CREDIT
[LETTERHEAD OF ISSUING BANK]
IRREVOCABLE STANDBY LETTER
DATE OF ISSUANCE:
OF CREDIT NO:
EXPIRATION DATE:
BENEFICIARY:
APPLICANT:
(LANDLORD)
(TENANT)
Utah State Retirement Investment Fund
Wireless Ronin Technologies Inc.
c/o CB Richard Ellis Investors
14700 Martin Drive
865 South Figueroa Street
Eden Prairie, MN 55344
Suite 3500
Attention:
Los Angeles, California 90017
Attn: Director of Asset Management
with a copy to:
United Properties
3500 West 80th Street
Bloomington, Minnesota 55431
AS THE ISSUING BANK ("ISSUER"), WE HEREBY ESTABLISH THIS IRREVOCABLE STANDBY
LETTER OF CREDIT NO.
(THIS "LETTER OF
CREDIT") IN FAVOR OF THE ABOVE-NAMED BENEFICIARY ("BENEFICIARY") FOR THE ACCOUNT
OF THE ABOVE-NAMED APPLICANT ("APPLICANT") IN THE AMOUNT OF USD $492,000.00
(FOUR HUNDRED NINETY-TWO THOUSAND AND NO/100 U.S. DOLLARS).
THE AVAILABLE BALANCE IS SUBJECT TO THE FOLLOWING SCHEDULE:
DATE:
AMOUNT: ISSUE DATE THROUGH 12/31/08
$ 492,000.00
(1/1/09 - 12/31/09)
$ 328,000.00
(1/1/10 - 12/31/10)
$ 164,000.00
DURING EACH OF THE TIMES SPECIFIED ABOVE, THE AMOUNT THAT MAY BE DRAWN UNDER
THIS LETTER OF CREDIT SHALL EQUAL THE AMOUNT SHOWN ABOVE FOR SUCH SPECIFIED
TIME, LESS THE AMOUNT OF ALL PRIOR DRAWINGS DURING THE APPLICABLE PERIOD OF
TIME. THIS PARAGRAPH SHALL NOT SUPERSEDE THE EXPIRATION DATE OF DECEMBER 31,
2010, OF THIS LETTER OF CREDIT, AND THE AMOUNT THAT MAY BE DRAWN HEREUNDER SHALL
BE $0 AFTER DECEMBER 31, 2010.
BENEFICIARY MAY DRAW ALL OR ANY PORTION OF THIS LETTER OF CREDIT AT ANY TIME AND
FROM TIME TO TIME AND ISSUER WILL MAKE FUNDS IMMEDIATELY AVAILABLE TO
BENEFICIARY UPON PRESENTATION OF BENEFICIARY'S DRAFT(S) AT SIGHT IN
SUBSTANTIALLY THE FORM ATTACHED HERETO AS EXHIBIT "A" ("SIGHT DRAFT") DRAWN ON
ISSUER AND ACCOMPANIED BY THIS LETTER OF CREDIT, TOGETHER WITH A CERTIFICATE IN
THE FORM OF EITHER EXHIBIT "B" OR EXHIBIT "C" ("DRAWING CERTIFICATE"), EACH DULY
EXECUTED BY THE BENEFICIARY, WITH THE SIGNATOR INDICATING HIS OR HER TITLE OR
OTHER OFFICIAL CAPACITY. NO OTHER DOCUMENTS WILL BE REQUIRED TO BE PRESENTED.
THE ISSUER WILL EFFECT PAYMENT UNDER THIS LETTER OF CREDIT WITHIN 3 BUSINESS
DAYS OF THE ISSUER AFTER PRESENTMENT OF THE SIGHT DRAFT(S), LETTER OF CREDIT AND
DRAWING CERTIFICATE.
ISSUER WILL HONOR ANY SIGHT DRAFT(S) PRESENTED IN SUBSTANTIAL COMPLIANCE WITH
THE TERMS OF THIS LETTER OF CREDIT AT THE ISSUER'S OFFICE LOCATED AT
ON OR BEFORE THE ABOVE STATED
EXPIRATION DATE, AS SUCH EXPIRATION DATE MAY BE EXTENDED HEREUNDER. PARTIAL AND
MULTIPLE DRAWS AND PRESENTATIONS ARE PERMITTED ON ANY NUMBER OF OCCASIONS.
FOLLOWING ANY PARTIAL DRAW, ISSUER WILL ENDORSE THIS LETTER OF CREDIT AND RETURN
THE ORIGINAL TO BENEFICIARY.
THIS LETTER OF CREDIT WILL BE AUTOMATICALLY EXTENDED EACH YEAR WITHOUT AMENDMENT
(EXCEPT FOR THE AMOUNTS PROVIDED ON THE REDUCTION SCHEDULE
-29-
SET FORTH ABOVE) FOR A PERIOD OF ONE YEAR FROM THE EXPIRATION DATE HEREOF, AS
EXTENDED, BUT IN NO CASE AFTER DECEMBER 31, 2010, UNLESS AT LEAST SIXTY
(60) DAYS PRIOR TO THE EXPIRATION DATE, ISSUER NOTIFIES BENEFICIARY BY
REGISTERED MAIL THAT IT ELECTS NOT TO EXTEND THIS LETTER OF CREDIT FOR SUCH
ADDITIONAL PERIOD. NOTICE OF NON-EXTENSION WILL BE