Common use of Credit Enhancement Clause in Contracts

Credit Enhancement. The “Credit Enhancement” shall mean a Letter of Credit from an FDIC approved financial institution in an amount equal to product of twelve multiplied by the monthly Base Rent amount as of delivery of the Credit Notice. Such Credit Enhancement shall be to the benefit of Landlord which Landlord may draw upon in the event an Event of Default has occurred and is continuing beyond any applicable cure period under the Lease. The Credit Enhancement shall remain in effect until Tenant delivers two consecutive quarterly financial statements indicating that Tenant’s unrestricted cash position is greater than or equal to $2,000,000.00. Following such delivery of consecutive financial statements, Landlord shall return the Credit Enhancement to Tenant. Such Credit Enhancement shall provide that Landlord may draw on the Credit Enhancement by furnishing a sight draft in the amount demanded together with a statement certified by Landlord that (1) an Event of Default has occurred and is continuing under the Lease, or Landlord is barred by any applicable, bankruptcy or creditors’ rights law from declaring an Event of Default has occurred, and (2) Landlord is entitled to the requested amount as either payment of any sum in default or as reimbursement for any sum which Landlord was required to spend by reason of default by Tenant under this Lease. The Credit Enhancement shall be valid for at least one (1) year and Tenant shall cause the Credit Enhancement to be renewed no later than thirty (30) days prior to its expiration date and any renewal shall be for at least one (1) year. If Tenant fails to renew an expiring Credit Enhancement (and furnish Landlord the renewal document) at least thirty (30) days prior to an expiration, Landlord, with not less than ten (10) days prior written notice to Tenant, shall be entitled thereafter to draw upon the Credit Enhancement in the full amount of the Credit

Credit Enhancement. The “Credit Enhancement” In the event that Tenant exercises its option to extend the Lease Term pursuant to subsection (a) above, but Landlord notifies Tenant in writing (the "TNW Notice") within ten (10) business days following Landlord's receipt of the applicable Extension Notice that Tenant's tangible net worth is then less than $25,000,000.00, Tenant shall mean a nevertheless have the right to extend the Lease Term provided that Tenant agrees, by written notice to Landlord delivered within ten (10) business days following Tenant's receipt of the TNW Notice, to either (i) forego the Refurbishment Allowance, in which event subsection (c) above shall be deemed null and void and of no further force or effect with respect to the applicable Extension Term, or (ii) deliver to Landlord an Irrevocable Letter of Credit from an FDIC approved financial institution in an amount equal to product (the "Letter of twelve multiplied by the monthly Base Rent amount as of delivery of the Credit Notice. Such Credit Enhancement shall be to the benefit of Landlord which Landlord may draw upon in the event an Event of Default has occurred and is continuing beyond any applicable cure period under the Lease. The Credit Enhancement shall remain in effect until Tenant delivers two consecutive quarterly financial statements indicating that Tenant’s unrestricted cash position is greater than or equal to $2,000,000.00. Following such delivery of consecutive financial statements, Landlord shall return the Credit Enhancement to Tenant. Such Credit Enhancement shall provide that Landlord may draw on the Credit Enhancement by furnishing a sight draft Credit") in the amount demanded together with a statement certified by Landlord that of One Million Five Hundred Thousand and No/100 Dollars (1) an Event $1,500,000.00). If Tenant fails to respond within said 10-business day period, Tenant shall be deemed to have elected to forego the Refurbishment Allowance for the applicable Extension Term. If Tenant elects to deliver the Letter of Default has occurred and is continuing under Credit, the Lease, or Landlord is barred by any applicable, bankruptcy or creditors’ rights law from declaring an Event Letter of Default has occurred, and (2) Landlord is entitled Credit shall be delivered prior to the requested amount commencement of the Extension Term in form and from a financial institution reasonably acceptable to Landlord, and, except as either payment set forth below, shall be maintained in full force and effect throughout the Lease Term and during the sixty (60) day period after the later of any sum in default (x) the expiration of the Lease Term or (y) the date that Tenant delivers possession of the Leased Premises to Landlord, as reimbursement security for any sum which Landlord was required to spend by reason of default the performance by Tenant under of all of Tenant’s obligations contained in this Lease. The In the event that, during the Lease Term, Tenant fails to deliver to Landlord a renewal or replacement to the Letter of Credit Enhancement shall be valid for at