Common use of Form of Letter of Credit Clause in Contracts

Form of Letter of Credit. Concurrently with Tenant's execution and delivery of this Lease, Tenant shall deliver to Landlord an unconditional, irrevocable, standby letter of credit (the "Letter of Credit") with an expiration date no earlier than twelve (12) months from the date of issuance in the amount of Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00). The Letter of Credit shall be in the same form as Exhibit K attached hereto. The Letter of Credit shall secure the full and faithful performance of each provision of this Lease to be performed by Tenant. The Letter of Credit shall be issued by a money-center bank, or another financial institution acceptable to Landlord in its sole discretion. The Letter of Credit must be presentable in San Francisco, California. If Tenant fails to pay Rent or otherwise defaults with respect to any provision of this Lease and fails to cure any such default within any applicable notice and cure period provided in this Lease, then Landlord may execute one or more drafts on the Letter of Credit for the payment of any Rent, or for the payment of any other sum for which Landlord may become obligated by reason of Tenant's default, or for any payment to which Landlord may become entitled by reason of Tenant's default, or for payment to Landlord for any loss or damage which Landlord may suffer thereby. The Letter of Credit shall contain language allowing Landlord to draw upon the Letter of Credit upon presentation to the issuer of the Letter of Credit of Landlord's written statement that Landlord is entitled to the funds represented by such Letter of Credit in accordance with the terms hereof. If Landlord so uses or applies all or any portion of the amount represented by the Letter of Credit, then Tenant shall, within ten (10) days after written demand therefor, at Landlord's sole option, (i) deposit cash with Landlord in lieu of the Letter of Credit in the amount drawn, or (ii) deliver a replacement letter of credit in the amount drawn so that the total amounts represented by the Letter of Credit and the replacement letter of credit equals Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00), and Tenant's failure to do so shall be an Event of Default

Form of Letter of Credit. Concurrently with Tenant's execution and delivery of this Lease, Tenant shall deliver to Landlord an unconditional, irrevocable, standby letter of credit (the "Letter of Credit") with an expiration date no earlier than twelve (12) months from the date of issuance in the amount of Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00). The Letter of Credit shall be in the same form as Exhibit K attached hereto. The Letter of Credit shall secure the full and faithful performance of each provision of this Lease to be performed by Tenant. The Letter of Credit shall be issued by a money-center banknational bank acceptable to Landlord in its reasonable discretion, or another financial institution with offices in the San Francisco Bay Area that will accept and pay on any draw on the Letter of Credit. The Letter of Credit shall be issued for a term of at least twelve (12) months (with a term during the last year of the Lease Term of at least one full month following the expiration of the Lease Term) and shall be in a form and with such content acceptable to Landlord in its sole and absolute discretion. The Any Letter of Credit must that Tenant delivers to Landlord in replacement of an existing Letter of Credit shall be presentable in San Francisco, Californiaan amount equal to the replaced Letter of Credit (prior to any draws) so that the cash and Letter of Credit together equal the amount of the Security Deposit specified in the Lease. Any such replacement Letter of Credit shall be delivered to and received by Landlord no later than thirty (30) days prior to the expiration of the term of the Letter of Credit then in effect. If Tenant fails to pay Rent deposit a replacement Letter of Credit or otherwise defaults with respect renew the expiring Letter of Credit, Landlord shall have the right to any provision of this Lease and fails to cure any such default within any applicable notice and cure period provided in this Lease, then Landlord may execute one or more drafts on draw upon the expiring Letter of Credit for the payment full amount thereof and hold the same as Security Deposit; provided, however, that if Tenant provides a replacement Letter of any RentCredit that meets the requirements of this section, or for Landlord shall promptly return to Tenant in cash that amount of the payment Letter of any other sum for which Landlord may become obligated Credit that had been drawn upon by reason of Tenant's default, or for any payment to which Landlord may become entitled by reason of Tenant's default, or for payment to Landlord for any loss or damage which Landlord may suffer therebyLandlord. The Letter of Credit shall contain language allowing Landlord to draw upon expressly permit full and partial draws. If for any reason the Letter of Credit upon presentation does not permit partial draws, then Landlord shall have the right to the issuer of the Letter of Credit of Landlord's written statement that Landlord is entitled to the funds represented by such Letter of Credit in accordance with the terms hereof. If Landlord so uses or applies all or any portion of the amount represented by make a full draw on the Letter of Credit, then notwithstanding that the full amount may not be required to cure any default by Tenant. The Letter of Credit shall designate Landlord as beneficiary and shall be transferable by beneficiary to any transferee, successor, and assign (including any lender of Landlord) at