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 and is continuing, (b) an event of default under any other New Lease between Lessor or an Affiliate of Lessor and Lessee or an Affiliate of Lessee has occurred and is continuing 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 New Lease, 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 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 Lessor 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 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 43.3.

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 and is continuing, (b) or an event of default under any other New Lease lease or agreement between Lessor or an Affiliate of Lessor and Lessee or an Affiliate of Lessee or any letter of credit, guaranty, mortgage, deed of trust, or other instrument 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 time , or both, would constitute an Event of Default hereunder or an event of default under any such other New Lease, 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 curedperiods have expired; 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 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 additionprovided further, 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 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 LeaseLessor, Lessee shall, within two (2) business days after demand by Lessor, cause order 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 E 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 43.321.3 and Lessor, upon the receipt thereof, shall return any amounts drawn down and held pending receipt of such replacement or supplementary letter of credit.

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 and is continuingoccurred, (b) an event of default under any other New Lease 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 and is continuing or (c) an event or circumstance has occurred which with notice or passage of time time, or both, would constitute an Event of Default hereunder or an event of default under any such other New Leaselease, but for Lessor's inability to deliver an agreement, letter of credit, guaranty, mortgage, deed of trust or other instrument, notwithstanding that transmittal of any such notice because transmittal of such notice is may be 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 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 Lessor 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 LeaseLessor, 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 E 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 43.321.3.

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 and is continuing, (b) or an event of default under any other New Lease lease or agreement between Lessor or an Affiliate of Lessor and Lessee or an Affiliate of Lessee or any letter of credit, guaranty, mortgage, deed of trust, or other instrument 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 time , or both, would constitute an Event of Default hereunder or an event of default under any such other New Lease, 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 curedperiods have expired; 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 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 additionprovided further, 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 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 LeaseLessor, Lessee shall, within two (2) business days after demand by Lessor, cause order 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 E D such that at all times during the Term, Lessor --------- shall have the ability to draw on one or more letters of credit totalingtotalling, in the aggregate, the amount required pursuant to Section 43.321.3 and Lessor, upon the receipt thereof, shall return any amounts drawn down because of Lessee's failure to timely procure a replacement or supplementary letter of credit and held pending receipt of such replacement or supplementary letter of credit. However, nothing shall preclude Lessee from bringing a separate action with respect to the matters governed by this Section 21.4 and Lessee is not waiving other rights and remedies not expressly waived with respect to the matters governed by this Section 21.4.

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 and is continuing, (b) or an event of default under any other New Lease lease or agreement between Lessor or an Affiliate of Lessor and Lessee or an Affiliate of Lessee or any letter of credit, guaranty, mortgage, deed of trust, or other instrument 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 time , or both, would constitute an Event of Default hereunder or an event of default under any such other New Lease, 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 curedperiods have expired; 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 of such default or breach to Lessee. In other wordsprovided further, 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 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 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 LeaseLessor, 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 E 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 43.321.3 and Lessor, upon the receipt thereof, shall return any amounts drawn down and held pending receipt of such replacement or supplementary letter of credit.