least one (1) year and Tenant shall cause the Credit Enhancement to be renewed by a date no later than thirty forty-five (3045) days prior to its expiration date date, Landlord shall have the right to demand and any renewal receive payment in full under the letter of credit and to hold the cash proceeds as a security deposit under this Lease for the applicable Extension Term. Notwithstanding the foregoing, commencing as of the first (1st) anniversary of the applicable Extension Term and continuing on each subsequent anniversary of the applicable Extension Term, the Letter of Credit shall be for reduced by $500,000.00 provided that (A) the Letter of Credit is then in full force and effect (i.e. it has not been converted to cash), and (B) Tenant is not in default hereunder that is then continuing (provided that if there is a default hereunder that has occurred, but the cure period related thereto has not expired, the Letter of Credit shall still reduce provided that Tenant does cure such default within such cure period). Following each such reduction in the Letter of Credit, and provided the conditions set forth in clauses (A) and (B) are satisfied, Landlord shall (at least one no cost to Landlord) (1) yearaccept from the issuer of the Letter of Credit an amendment to the Letter of Credit reducing the Letter of Credit by $500,000.00, but which does not otherwise amend or modify the same, and (2) execute and deliver to the issuer of the Letter of Credit such instruments as may be reasonably required by such issuer to effectuate such reduction. If Tenant fails At such time, if at all, as the Letter of Credit is reduced to renew an expiring zero, Landlord shall return the Letter of Credit Enhancement (and furnish Landlord the renewal document) at least thirty (30) days prior to an expiration, Landlord, with not less than ten (10) days prior written notice to Tenant, shall be entitled thereafter to draw upon the Credit Enhancement in the full amount of the Credit.

Credit Enhancement. ‌ [On or prior to the Closing Date, the Borrower shall deliver the Cash Collateral in the amount of $ to the Master Servicer/Trustee to secure the repayment of all due and payable payment obligations of the Borrower under this Bond Loan Agreement, including, but not limited to, all or any portion of (i) debt service installments of or (ii) accelerated amounts of principal, interest and Call Premium, if any, on the Bond Loan. Pursuant to the Supplemental Indenture, the Master Servicer/Trustee shall establish a separate and dedicated account in which to deposit the Cash Collateral (the “Cash Collateral Account”). The “Credit Enhancement” Cash Collateral Account is part of the Bond Loan Collateral. In the event that monies are drawn from the Cash Collateral Account with respect to all or any portion of accelerated amounts due and payable as a result of any Event of Default in accordance with this Bond Loan Agreement or in the Promissory Note, amounts derived from the Cash Collateral Account shall mean a Letter of Credit from an FDIC approved financial institution in an amount equal to product of twelve multiplied be applied by the monthly Base Rent amount Master Servicer/Trustee immediately prior to the application of amounts derived from the Required Overcollateralization Cash Account and any cash on hand (derived from pledged Secondary Loans and Other Pledged Loans) available and on deposit with the Escrow Agent. If, as a result of delivery a payment default under this Agreement, a deficiency occurs in the [ELIGIBLE CDFI] Debt Service Account [YEAR- ] causing a draw on the Cash Collateral Account, the Borrower will replenish the Cash Collateral Account on or before the next Loan Deposit Date. Subject to all obligations of the Credit Notice. Such Credit Enhancement Borrower hereunder or in connection herewith being satisfied upon the Final Maturity Date, or the earlier prepayment in full of the Bond Loan, all funds in the Cash Collateral Account shall be remitted to the Borrower.] [On or prior to the Closing Date, the Borrower shall cause the Parent Guarantor to deliver the Parent Guarantee for the benefit of Landlord which Landlord may draw upon the Lender in the amount of $ in the form of a twenty-nine and one-half (29.5) year irrevocable guarantee, which will serve to guarantee payment of all due and payable payment obligations of the Borrower under this Agreement including, but not limited to, all or any portion of (i) debt service installments of or (ii) accelerated amounts of principal, interest and Call Premium, if any, on the Bond Loan. The Parent Guarantee is part of the Bond Loan Collateral and shall be assigned by the Lender to the Master Servicer Trustee as part of the Trust Estate. In any event, monies available under and derived from the Parent Guarantee shall be applied by the Master Servicer/Trustee immediately prior to the application of any amounts on deposit in the Risk-Share Pool Account. In the event an that the Parent Guarantee is drawn with respect to all or any portion of accelerated amounts due and