no cost or expense to beneficiary. The Letter of Credit shall provide that it may be drawn by Landlord (or its assignee) upon presentation by Landlord to the issuing bank (at its offices in the San Francisco Bay Area) of a sight draft(s), together with a written statement executed by Landlord stating that the amount requested is due Landlord under the Lease. The amount of the draw requested by Landlord shall be payable by the bank without further inquiry or any other documentation or further action required of the bank, Landlord, or Tenant. All costs and expenses to obtain the Letter of Credit and all renewals shall be borne by Tenant. If the Letter of Credit is drawn upon by Landlord, Tenant shall, within ten (10) days after written demand therefor, at Landlord's sole option, (i) deposit cash with Landlord in lieu an amount sufficient to restore the Security Deposit to amount required under the Lease and this Addendum. The use, application or retention of the Letter of Credit, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law, it being intended that Landlord shall not first be required to use all or any part of the Letter of Credit in or cash portion of the Security Deposit, and such use shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. Tenant shall not be entitled to any interest on the cash portion of the Security Deposit. The exercise of any rights of Landlord to the Security Deposit shall not constitute a waiver of nor relieve Tenant from any liability or obligation for any default by Tenant. If Landlord draws upon the entire amount drawnof the Letter of Credit, or (ii) Tenant may deliver a replacement letter Letter of credit in Credit to Landlord, instead of depositing cash with Landlord, equal to the original amount drawn so that the total amounts represented by of the Letter of Credit and the replacement letter of credit equals Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00), and Tenant's failure to do so shall be an Event of DefaultCredit.

Form of Letter of Credit. Concurrently with Tenant's execution and delivery of this Lease, Tenant shall deliver to Landlord an unconditional, irrevocable, standby letter of credit (the "Letter of Credit") with an expiration date no earlier than twelve (12) months from the date of issuance in the amount of Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00). The Letter of Credit shall be issued by Comerica Bank or a national bank acceptable to Landlord in its reasonable discretion, with offices in the same form as Exhibit K attached hereto. The San Francisco Bay Area that will accept and pay on any draw on the Letter of Credit shall secure the full and faithful performance of each provision of this Lease to be performed by TenantCredit. The Letter of Credit shall be issued by for a money-center bankterm of at least one year and shall be automatically renewable for one year successive periods (with a term during the last year of the Lease Term of at least 60 days following the expiration of the Lease Term) unless the issuing bank provides at least 30 days prior written notice to Landlord that the Letter of Credit will not be renewed, or another financial institution and shall be in a form and with such content acceptable to Landlord in its sole and absolute discretion. The Any Letter of Credit must that Tenant delivers to Landlord in replacement of an existing Letter of Credit shall be presentable in San Francisco, California. If Tenant fails an amount equal to pay Rent or otherwise defaults with respect the replaced Letter of Credit (prior to any provision draws) so that the cash and Letter of this Lease Credit together equal the amount of the Security Deposit specified in the Lease. Any such replacement Letter of Credit shall be delivered to and fails received by Landlord no later than thirty (30) days prior to cure any such default within any applicable notice and cure period provided in this Lease, then Landlord may execute one or more drafts on the expiration of the term of the Letter of Credit for the payment of any Rent, or for the payment of any other sum for which Landlord may become obligated by reason of Tenant's default, or for any payment to which Landlord may become entitled by reason of Tenant's default, or for payment to Landlord for any loss or damage which Landlord may suffer therebythen in effect. The Letter of Credit shall contain language allowing Landlord to draw upon the expressly permit full and partial draws. The Letter of Credit upon presentation shall designate Landlord as beneficiary and shall be transferable by beneficiary to the issuer any transferee, successor, and assign (including any lender of the Landlord) at no cost or expense to beneficiary. The Letter of Credit shall be held by Landlord as security for the faithful performance by Tenant of Landlord's written statement that Landlord is entitled all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the funds represented by such Lease Term. The Letter of Credit shall not be mortgaged, assigned or encumbered in accordance with any manner whatsoever by Tenant without the terms hereof. If Landlord so uses or applies all or any portion prior written consent of the amount represented by the Letter of Credit, then Tenant shall, within ten (10) days after written demand therefor, at Landlord's sole option, (i) deposit cash with Landlord in lieu of the Letter of Credit in the amount drawn, or (ii) deliver a replacement letter of credit in the amount drawn so that the total amounts represented by the Letter of Credit its sole and the replacement letter of credit equals Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00), and Tenant's failure to do so shall be an Event of Defaultabsolute discretion.

