ASSIGNS) RELATED TO THE LEASE."
IT IS A CONDITION OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT THAT IT WILL BE
AUTOMATICALLY EXTENDED FOR A ONE YEAR PERIOD UPON THE EXPIRATION DATE SET FORTH
ABOVE AND UPON EACH ANNIVERSARY OF SUCH DATE, UNLESS AT LEAST 60 DAYS PRIOR TO
SUCH EXPIRATION DATE OR APPLICABLE ANNIVERSARY THEREOF, WE NOTIFY YOU IN WRITING
BY CERTIFIED MAIL RETURN RECEIPT REQUESTED OR BY RECOGNIZED OVERNIGHT COURIER
SERVICE SUCH AS UPS OR FEDEX, THAT WE ELECT NOT TO SO EXTEND THIS IRREVOCABLE
STANDBY LETTER OF CREDIT. A COPY OF ANY SUCH NOTICE SHALL ALSO BE SENT, IN THE
SAME MANNER, TO: EMBARCADERO CAPITAL PARTNERS, LLC, 1301 SHOREWAY RD., SUITE
250, BELMONT, CA 94002, ATTENTION: JILL BENITEZ, HOWEVER LACK OF RECEIPT OF SUCH
COPY SHALL NOT INVALIDATE OUR NON-EXTENSION NOTICE TO THE BENEFICIARY. BUT IN
ANY EVENT THIS LETTER OF CREDIT WILL NOT BE EXTENDED BEYOND SEPTEMBER 30, 2027
WHICH SHALL BE THE FINAL EXPIRATION DATE OF THIS LETTER OF CREDIT. IN ADDITION
TO THE FOREGOING, IN THE EVENT THAT WE ELECT NOT TO EXTEND THIS IRREVOCABLE
STANDBY LETTER OF CREDIT , WE UNDERSTAND AND AGREE THAT YOU SHALL BE ENTITLED TO
DRAW UPON THIS IRREVOCABLE STANDBY LETTER OF CREDIT BY PRESENTING US WITH YOUR
DRAFT(S) DRAWN ON US AT SIGHT, ALONG WITH THIS ORIGINAL LETTER OF CREDIT AND
AMENDMENT(S), IF ANY, ACCOMPANIED BY YOUR SIGNED STATEMENT READING " THE
APPLICANT HAS FAILED TO PROVIDE US WITH AN ACCEPTABLE SUBSTITUTE IRREVOCABLE
STANDBY LETTER OF CREDIT IN ACCORDANCE WITH THE TERMS OF THE ABOVE REFERENCED
LEASE."
WE FURTHER ACKNOWLEDGE AND AGREE THAT: (A) UPON RECEIPT OF THE COMPLIANT
DOCUMENTATION REQUIRED HEREIN WE WILL HONOR YOUR DRAWS AGAINST THIS IRREVOCABLE
STANDBY LETTER OF CREDIT WITHOUT INQUIRY INTO THE ACCURACY OF BENEFICIARY'S
SIGNED STATEMENT AND REGARDLESS OF WHETHER APPLICANT DISPUTES THE CONTENT OF
SUCH STATEMENT AND WITHOUT SIGNATORY CONFIRMATION BY YOUR CURRENT LENDER OR
BANKER; (B) THIS IRREVOCABLE STANDBY LETTER OF CREDIT SHALL PERMIT PARTIAL DRAWS
AND, IN THE EVENT YOU ELECT TO DRAW UPON LESS THAN THE FULL STATED AMOUNT
HEREOF, THE STATED AMOUNT OF THIS
Exhibit H, Page 2
IRREVOCABLE STANDBY LETTER OF CREDIT SHALL BE AUTOMATICALLY REDUCED BY THE
AMOUNT OF SUCH PARTIAL DRAW; AND (C) THIS LETTER OF CREDIT IS TRANSFERABLE ONE
OR MORE TIMES, BUT IN EACH INSTANCE ONLY TO A SINGLE BENEFICIARY AS TRANSFEREE
AND ONLY UP TO THE THEN AVAILABLE AMOUNT, ASSUMING SUCH TRANSFER TO SUCH
TRANSFEREE WOULD BE IN COMPLIANCE WITH THEN APPLICABLE LAW AND REGULATION,
INCLUDING BUT NOT LIMITED TO THE REGULATIONS OF THE U.S. DEPARTMENT OF TREASURY
AND U.S. DEPARTMENT OF COMMERCE. AT THE TIME OF TRANSFER, THE ORIGINAL LETTER OF
CREDIT AND ORIGINAL AMENDMENT(S), IF ANY, MUST BE SURRENDERED TO US AT OUR
ADDRESS INDICATED IN THIS LETTER OF CREDIT TOGETHER WITH OUR TRANSFER FORM
ATTACHED HERETO AS EXHIBIT "B" DULY EXECUTED. THE CORRECTNESS OF THE SIGNATURE
AND TITLE OF THE PERSON SIGNING THE TRANSFER FORM MUST BE VERIFIED BY
BENEFICIARY'S BANK. TRANSFER FEE IS FOR THE ACCOUNT