payable as a result of any Event of Default has occurred in accordance with this Bond Loan Agreement or the Note, amounts derived from the Parent Guarantee shall be applied by the Master Servicer/Trustee immediately following the application of any cash on hand (derived from pledged Secondary Loans and is continuing beyond any applicable cure period under Other Pledged Loans) available and on deposit with the Lease. The Credit Enhancement shall remain in effect until Tenant delivers two consecutive quarterly financial statements indicating that Tenant’s unrestricted cash position is greater than or equal Escrow Agent as of the close of business on the Business Day immediately prior to $2,000,000.00. Following such delivery of consecutive financial statements, Landlord shall return the Credit Enhancement to Tenant. Such Credit Enhancement shall provide that Landlord may day on which a draw on the Credit Enhancement by furnishing a sight draft Parent Guarantee is requested in the amount demanded together with a statement certified by Landlord that (1) an Event of Default has occurred and is continuing under the Lease, or Landlord is barred by any applicable, bankruptcy or creditors’ rights law from declaring an Event of Default has occurred, and (2) Landlord is entitled to the requested amount as either payment of any sum in default or as reimbursement for any sum which Landlord was required to spend by reason of default by Tenant under this Lease. The Credit Enhancement shall be valid for at least one (1) year and Tenant shall cause the Credit Enhancement to be renewed no later than thirty (30) days prior to its expiration date and any renewal shall be for at least one (1) year. If Tenant fails to renew an expiring Credit Enhancement (and furnish Landlord the renewal document) at least thirty (30) days prior to an expiration, Landlord, with not less than ten (10) days prior written notice to Tenant, shall be entitled thereafter to draw upon the Credit Enhancement in the full amount of the Creditwriting.]

Credit Enhancement. (a) The “Credit Enhancement” Servicer shall mean establish and maintain, in the name of the Trustee, on behalf of the Trust, for the benefit of the Series 1998-9 Certificateholders and the Cash Collateral Depositor, as their interests appear herein, a Letter "Sellers Collateral Account" and a "Bank Collateral Account", each of Credit which shall be one or more Eligible Deposit Accounts, each bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 1998-9 Certificateholders and the Cash Collateral Depositor. The Sellers Collateral Account and the Bank Collateral Account are collectively referred to as the "Cash Collateral Account". The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Cash Collateral Account and in all proceeds thereof. The Cash Collateral Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 1998-9 Certificateholders and the Cash Collateral Depositor. The interest of the Cash Collateral Depositor in the Cash Collateral Account shall be subordinated to the interests of the Series 1998-9 Certificateholders as provided herein and in the Loan Agreement. If at any time any of the accounts comprising the Cash Collateral Account ceases to be an FDIC approved financial institution Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any cash and/or any investments to such new account. The Trustee, at the direction of the Servicer, shall (i) on the Closing Date, deposit in the Cash Collateral Account the proceeds of the advance to be made on such date by the Cash Collateral Depositor under the Loan Agreement, (ii) make withdrawals from the Cash Collateral Account from time to time in an amount equal up to product of twelve multiplied by the monthly Base Rent amount as of delivery Available Cash Collateral Amount at such time, for the purposes and in the manner set forth in paragraphs (c) through (i) below, and (iii) on each Distribution Date prior to the termination of the Credit Notice. Such Credit Enhancement shall be to Cash Collateral Account make a deposit into the benefit of Landlord which Landlord may draw upon in the event an Event of Default has occurred and is continuing beyond any applicable cure period under the Lease. The Credit Enhancement shall remain in effect until Tenant delivers two consecutive quarterly financial statements indicating that Tenant’s unrestricted cash position is greater than or equal to $2,000,000.00. Following such delivery of consecutive financial statements, Landlord shall return the Credit Enhancement to Tenant. Such Credit Enhancement shall provide that Landlord may draw on the Credit Enhancement by furnishing a sight draft Cash Collateral Account in the amount demanded together with a statement certified by Landlord that (1) an Event of Default has occurred and is continuing under the Lease, or Landlord is barred by any applicable, bankruptcy or creditors’ rights law from declaring an Event of Default has occurredspecified in, and (2) Landlord is otherwise in accordance with, Section 4.09(j). All withdrawals from the Cash Collateral