Form of Letter of Credit. Concurrently with Tenant's execution and delivery of this Lease, Tenant shall deliver to Landlord an unconditional, irrevocable, standby letter of credit (the "Letter of Credit") with an expiration date no earlier than twelve (12) months from the date of issuance in the amount of Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00). The Letter of Credit shall be in the same form as Exhibit K attached hereto. The Letter of Credit shall secure the full and faithful performance of each provision of this Lease to be performed by Tenant. The Letter of Credit shall be issued by a money-center bank------------------------ national bank acceptable to Landlord in its reasonable discretion, or another financial institution with offices in the San Francisco Bay Area that will accept and pay on any draw on the Letter of Credit. The Letter of Credit shall be issued for a term of at least twelve (12) months (with a term during the last year of the Lease Term of at least one full month following the expiration of the Lease Term) and shall be in a form and with such content acceptable to Landlord in its sole and absolute discretion. The Any Letter of Credit must that Tenant delivers to Landlord in replacement of an existing Letter of Credit shall be presentable in San Francisco, Californiaan amount equal to the replaced Letter of Credit (prior to any draws) so that the cash and Letter of Credit together equal the amount of the Security Deposit specified in the Lease under the Lease. Any such replacement Letter of Credit shall be delivered to and received by Landlord no later than thirty (30) days prior to the expiration of the term of the Letter of Credit then in effect. If Tenant fails to pay Rent deposit a replacement Letter of Credit or otherwise defaults with respect renew the expiring Letter of Credit, Landlord shall have the right to any provision of this Lease and fails to cure any such default within any applicable notice and cure period provided in this Lease, then Landlord may execute one or more drafts on draw upon the expiring Letter of Credit for the payment full amount thereof and hold the same as Security Deposit; provided, however, that if Tenant provides a replacement Letter of any RentCredit that meets the requirements of this section, or for Landlord shall promptly return to Tenant in cash that amount of the payment Letter of any other sum for which Landlord may become obligated Credit that had been drawn upon by reason of Tenant's default, or for any payment to which Landlord may become entitled by reason of Tenant's default, or for payment to Landlord for any loss or damage which Landlord may suffer therebyLandlord. The Letter of Credit shall contain language allowing Landlord to draw upon expressly permit full and partial draws. If for any reason the Letter of Credit upon presentation does not permit partial draws, then Landlord shall have the right to the issuer of the Letter of Credit of Landlord's written statement that Landlord is entitled to the funds represented by such Letter of Credit in accordance with the terms hereof. If Landlord so uses or applies all or any portion of the amount represented by make a full draw on the Letter of Credit, then notwithstanding that the full amount may not be required to cure any Event of Tenant's Default. The Letter of Credit shall designate Landlord as beneficiary and shall be transferable by beneficiary to any transferee, successor, and assign (including any lender of Landlord) at no cost or expense to beneficiary. The Letter of Credit shall provide that it may be drawn by Landlord (or its assignee) upon presentation by Landlord to the issuing bank (at its offices in the San Francisco Bay Area) of a sight draft(s), together with a written statement executed by Landlord stating that the amount requested is due Landlord under the Lease. The amount of the draw requested by Landlord shall be payable by the bank without further inquiry or any other documentation or further action required of the bank, Landlord, or Tenant. All costs and expenses to obtain the Letter of Credit and all renewals shall be borne by Tenant. If the Letter of Credit is drawn upon by Landlord, Tenant shall, within ten (10) days after written demand therefor, at Landlord's sole option, (i) deposit cash with Landlord in lieu an amount sufficient to restore the Security Deposit to amount required under the Lease and this Addendum. At all times the Security Deposit, whether in the form of cash and/or Letter of Credit, shall be in the amount specified in the Lease. The use, application or retention of the Letter of Credit, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law, it being intended that Landlord shall not first be required to use all or any part of the Letter of Credit or cash portion of the Security Deposit, and such use shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. Tenant shall not be entitled to any interest on the cash portion of the Security Deposit. The exercise of any rights of Landlord to the Security Deposit shall not constitute a waiver of nor relieve Tenant from any liability or obligation for any default by Tenant. If the Letter of Credit permits partial draws, Landlord shall only draw upon the Letter of Credit in the actual amount drawnnecessary to remedy a cure of said default, or (ii) and not any excess. If Landlord draws upon the entire amount of the Letter of Credit, Tenant may deliver a replacement letter Letter of credit in Credit to Landlord, instead of depositing cash with Landlord, equal to the original amount drawn so that the total amounts represented by of the Letter of Credit and the replacement letter of credit equals Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00), and Tenant's failure to do so shall be an Event of DefaultCredit.

