AMOUNT: USD
United States Dollars
GENTLEMEN:
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.
IN FAVOR OF 500-512 SEVENTH AVENUE LIMITED PARTNERSHIP (THE
"LANDLORD") FOR AN AGGREGATE AMOUNT NOT TO EXCEED
U.S. DOLLARS ( $
). THIS LETTER OF CREDIT
IS AVAILABLE WITH
, NEW YORK AGAINST
PRESENTATION OF YOUR DRAFT AT SIGHT DRAWN ON
, NEW YORK WHEN ACCOMPANIED BY THE DOCUMENTS INDICATED
HEREIN.
BENEFICIARY'S DATED STATEMENT PURPORTEDLY SIGNED BY ONE OF ITS OFFICIALS OR AN
OFFICIAL OF ITS AGENT READING AS FOLLOWS: "THE AMOUNT OF THIS DRAWING USD
UNDER
LETTER OF CREDIT NUMBER
REPRESENTS FUNDS DUE US IF AN EVENT OF DEFAULT HAS OCCURRED
UNDER ONE OR MORE TERMS OF THAT CERTAIN FIRST AMENDMENT TO LEASE DATED AS OF
JULY 1, 2000 BY AND BETWEEN 500-512 SEVENTH AVENUE LIMITED PARTNERSHIP, AS
LANDLORD AND
, AS TENANT.
PARTIAL AND MULTIPLE DRAWINGS ARE PERMITTED. WE FURTHER UNDERTAKE THAT ANY
DRAFT(S) PRESENTED UNDER THIS LETTER OF CREDIT SHALL BE PAID NOT WITHSTANDING
ANY CLAIM BY ANY PERSON THAT THE SUM DEMANDED IS NOT DUE OR FOR ANY OTHER REASON
THAT SAID DRAFT(S) IS NOT TO BE HONORED.
THIS LETTER OF CREDIT EXPIRES AT OUR COUNTERS IN NEW YORK WITH OUR CLOSE OF
BUSINESS ON
.
ISSUE DATE:
L/C NO.:
Advising Bank
*************** DIRECT ***************
APPLICANT:
Beneficiary
AMOUNT: USD
United States Dollars
IT IS A CONDITION OF THIS IRREVOCABLE LETTER OF CREDIT THAT IT SHALL BE
AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR AN ADDITIONAL PERIOD OF ONE YEAR
FROM THE PRESENT OR EACH FUTURE EXPIRATION DATE, UNLESS AT LEAST FORTY-FIVE
(45) DAYS PRIOR TO SUCH DATE WE SEND YOU NOTICE IN WRITING BY REGISTERED MAIL,
OR HAND DELIVERY AT THE ABOVE ADDRESS, THAT WE ELECT NOT TO RENEW THIS LETTER OF
CREDIT FOR SUCH ADDITIONAL PERIOD. HOWEVER IN NO EVENT SHALL THIS LETTER OF
CREDIT BE EXTENDED BEYOND THE FINAL EXPIRY DATE OF
. UPON
SUCH NOTICE TO YOU, YOU MAY DRAW DRAFTS ON US AT SIGHT FOR AN AMOUNT NOT TO
EXCEED THE BALANCE REMAINING IN THIS LETTER OF CREDIT WITHIN THE THEN APPLICABLE
EXPIRY DATE, ACCOMPANIED BY YOUR DATED STATEMENT PURPORTEDLY SIGNED BY ONE OF
YOUR OFFICIALS READING: "THE AMOUNT OF THIS DRAWING USD
UNDER
LETTER OF CREDIT NUMBER
REPRESENTS FUNDS DUE US AS WE HAVE RECEIVED NOTICE FROM
OF THEIR DECISION NOT TO EXTEND LETTER OF CREDIT NUMBER
___FOR AN ADDITIONAL YEAR, AND THE LEASE IS STILL OUTSTANDING."
THIS LETTER OF CREDIT IS TRANSFERABLE IN ITS ENTIRETY (BUT NOT IN PART) TO A
SUCCESSOR LANDLORD AND
ONLY IS
AUTHORIZED, TO ACT AS THE TRANSFERRING BANK.
WE SHALL NOT RECOGNIZE ANY TRANSFER OF THIS LETTER OF CREDIT UNTIL THIS ORIGINAL
LETTER OF CREDIT TOGETHER WITH ANY AMENDMENTS AND A SIGNED AND COMPLETED
TRANSFER FORM AS PER EXHIBIT 1 ATTACHED HERETO IS RECEIVED BY US.
ISSUE DATE:
L/C NO.:
Advising Bank
*************** DIRECT ***************
APPLICANT:
Beneficiary
AMOUNT: USD
United States Dollars
ALL TRANSFER FEES ARE FOR THE ACCOUNT OF THE APPLICANT.
THE CORRECTNESS OF THE SIGNATURE AND TITLE