ONE MILLION FIVE HUNDRED THOUSAND AND 00/100'S US DOLLARS
EXPIRATION
OCTOBER 31, 2010 AT OUR COUNTERS
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. xxxxxxx IN YOUR
FAVOR FOR THE ACCOUNT OF MEDIVATION, INC. UP TO THE AGGREGATE AMOUNT OF ONE
MILLION FIVE HUNDRED THOUSAND AND ZERO USD ($1,500,000.00) EFFECTIVE IMMEDIATELY
AND EXPIRING AT OUR COUNTERS AT OUR CLOSE OF BUSINESS ON OCTOBER 31,2010.
FUNDS ARE AVAILABLE UNDER THIS LETTER OF CREDIT, FROM TIME TO TIME, AGAINST
PRESENTATION OF ONE OR MORE OF YOUR SIGHT DRAFT(S) IN THE FORM ATTACHED HERETO
AS EXHIBIT A, ACCOMPANIED BY BENEFICIARY'S SIGNED STATEMENT STATING AS FOLLOWS:
"THIS DRAW IN THE AMOUNT OF
U.S. DOLLARS ($
) UNDER
BANK OF AMERICA, NA. IRREVOCABLE STANDBY LETTER OF CREDIT NO.
REPRESENTS FUNDS DRAWN PURSUANT TO THE TERMS OF THAT
CERTAIN LEASE BY AND BETWEEN
, AS LANDLORD, AND
, AS TENANT, AND/OR ANY AMENDMENT TO THE LEASE OR ANY OTHER
AGREEMENT BETWEEN SUCH PARTIES RELATED TO THE LEASE."
PARTIAL DRAWINGS ARE PERMITTED UNDER THIS LETTER OF CREDIT.
F-1
BANK OF AMERICA - CONFIDENTIAL
PAGE: 2
THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 3101158
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY
EXTENDED WITHOUT AMENDMENT FOR A PERIOD OF ONE (1) YEAR FROM THE PRESENT OR ANY
FUTURE EXPIRATION DATE, BUT IN ANY EVENT NOT BEYOND MAY 15, 2017, UNLESS AT
LEAST THIRTY (30) DAYS PRIOR TO ANY EXPIRATION DATE, WE NOTIFY YOU BY CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, OR BY OVERNIGHT COURIER SERVICE, AT THE ABOVE
ADDRESS THAT WE ELECT NOT TO EXTEND THIS LETTER OF CREDIT FOR ANY SUCH
ADDITIONAL PERIOD. UPON RECEIPT OF SUCH NOTICE, YOU MAY DRAW THE AVAILABLE
AMOUNT HEREUNDER BY MEANS OF YOUR DRAFT AT SIGHT IN THE FORM ATTACHED HERETO AS
EXHIBIT A, ACCOMPANIED BY YOUR SIGNED STATEMENT STATING THAT YOU HAVE RECEIVED A
NON EXTENSION NOTICE AND HAVE NOT RECEIVED A SUBSTITUTE LETTER OF CREDIT OR
OTHER INSTRUMENT ACCEPTABLE TO YOU.
FACSIMILE DRAWINGS ARE ACCEPTABLE. DRAWINGS MUST BE SENT TO FACSIMILE NO.
(213)457-8841 CONFIRMED BY A TELEPHONE CALL TO (213)240-6986, PROVIDED THAT THE
GIVING OF SUCH TELEPHONIC CONFIRMATION SHALL NOT BE A CONDITION TO OUR
OBLIGATION TO MAKE PAYMENT HEREUNDER.
THIS LETTER OF CREDIT IS TRANSFERABLE IN FULL AND NOT IN PART. ANY TRANSFER MADE
HEREUNDER MUST CONFORM STRICTLY TO THE TERMS HEREOF AND TO THE CONDITIONS OF
RULE 8 OF THE INTERNATIONAL STANDBY PRACTICES (ISP98) FIXED BY THE INTERNATIONAL
CHAMBER OF COMMERCE, PUBLICATION NO. 590. SHOULD YOU WISH TO EFFECT A TRANSFER
UNDER THIS CREDIT, SUCH TRANSFER WILL BE SUBJECT TO THE RETURN TO US OF THE
ORIGINAL CREDIT INSTRUMENT, ACCOMPANIED BY OUR FORM OF TRANSFER, PROPERLY
COMPLETED AND SIGNED BY AN AUTHORIZED SIGNATORY OF YOUR FIRM, BEARING YOUR
BANKERS STAMP AND SIGNATURE AUTHENTICATION, AND SUBJECT TO YOUR PAYMENT OF OUR
CUSTOMARY TRANSFER CHARGES OF $500.00. SUCH TRANSFER FORM IS AVAILABLE UPON
REQUEST.
WE HEREBY AGREE WITH YOU THAT DOCUMENTS PRESENTED IN COMPLIANCE WITH THE TERMS