Form of Letter of Credit. Concurrently with Tenant's execution and delivery of this Lease, Tenant shall deliver to Landlord an unconditional, irrevocable, standby letter of credit (the "Letter of Credit") with an expiration date no earlier than twelve (12) months from the date of issuance in the amount of Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00). The Letter of Credit shall be in the same form as Exhibit K attached hereto. The Letter of Credit shall secure the full and faithful performance of each provision of this Lease to be performed by Tenant. The Letter of Credit shall be issued by a money-center bank, or another financial institution national bank acceptable to Landlord in its sole reasonable discretion. The Letter of Credit must be presentable , with offices in the San Francisco, California. If Tenant fails to Francisco Bay Area that will accept and pay Rent or otherwise defaults with respect to on any provision of this Lease and fails to cure any such default within any applicable notice and cure period provided in this Lease, then Landlord may execute one or more drafts draw on the Letter of Credit for the payment of any Rent, or for the payment of any other sum for which Landlord may become obligated by reason of Tenant's default, or for any payment to which Landlord may become entitled by reason of Tenant's default, or for payment to Landlord for any loss or damage which Landlord may suffer therebyCredit. The Letter of Credit shall contain language allowing be issued for a term of at least one year and shall be automatically renewable for one year successive periods (with a term during the last year of the Lease Term of at least 30 days following the expiration of the Lease Term) unless the issuing bank provides at least 30 days prior written notice to Landlord to draw upon that the Letter of Credit upon presentation will not be renewed, and shall be in a form and with such content reasonably acceptable to Landlord. Any Letter of Credit that Tenant delivers to Landlord in replacement of an existing Letter of Credit shall be in an amount equal to the issuer replaced Letter of Credit (prior to any draws) so that the cash and Letter of Credit together equal the amount of the Security Deposit specified in this Lease. Any such replacement Letter of Credit shall be delivered to and received by Landlord no later than thirty (30) days prior to the expiration of the term of the Letter of Credit of Landlord's written statement that Landlord is entitled to the funds represented by such then in effect. The Letter of Credit in accordance with the terms hereofshall expressly permit full and partial draws. If Landlord so uses or applies all or any portion of the amount represented by the Letter of Credit, then Tenant shall, within ten (10) days after written demand therefor, at Landlord's sole option, (i) deposit cash with Landlord in lieu of the The Letter of Credit shall designate Landlord as beneficiary and shall be transferable by beneficiary to any transferee, successor, and assign only in the amount drawn, connection with an assignment of this Lease (including an assignment to any lender of Landlord) at no cost or (ii) deliver a replacement letter of credit in the amount drawn so that the total amounts represented by the expense to beneficiary. The Letter of Credit and the replacement letter of credit equals Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00), and Tenant's failure to do so shall be an Event held by Landlord as security for the faithful performance by Tenant of Defaultall the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the Lease Term. The Letter of Credit shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord in its sole and absolute discretion.