Account shall be made in the priority and in the manner set forth below. The Cash Collateral Depositor shall not be entitled to reimbursement from the requested amount as either payment of any sum in default or as reimbursement Trust Assets for any sum which Landlord was required to spend by reason of default by Tenant under withdrawals from the Cash Collateral Account except as specifically provided in this Lease. The Credit Enhancement shall be valid for at least one (1) year and Tenant shall cause the Credit Enhancement to be renewed no later than thirty (30) days prior to its expiration date and any renewal shall be for at least one (1) year. If Tenant fails to renew an expiring Credit Enhancement (and furnish Landlord the renewal document) at least thirty (30) days prior to an expiration, Landlord, with not less than ten (10) days prior written notice to Tenant, shall be entitled thereafter to draw upon the Credit Enhancement in the full amount of the CreditSeries Supplement.

Credit Enhancement. (a) The “Credit Enhancement” Servicer shall mean establish and maintain, in the name of the Trustee, on behalf of the Trust, for the benefit of the Series 1997-8 Certificateholders and the Cash Collateral Depositor, as their interests appear herein, a Letter "Sellers Collateral Account" and a "Bank Collateral Account", each of Credit which shall be one or more Eligible Deposit Accounts, each bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 1997-8 Certificateholders and the Cash Collateral Depositor. The Sellers Collateral Account and the Bank Collateral Account are collectively referred to as the "Cash Collateral Account". The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Cash Collateral Account and in all proceeds thereof. The Cash Collateral Account shall be under the sole dominion and control of the Trustee for the benefit of the Series 1997-8 Certificateholders and the Cash Collateral Depositor. The interest of the Cash Collateral Depositor in the Cash Collateral Account shall be subordinated to the interests of the Series 1997-8 Certificateholders as provided herein and in the Loan Agreement. If at any time any of the accounts comprising the Cash Collateral Account ceases to be an FDIC approved financial institution Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer any cash and/or any investments to such new account. The Trustee, at the direction of the Servicer, shall (i) on the Closing Date, deposit in the Cash Collateral Account the proceeds of the advance to be made on such date by the Cash Collateral Depositor under the Loan Agreement, (ii) make withdrawals from the Cash Collateral Account from time to time in an amount equal up to product of twelve multiplied by the monthly Base Rent amount as of delivery Available Cash Collateral Amount at such time, for the purposes and in the manner set forth in paragraphs (c) through (i) below, and (iii) on each Distribution Date prior to the termination of the Credit Notice. Such Credit Enhancement shall be to Cash Collateral Account make a deposit into the benefit of Landlord which Landlord may draw upon in the event an Event of Default has occurred and is continuing beyond any applicable cure period under the Lease. The Credit Enhancement shall remain in effect until Tenant delivers two consecutive quarterly financial statements indicating that Tenant’s unrestricted cash position is greater than or equal to $2,000,000.00. Following such delivery of consecutive financial statements, Landlord shall return the Credit Enhancement to Tenant. Such Credit Enhancement shall provide that Landlord may draw on the Credit Enhancement by furnishing a sight draft Cash Collateral Account in the amount demanded together with a statement certified by Landlord that (1) an Event of Default has occurred and is continuing under the Lease, or Landlord is barred by any applicable, bankruptcy or creditors’ rights law from declaring an Event of Default has occurredspecified in, and (2) Landlord is otherwise in accordance with, Section 4.09(j). All withdrawals from the Cash Collateral Account shall be made in the priority and in the manner set forth below. The Cash Collateral Depositor shall not be entitled to reimbursement from the requested amount as either payment of any sum in default or as reimbursement Trust Assets for any sum which Landlord was required to spend by reason of default by Tenant under withdrawals from the Cash Collateral Account except as specifically provided in this Lease. The Credit Enhancement shall be valid for at least one (1) year and Tenant shall cause the Credit Enhancement to be renewed no later than thirty (30) days prior to its expiration date and any renewal shall be for at least one (1) year. If Tenant fails to renew an expiring Credit Enhancement (and furnish Landlord the renewal document) at least thirty (30) days prior to an expiration, Landlord, with not less than ten (10) days prior written notice to Tenant, shall be entitled thereafter to draw upon the Credit Enhancement in the full amount of the CreditSeries Supplement.

