NOT LESS THAN
"BBB+" (AN "APPROVED BANK").
THE L-C SHALL BE IN A FORM AND CONTENT AS SET
FORTH IN EXHIBIT H, ATTACHED HERETO.
TENANT SHALL PAY ALL EXPENSES, POINTS
AND/OR FEES INCURRED BY TENANT IN OBTAINING THE L-C.
THE L-C SHALL (I) BE
"CALLABLE" AT SIGHT, IRREVOCABLE AND UNCONDITIONAL, (II) BE MAINTAINED IN
EFFECT, WHETHER THROUGH RENEWAL OR EXTENSION, FOR THE PERIOD COMMENCING ON THE
DATE OF THE LEASE COMMENCEMENT DATE AND CONTINUING UNTIL THE DATE (THE "L-C
EXPIRATION DATE") THAT IS ONE HUNDRED TWENTY (120) DAYS AFTER THE EXPIRATION OF
THE LEASE TERM (AS THE SAME MAY BE EXTENDED), AND TENANT SHALL DELIVER A NEW L-C
OR CERTIFICATE OF RENEWAL OR EXTENSION TO LANDLORD AT LEAST SIXTY (60) DAYS
PRIOR TO THE EXPIRATION OF THE L-C THEN HELD BY LANDLORD, WITHOUT ANY ACTION
WHATSOEVER ON THE PART OF LANDLORD, (III) BE FULLY ASSIGNABLE BY LANDLORD, ITS
SUCCESSORS AND ASSIGNS, (IV) PERMIT PARTIAL DRAWS AND MULTIPLE PRESENTATIONS AND
DRAWINGS, AND (V) BE OTHERWISE SUBJECT TO THE "INTERNATIONAL STANDBY PRACTICES"
(ISP 98) INTERNATIONAL CHAMBER OF COMMERCE (PUBLICATION NO 590).
IF TENANT
EXERCISES ITS OPTION TO EXTEND THE LEASE TERM PURSUANT TO SECTION 2.2 OF THIS
LEASE THEN, NOT LATER THAN SIXTY (60) DAYS PRIOR TO THE COMMENCEMENT OF THE
OPTION TERM, TENANT SHALL DELIVER TO LANDLORD A NEW L-C OR CERTIFICATE OF
RENEWAL OR EXTENSION EVIDENCING THE L-C EXPIRATION DATE AS ONE HUNDRED TWENTY
(120) DAYS AFTER THE EXPIRATION OF THE OPTION TERM.
LANDLORD, OR ITS THEN
MANAGING AGENT, SHALL HAVE THE RIGHT TO DRAW DOWN AN AMOUNT UP TO THE FACE
AMOUNT OF THE L-C IF ANY OF THE FOLLOWING SHALL HAVE OCCURRED OR BE APPLICABLE:
(1) SUCH AMOUNT IS DUE TO LANDLORD UNDER THE TERMS AND CONDITIONS OF THIS LEASE,
OR (2) TENANT HAS FILED A VOLUNTARY PETITION UNDER THE U. S. BANKRUPTCY CODE OR
ANY STATE BANKRUPTCY CODE (COLLECTIVELY, "BANKRUPTCY CODE"), OR (3) AN
INVOLUNTARY PETITION HAS BEEN FILED AGAINST TENANT UNDER THE BANKRUPTCY CODE, OR
(4) THE BANK HAS NOTIFIED LANDLORD THAT THE L-C WILL NOT BE RENEWED OR EXTENDED
THROUGH THE LC EXPIRATION DATE.
THE L-C WILL BE HONORED BY THE BANK REGARDLESS
OF WHETHER TENANT DISPUTES LANDLORD'S RIGHT TO DRAW UPON THE L-C.
21.2
INTENTIONALLY OMITTED.
21.3
LANDLORD'S RIGHT TO DRAW UPON L-C.
TENANT HEREBY ACKNOWLEDGES AND
AGREES THAT LANDLORD IS ENTERING INTO THIS LEASE IN MATERIAL RELIANCE UPON THE
ABILITY OF LANDLORD TO DRAW UPON THE L-C UPON THE OCCURRENCE OF ANY BREACH OR
DEFAULT ON THE PART OF TENANT UNDER THIS LEASE, THE 13480 LEASE OR THE 13500
LEASE.
IF TENANT SHALL BREACH ANY PROVISION OF THIS LEASE, THE 13480 LEASE OR
THE 13500 LEASE OR OTHERWISE BE IN DEFAULT THEREUNDER, LANDLORD MAY, BUT
50
*** CONFIDENTIAL PORTIONS OF THIS DOCUMENT HAVE BEEN REDACTED AND FILED
SEPARATELY WITH THE COMMISSION.
WITHOUT OBLIGATION TO DO SO, AND WITHOUT NOTICE TO TENANT, DRAW UPON THE L-C, IN
PART OR IN WHOLE, TO CURE ANY BREACH OR DEFAULT OF TENANT AND/OR TO COMPENSATE
LANDLORD