Form of Letter of Credit. Concurrently with Tenant's execution and delivery of this Lease, Tenant shall deliver to Landlord an unconditional, irrevocable, standby letter of credit (the "Letter of Credit") with an expiration date no earlier than twelve (12) months from the date of issuance in the amount of Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00). The Letter of Credit shall be in the same form as Exhibit K attached hereto. The Letter of Credit shall secure the full and faithful performance of each provision of this Lease to be performed by Tenant. The Letter of Credit shall be issued by a money-center banknational bank acceptable to Landlord in its reasonable discretion, or another financial institution with offices in the San Francisco Bay Area that will accept and pay on any draw on the Letter of Credit. The Letter of Credit shall be issued for a term of at least one year and shall be automatically renewable for one year successive periods (with a term during the last year of the Lease Term of at least sixty (60) days following the expiration of the Lease Term) unless the issuing bank provides at least thirty (30) days prior written notice to Landlord that the Letter of Credit will not be renewed, and shall be in a form and with such content acceptable to Landlord in its sole and absolute discretion. The Any Letter of Credit must that Tenant delivers to Landlord in replacement of an existing Letter of Credit shall be presentable in San Francisco, California. If Tenant fails an amount equal to pay Rent or otherwise defaults with respect the replaced Letter of Credit (prior to any provision draws) so that the cash and Letter of this Lease Credit together equal the amount of the Security Deposit specified in the Lease. Any such replacement Letter of Credit shall be delivered to and fails received by Landlord no later than thirty (30) days prior to cure any such default within any applicable notice and cure period provided in this Lease, then Landlord may execute one or more drafts on the expiration of the term of the Letter of Credit for the payment of any Rent, or for the payment of any other sum for which Landlord may become obligated by reason of Tenant's default, or for any payment to which Landlord may become entitled by reason of Tenant's default, or for payment to Landlord for any loss or damage which Landlord may suffer therebythen in effect. The Letter of Credit shall contain language allowing Landlord to draw upon the expressly permit full and partial draws. The Letter of Credit upon presentation shall designate Landlord as beneficiary and shall be transferable by beneficiary to the issuer any transferee, successor, and assign (including any lender of the Landlord) at no cost or expense to beneficiary. The Letter of Credit shall be held by Landlord as security for the faithful performance by Tenant of Landlord's written statement that Landlord is entitled all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the funds represented by such Lease Term. The Letter of Credit shall not be mortgaged, assigned or encumbered in accordance with any manner whatsoever by Tenant without the terms hereof. If Landlord so uses or applies all or any portion prior written consent of the amount represented by the Letter of Credit, then Tenant shall, within ten (10) days after written demand therefor, at Landlord's sole option, (i) deposit cash with Landlord in lieu of the Letter of Credit in the amount drawn, or (ii) deliver a replacement letter of credit in the amount drawn so that the total amounts represented by the Letter of Credit its sole and the replacement letter of credit equals Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00), and Tenant's failure to do so shall be an Event of Defaultabsolute discretion.

Form of Letter of Credit. Concurrently with Tenant's execution and delivery of this Lease, Tenant shall deliver to Landlord an unconditional, irrevocable, standby letter of credit (the "Letter of Credit") with an expiration date no earlier than twelve (12) months from the date of issuance in the amount of Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00). The Letter of Credit shall be in the same form as Exhibit K attached hereto. The Letter of Credit shall secure the full and faithful performance of each provision of this Lease to be performed by Tenant. The Letter of Credit shall be issued by a money-center banknational bank acceptable to Landlord in its reasonable discretion, or another financial institution with offices in the San Francisco Bay Area that will accept and pay on any draw on the Letter of Credit. The Letter of Credit shall be issued for a term of at least twelve (12) months (with a term during the last year of the Lease Term of at least one full month following the expiration of the Lease Term) and shall be in a form and with such content acceptable to Landlord in its sole and absolute discretion. The Any Letter of Credit must that Tenant delivers to Landlord in replacement of an existing Letter of Credit shall be presentable in San Francisco, Californiaan amount equal to the replaced Letter of Credit (prior to any draws) so that the cash and Letter of Credit together equal the amount of the Security Deposit specified in the Lease under the Lease. Any such replacement Letter of Credit shall be delivered to and received by Landlord no later than thirty (30) days prior to the expiration of the term of the Letter of Credit then in effect. If Tenant fails to pay Rent deposit a replacement Letter of Credit or otherwise defaults with respect renew the expiring Letter of Credit, Landlord shall have the right to any provision of this Lease and fails to cure any such default within any applicable notice and cure period provided in this Lease, then Landlord may execute one or more drafts on draw upon the expiring Letter of Credit for the payment full amount thereof and hold the same as Security Deposit; provided, however, that if Tenant provides a replacement Letter of any RentCredit that meets the requirements of this section, or for Landlord shall promptly return to Tenant in cash that amount of the payment Letter of any other sum for which Landlord may become obligated Credit that had been