THE DEBT.
(B)
IN ADDITION TO ANY OTHER RIGHT LENDER MAY HAVE TO DRAW UPON A
LETTER OF CREDIT PURSUANT TO THE TERMS AND CONDITIONS OF THIS AGREEMENT, LENDER
SHALL HAVE THE ADDITIONAL RIGHTS TO DRAW IN FULL ON ANY LETTER OF CREDIT: (I) IF
LENDER HAS RECEIVED A NOTICE FROM THE ISSUING BANK THAT THE LETTER OF CREDIT
WILL NOT BE RENEWED AND EITHER (Y) A SUBSTITUTE LETTER OF CREDIT OR (Z) CASH IN
THE AMOUNT OF THE LETTER OF CREDIT IS NOT PROVIDED AT LEAST TEN (10) BUSINESS
DAYS PRIOR TO THE DATE ON WHICH THE OUTSTANDING LETTER OF CREDIT IS SCHEDULED TO
EXPIRE; (II) UPON RECEIPT OF NOTICE FROM THE ISSUING BANK THAT THE LETTER OF
CREDIT WILL BE TERMINATED; OR (III) IF THE BANK ISSUING THE LETTER OF CREDIT
SHALL CEASE TO SATISFY THE MINIMUM L/C RATING AND BORROWER FAILS TO DELIVER A
SUBSTITUTE LETTER OF CREDIT OR CASH IN THE AMOUNT OF THE LETTER OF CREDIT WITHIN
TEN (10) BUSINESS DAYS OF SUCH EVENT.
NOTWITHSTANDING ANYTHING TO THE CONTRARY
CONTAINED IN THE ABOVE, LENDER IS NOT OBLIGATED TO DRAW DOWN ON ANY LETTER OF
CREDIT UPON THE HAPPENING OF AN EVENT SPECIFIED IN (I), (II) OR (III) ABOVE AND
SHALL NOT BE LIABLE FOR ANY LOSSES SUSTAINED BY BORROWER DUE TO THE INSOLVENCY
OF THE BANK ISSUING THE LETTER OF CREDIT IF LENDER HAS NOT DRAWN THE LETTER OF
CREDIT AND IN THE EVENT OF THE INSOLVENCY OF THE BANK ISSUING THE
101
LETTER OF CREDIT OR IF THE BANK ISSUING THE LETTER OF CREDIT CEASES TO SATISFY
THE MINIMUM L/C RATING, BORROWER SHALL PROVIDE TO LENDER WITHIN THE TIME FRAMES
SET FORTH ABOVE EITHER (Y) A SUBSTITUTE LETTER OF CREDIT MEETING THE
REQUIREMENTS HEREOF OR (Z) CASH IN THE AMOUNT OF THE LETTER OF CREDIT. IF A
LETTER OF CREDIT HAS BEEN POSTED BY TENANT OR BORROWER ON BEHALF OF TENANT, SUCH
LETTER OF CREDIT MAY BE REDUCED FROM TIME TO TIME BY TENANT OR BORROWER PLACING
A REPLACEMENT OR SUBSTITUTE LETTER OF CREDIT IN THE REVISED AMOUNT NECESSARY TO
REFLECT THE COMPLIANCE WITH PERFORMANCE OBLIGATIONS (IN WHOLE OR IN PART) FOR
WHICH SUCH LETTER OF CREDIT WAS PLACED TO SECURE.
VIII.
DEFAULTS
Section 8.1
Event of Default.
(A)
EACH OF THE FOLLOWING EVENTS SHALL CONSTITUTE AN EVENT OF DEFAULT
HEREUNDER (AN "EVENT OF DEFAULT"):
(I)
IF ANY PORTION OF THE DEBT IS NOT PAID ON THE DATE THE SAME IS
DUE AND PAYABLE OR, IF SUCH DATE IS NOT A BUSINESS DAY, THEN THE NEXT SUCCEEDING
BUSINESS DAY; PROVIDED, HOWEVER, BORROWER SHALL NOT BE IN DEFAULT (A) SO LONG AS
THERE IS SUFFICIENT MONEY IN THE LOCKBOX ACCOUNT FOR PAYMENT OF ALL AMOUNTS THEN
DUE AND PAYABLE (INCLUDING, BUT NOT LIMITED TO, ANY DEPOSITS INTO RESERVE
ACCOUNTS, COLLECTIVELY THE "FULL PAYMENT") AND LENDER'S ACCESS TO THE FULL
PAYMENT HAS NOT BEEN CONSTRAINED OR CONSTRICTED IN ANY MANNER OR (B) IF THERE IS
NOT SUFFICIENT MONEY IN THE LOCKBOX ACCOUNT FOR THE FULL