Common use of Renewal; Replacement Clause in Contracts

Renewal; Replacement. If the Letter of Credit expires earlier than the date (the “LC Expiration Date”) that is one hundred twenty (120) days after the expiration of the Sublease Term, Sublessee shall deliver a new Letter of Credit or certificate of renewal or extension to Sublessor at least thirty (30) days prior to the expiration of the Letter of Credit then held by Sublessor, without any action whatsoever on the part of Sublessor, which new Letter of Credit shall be irrevocable and automatically renewable through the LC Expiration Date upon the same terms as the expiring Letter of Credit or such other terms as may be acceptable to Sublessor in its sole discretion. In furtherance of the foregoing, Sublessor and Sublessee agree that the Letter of Credit shall contain a so-called “evergreen provision,” whereby the Letter of Credit will automatically be renewed unless at least thirty (30) days’ prior written notice of non-renewal is provided by the issuer to Sublessor; provided, however, that the final expiration date identified in the Letter of Credit, beyond which the Letter of Credit shall not automatically renew, shall not be earlier than the LC Expiration Date.