drawn upon by reason of Tenant's default, or for any payment to which Landlord may become entitled by reason of Tenant's default, or for payment to Landlord for any loss or damage which Landlord may suffer therebyLandlord. The Letter of Credit shall contain language allowing Landlord to draw upon expressly permit full and partial draws. If for any reason the Letter of Credit upon presentation does not permit partial draws, then Landlord shall have the right to the issuer of the Letter of Credit of Landlord's written statement that Landlord is entitled to the funds represented by such Letter of Credit in accordance with the terms hereof. If Landlord so uses or applies all or any portion of the amount represented by make a full draw on the Letter of Credit, then notwithstanding that the full amount may not be required to cure any Event of Tenant’s Default. The Letter of Credit shall designate Landlord as beneficiary and shall be transferable by beneficiary to any transferee, successor, and assign (including any lender of Landlord) at no cost or expense to beneficiary. The Letter of Credit shall provide that it may be drawn by Landlord (or its assignee) upon presentation by Landlord to the issuing bank (at its offices in the San Francisco Bay Area) of a sight draft(s), together with a written statement executed by Landlord stating that the amount requested is due Landlord under the Lease. The amount of the draw requested by Landlord shall be payable by the bank without further inquiry or any other documentation or further action required of the bank, Landlord, or Tenant. All costs and expenses to obtain the Letter of Credit and all renewals shall be borne by Tenant. If the Letter of Credit is drawn upon by Landlord, Tenant shall, within ten (10) days after written demand therefor, at Landlord's sole option, (i) deposit cash with Landlord in lieu an amount sufficient to restore the Security Deposit to amount required under the Lease and this Addendum. At all times the Security Deposit, whether in the form of cash and/or Letter of Credit, shall be in the amount specified in the Lease. The use, application or retention of the Letter of Credit, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law, it being intended that Landlord shall not first be required to use all or any part of the Letter of Credit or cash portion of the Security Deposit, and such use shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. Tenant shall not be entitled to any interest on the cash portion of the Security Deposit. The exercise of any rights of Landlord to the Security Deposit shall not constitute a waiver of nor relieve Tenant from any liability or obligation for any default by Tenant. If the Letter of Credit permits partial draws, Landlord shall only draw upon the Letter of Credit in the actual amount drawnnecessary to remedy a cure of said default, or (ii) and not any excess. If Landlord draws upon the entire amount of the Letter of Credit, Tenant may deliver a replacement letter Letter of credit in Credit to Landlord, instead of depositing cash with Landlord, equal to the original amount drawn so that the total amounts represented by of the Letter of Credit and the replacement letter of credit equals Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00), and Tenant's failure to do so shall be an Event of DefaultCredit.

Form of Letter of Credit. Concurrently with Tenant's execution and delivery of this Lease, Tenant shall deliver to Landlord an unconditional, irrevocable, standby letter of credit (the "Letter of Credit") with an expiration date no earlier than twelve (12) months from the date of issuance in the amount of Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00). The Letter of Credit shall be in the same form as Exhibit K attached hereto. The Letter of Credit shall secure the full and faithful performance of each provision of this Lease to be performed by Tenant. The Letter of Credit shall be issued by a money-center banknational bank acceptable to Landlord in its reasonable discretion, or another financial institution with offices in the San Francisco Bay Area that will accept and pay on any draw on the Letter of Credit. The Letter of Credit shall be issued for a term of at least twelve months (with a term during the last year of the Lease Term of at least one full month following the expiration of the Lease Term) and shall be in a form and with such content acceptable to Landlord in its sole and absolute discretion. The Any Letter of Credit must that Tenant delivers to Landlord in replacement of an existing Letter of Credit shall be presentable in San Francisco, Californiaan amount equal to the replaced Letter of Credit (prior to any draws) so that the cash and Letter of Credit together equal the amount of the Security Deposit specified in the Lease. Any such replacement Letter of Credit shall be delivered to and received by Landlord no later than thirty days prior to the expiration of the term of the letter of Credit then in effect. If Tenant fails to pay Rent deposit a replacement Letter of Credit or otherwise defaults with respect renew the expiring Letter of Credit, Landlord shall have the right to any provision of this Lease and fails to cure any such default within any applicable notice and cure period provided in this Lease, then Landlord may execute one or more drafts on draw upon the expiring Letter of Credit for the payment full amount thereof and hold the same as Security Deposit; provided, however, that if Tenant provides a replacement Letter of any RentCredit that meets the requirements of this section, or for Landlord shall promptly return to Tenant in cash that amount of the payment Letter of any other sum for which Landlord may become obligated Credit that had been drawn upon by reason of Tenant's default, or for any payment to which Landlord may become entitled by reason of Tenant's default, or for payment to Landlord for any loss or damage which Landlord may suffer therebyLandlord. The Letter of Credit shall contain language allowing Landlord to draw upon expressly permit full and partial draws. If for any reason the Letter of Credit upon presentation does not permit partial draws, then Landlord shall have the