Credit Enhancement. The “Credit Enhancement” ‌ [On or prior to the Closing Date, the Borrower shall mean a Letter deliver the Cash Collateral in the amount of Credit from an FDIC approved financial institution in an amount equal $ to product the Master Servicer/Trustee to secure the repayment of twelve multiplied by the monthly Base Rent amount as of delivery all due and payable payment obligations of the Credit NoticeBorrower under this Bond Loan Agreement, including, but not limited to, all or any portion of (i) debt service installments of or (ii) accelerated amounts of principal, interest and Call Premium, if any, on the Bond Loan. Such Credit Enhancement shall be Pursuant to the benefit Supplemental Indenture, the Master Servicer/Trustee shall establish a separate and dedicated account in which to deposit the Cash Collateral (the “Cash Collateral Account”). The Cash Collateral Account is part of Landlord which Landlord may draw upon in the Bond Loan Collateral. In the event an that monies are drawn from the Cash Collateral Account with respect to all or any portion of accelerated amounts due and payable as a result of any Event of Default has occurred in accordance with this Bond Loan Agreement or in the Promissory Note, amounts derived from the Cash Collateral Account shall be applied by the Master Servicer/Trustee immediately prior to the application of amounts derived from the Required Overcollateralization Cash Account and is continuing beyond any applicable cure period cash on hand (derived from pledged Secondary Loans and Other Pledged Loans) available and on deposit with the Escrow Agent. If, as a result of a payment default under this Agreement, a deficiency occurs in the Lease. The Credit Enhancement shall remain in effect until Tenant delivers two consecutive quarterly financial statements indicating that Tenant’s unrestricted cash position is greater than or equal to $2,000,000.00. Following such delivery of consecutive financial statements, Landlord shall return the Credit Enhancement to Tenant. Such Credit Enhancement shall provide that Landlord may [ELIGIBLE CDFI] Debt Service Account [YEAR- ] causing a draw on the Credit Enhancement by furnishing a sight draft Cash Collateral Account, the Borrower will replenish the Cash Collateral Account on or before the next Loan Deposit Date. Subject to all obligations of the Borrower hereunder or in connection herewith being satisfied upon the Final Maturity Date, or the earlier prepayment in full of the Bond Loan, all funds in the amount demanded together with a statement certified by Landlord that (1) an Event of Default has occurred and is continuing under the Lease, or Landlord is barred by any applicable, bankruptcy or creditors’ rights law from declaring an Event of Default has occurred, and (2) Landlord is entitled Cash Collateral Account shall be remitted to the requested amount as either payment of any sum in default or as reimbursement for any sum which Landlord was required to spend by reason of default by Tenant under this Lease. The Credit Enhancement shall be valid for at least one (1) year and Tenant shall cause the Credit Enhancement to be renewed no later than thirty (30) days prior to its expiration date and any renewal shall be for at least one (1) year. If Tenant fails to renew an expiring Credit Enhancement (and furnish Landlord the renewal document) at least thirty (30) days prior to an expiration, Landlord, with not less than ten (10) days prior written notice to Tenant, shall be entitled thereafter to draw upon the Credit Enhancement in the full amount of the CreditBorrower.]