --------- during the Term, Lessor shall have the ability to draw on one or more letters of credit totaling, in the aggregate, the amount required pursuant to Section 21.3.21.3 and Lessor, upon the receipt thereof, shall return any amounts drawn down and held pending receipt of such replacement or supplementary letter of credit. 21.5

Uses of Letters of Credit. Lessor Lender shall have the right to draw upon a letter the Letter of credit Credit up to its full amount whenever (a) an Event of a Default hereunder has occurred, (b) a default or an event of default under any other lease Loan Document or other agreement or instrument now or hereafter executed by and between Lessor Lender or an Affiliate of Lessor Lender and Lessee or an Affiliate of Lessee Borrower or under any other letter of credit, guaranty, mortgage, deed of trust, or other instrument now or hereafter executed by Lessee Borrower in favor of Lender or an Affiliate of Lessee in favor of Lessor or an Affiliate of Lessor Lender has occurred and any applicable cure period therefor has expired, or (c) in the event transmittal of any notice of default may be barred by applicable law, an event or circumstance has occurred which with notice or passage of time, or both, would constitute an Event of a Default hereunder or a default or an event of default under any such other lease, agreement, letter of credit, guaranty, mortgage, deed of trust or other instrument, notwithstanding that transmittal of any such notice may be barred by applicable law. In addition, if Lessee Borrower fails to obtain a satisfactory replacement letter of credit prior to the applicable Letter of Credit Date, Lessor Lender may draw upon the full amount of the then existing letter Letter of credit Credit without giving any notice or time to cure to LesseeBorrower. No such draw shall (i) cure or constitute a waiver of an Event of a Default, (ii) be deemed to fix or determine the amounts to which Lessor Lender is entitled to recover under this Lease Agreement or otherwise, or (iii) be deemed to limit or waive LessorLender's right to pursue any remedies provided for in this LeaseAgreement. If all or any portion of a letter the Letter of credit Credit is drawn against by LessorLender, Lessee Borrower shall, within two five (25) business days after demand by LessorLender, cause the issuer of such letter Letter of credit Credit to issue LessorLender, at LesseeBorrower's expense, a replacement or supplementary letter of credit in substantially the form attached hereto as Exhibit D such that at all times during the Term, Lessor shall have the ability to draw on one or more letters of credit totaling, H in the aggregate, the amount required pursuant to Section 21.35.3.

Uses of Letters of Credit. Lessor shall have the right to ------------------------- draw upon a letter of credit up to its full amount whenever (a) an Event of Default hereunder has occurredoccurred and is continuing, (b) an event of default under any other lease or agreement New Lease between Lessor or an Affiliate of Lessor and Lessee or an Affiliate of Lessee or under any other letter of credit, guaranty, mortgage, deed of trust, or other instrument now or hereafter executed by Lessee or an Affiliate of Lessee in favor of Lessor or an Affiliate of Lessor has occurred and is continuing or (c) an event or circumstance has occurred which with notice or passage of timetime , or both, would constitute an Event of Default hereunder or an event of default under any such other leaseNew Lease, agreement, letter of credit, guaranty, mortgage, deed of trust or other instrument, notwithstanding that but for Lessor's inability to deliver an such notice because transmittal of such notice is barred by any applicable debtor relief law. For purposes of the foregoing, the phrase "passage of time" shall mean with respect to any default which Lessee has the right to cure under this Lease, that the applicable cure period therefor has expired without such default having been cured; provided, however, that for purposes of computing any such cure period, the commencement of such cure period shall be the date that the initial default or breach first occurred, rather than the date that Lessor shall have first delivered notice may of such default or breach to Lessee. In other words, if Lessor shall be barred from delivering notice of a breach of default by applicable debtor relief law, then any cure period which Lessee may have to cure the same before such breach or default rises to an Event of Default under this Lease shall be triggered immediately upon the occurrence of the event or circumstance for which Lessor would have been entitled to deliver such notice. In addition, if Lessee fails to obtain a satisfactory letter of credit prior to the applicable Letter of Credit Date, Lessor may draw upon the full amount of the then existing letter of credit without giving any notice or time to cure to Lessee. No such draw shall (i) cure or constitute a waiver of an Event of Default, (ii) be deemed to fix or determine the amounts to which Lessor is entitled to recover under this Lease or otherwise, or (iii) be deemed to limit or waive Lessor's right to pursue any remedies provided for in this Lease. If all or any portion of a letter of credit is drawn against by LessorLessor and applied by Lessor against any outstanding obligations owing by Lessee or an Affiliate of Lessee to Lessor under this Lease or to Lessor or an Affiliate of Lessor under any New Lease, Lessee shall, within two (2) business days after demand by Lessor, cause the issuer of such letter of credit to issue Lessor, at Lessee's expense, a replacement or supplementary letter of credit in substantially the form attached hereto as Exhibit D E such that at all times during the Term, Lessor --------- shall have the ability to draw on one or more letters of credit totaling, in the aggregate, the amount required pursuant to Section 21.343.3.