right to the issuer of the Letter of Credit of Landlord's written statement that Landlord is entitled to the funds represented by such Letter of Credit in accordance with the terms hereof. If Landlord so uses or applies all or any portion of the amount represented by make a full draw on the Letter of Credit, then Tenant shall, within ten (10) days after written demand therefor, at Landlord's sole option, (i) deposit cash with Landlord in lieu of notwithstanding that the full amount may not be required to cure any default by Tenant. The Letter of Credit shall designate Landlord as beneficiary and shall be transferable by beneficiary to any transferee, successor, and assign (including any lender of Landlord) at no cost or expense to beneficiary. The Letter of Credit shall provide that it may be drawn by Landlord (or its assignee) upon presentation by Landlord to the issuing bank (at its offices in the San Francisco Bay Area) of a sight draft(s), together with a written statement executed by Landlord stating that /s/ Landlord’s Initials Tenant’s Initials the amount drawnrequested is due Landlord under the Lease. The amount of the draw requested by Landlord shall be payable by the bank without further inquiry or any other documentation or further action required of the bank, landlord, or (ii) deliver a replacement letter of credit in the amount drawn so that the total amounts represented by Tenant. All costs and expenses to obtain the Letter of Credit and the replacement letter of credit equals Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00), and Tenant's failure to do so all renewals shall be an Event of Defaultborne by Tenant.

Form of Letter of Credit. Concurrently with Tenant's execution and delivery of this Lease, Tenant shall deliver to Landlord an unconditional, irrevocable, standby letter of credit (the "Letter of Credit") with an expiration date no earlier than twelve (12) months from the date of issuance in the amount of Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00). The Letter of Credit shall be in the same form as Exhibit K attached hereto. The Letter of Credit shall secure the full and faithful performance of each provision of this Lease to be performed by Tenant. The Letter of Credit shall be issued by a money-center banknational bank acceptable to Landlord in its reasonable discretion, or another financial institution with offices in the San Francisco Bay Area that will accept and pay on any draw on the Letter of Credit. The Letter of Credit shall be issued for a term of at least twelve months (with a term during the last year of the Lease Term of at least one full month following the expiration of the Lease Term) and shall be in a form and with such content acceptable to Landlord in its sole and absolute discretion. The Any Letter of Credit must that Tenant delivers to Landlord in replacement of an existing Letter of Credit shall be presentable in San Francisco, Californiaan amount equal to the replaced Letter of Credit (prior to any draws) so that the cash and Letter of Credit together equal the amount of the Security Deposit specified in the Lease. Any such replacement Letter of Credit shall be delivered to and received by Landlord no later than thirty days prior to the expiration of the term of the letter of Credit then in effect. If Tenant fails to pay Rent deposit a replacement Letter of Credit or otherwise defaults with respect renew the expiring Letter of Credit, Landlord shall have the right to any provision of this Lease and fails to cure any such default within any applicable notice and cure period provided in this Lease, then Landlord may execute one or more drafts on draw upon the expiring Letter of Credit for the payment full amount thereof and hold the same as Security Deposit; provided, however, that if Tenant provides a replacement Letter of any RentCredit that meets the requirements of this section, or for Landlord shall promptly return to Tenant in cash that amount of the payment Letter of any other sum for which Landlord may become obligated Credit that had been drawn upon by reason of Tenant's default, or for any payment to which Landlord may become entitled by reason of Tenant's default, or for payment to Landlord for any loss or damage which Landlord may suffer therebyLandlord. The Letter of Credit shall contain language allowing Landlord to draw upon expressly permit full and partial draws. If for any reason the Letter of Credit upon presentation does not permit partial draws, then Landlord shall have the right to the issuer of the Letter of Credit of Landlord's written statement that Landlord is entitled to the funds represented by such Letter of Credit in accordance with the terms hereof. If Landlord so uses or applies all or any portion of the amount represented by make a full draw on the Letter of Credit, then Tenant shall, within ten (10) days after written demand therefor, at Landlord's sole option, (i) deposit cash with Landlord in lieu of notwithstanding that the full amount may not be required to cure any default by Tenant. The Letter of Credit shall designate Landlord as beneficiary and shall be transferable by beneficiary to any transferee, successor, and assign (including any lender of Landlord) at no cost or expense to beneficiary. The Letter of Credit shall provide that it may be drawn by Landlord (or its assignee) upon presentation by Landlord to the issuing bank (at its offices in the San Francisco Bay Area) of a sight draft(s), together with a written statement executed by Landlord stating that /s/ ----------------------- ---------------------- Landlord's Initials Tenant's Initials the amount drawnrequested is due Landlord under the Lease. The amount of the draw requested by Landlord shall be payable by the bank without further inquiry or any other documentation or further action required of the bank, landlord, or (ii) deliver a replacement letter of credit in the amount drawn so that the total amounts represented by Tenant. All costs and expenses to obtain the Letter of Credit and the replacement letter of credit equals Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00), and Tenant's failure to do so all renewals shall be an Event of Defaultborne by Tenant.

