LETTERS OF CREDIT - EXTENDED TERM. (i) During each Extended Term, as additional security for the timely and faithful performance by Tenant of each and every one of Tenant's obligations under this Lease at the times, in the amounts and for the purposes set forth below, Tenant shall, deliver and maintain an irrevocable standby letter of credit which (A) is issued or confirmed by a bank having capital or surplus of at least $1 billion and whose senior secured debt securities are rated "A2" or better by Moody's Investors Service or "A" or better by Standard and Poor's Ratxxx Xxxvice, provided none of such securities is subject to a "credit watch with negative implications," (B) is payable, in whole or in part, "at sight" upon Landlord's presentation to the issuing or confirming bank of a draft or other document in the amount therein stated to be due and (C) is in the amount specified below and otherwise in form and substance reasonably satisfactory to Landlord (such security letter of credit, as the same may be augmented, increased, renewed or replaced as hereinafter provided, is referred to herein as the "SECURITY LETTER OF CREDIT"). Each Security Letter of Credit shall provide that it will be honored upon a signed statement by Landlord that Landlord is entitled to draw upon any Security Letter of Credit under this Lease, and shall require no signature or statement from any party other than Landlord. No notice to Tenant shall be required to enable Landlord to draw upon the Security Letter of Credit. Each Security Letter of Credit shall also provide that following the honor of any drafts in an amount less than the aggregate amount of the Security Letter of Credit, the financial institution shall return the original Security Letter of Credit to Landlord and Landlord's rights as to the remaining amount of the Security Letter of Credit will not be extinguished. In the event of a transfer of Landlord's interest in the Property, Landlord shall have the right to transfer the Security Letter of Credit to the transferee and thereupon shall, without any further agreement between the parties, be released by Tenant from all liability therefor, and it is agreed that the provisions hereof shall apply to every transfer or assignment of the Security Letter of Credit to a new Landlord. The Security Letter of Credit may be assigned as security in connection with a Facility Mortgage. If the financial institution from which Tenant has obtained a Security Letter of Credit shall admit in writing its inability to pa...