Form of Letter of Credit. Concurrently with Tenant's execution The amount of the Security Deposit set forth in section 1.11 of the Lease shall be in the form of an irrevocable, unconditional, and delivery clean letter of this Leasecredit, Tenant shall deliver payable at sight, in form and substance acceptable to Landlord an unconditionalin its sole and absolute discretion, irrevocablefrom Citibank, standby N.A., Bank of America, N.A. or Xxxxx Fargo Bank, N.A. or another national bank acceptable to Landlord with offices in the San Francisco Bay Area that will accept and pay on any draw on said letter of credit (the "Letter of Credit") with an expiration date no earlier than twelve (12) months from the date of issuance in the amount of Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00). The Letter of Credit shall designate Landlord as beneficiary and shall be in the same form as Exhibit K attached heretotransferable by beneficiary to any transferee, successor, and assign (including any lender of Landlord) at no cost or expense to beneficiary. The Letter letter of Credit credit shall secure be for a minimum period of one year and must be renewed by Tenant at least thirty (30) days prior to its expiration date. Any renewal of the full and faithful performance of each provision of this Lease to be performed by Tenant. The Letter of Credit shall be issued by for a money-center bank, or another financial institution acceptable to Landlord in its sole discretionperiod of not less than one year. The If Tenant does not deliver a renewal of the Letter of Credit must be presentable at least thirty (30) days prior to the applicable expiration date, Landlord shall have the right to draw on the Letter of Credit. Landlord shall have the right to draw (in San Francisco, California. If Tenant fails to pay Rent whole or otherwise defaults with respect to any provision of this Lease and fails to cure any such default within any applicable notice and cure period provided in this Lease, then Landlord may execute one or more drafts part) on the Letter of Credit for at any time it would otherwise have the payment of any Rent, or for the payment of any other sum for which Landlord may become obligated by reason of Tenant's default, or for any payment right to which Landlord may become entitled by reason of Tenant's default, or for payment to Landlord for any loss or damage which Landlord may suffer thereby. The Letter of Credit shall contain language allowing Landlord to draw upon the Letter of Credit upon presentation to the issuer of the Letter of Credit of Landlord's written statement that Landlord is entitled to the funds represented by such Letter of Credit in accordance with the terms hereof. If Landlord so uses or applies apply all or any portion of the amount represented by Security Deposit under the Letter terms of Creditthe Lease. However, then Tenant shall, within ten (10) days after written demand therefor, at Landlord's sole option, (i) deposit cash with Landlord in lieu of the Letter of Credit shall provide that it may be drawn by Landlord (or its assignee) upon presentation by Landlord to the issuing bank (at its offices in the San Francisco Bay Area) of a sight draft(s), together with a statement from Landlord that the amount drawnrequested by Landlord is due and owing to Landlord and shall be payable by the bank without inquiry or any other documentation or further action required of the bank, Landlord, or (ii) deliver a replacement letter of credit in the amount drawn so that the total amounts represented by Tenant. All costs and expenses to obtain the Letter of Credit and the replacement letter of credit equals Ninety Eight Thousand Three Hundred Ninety Four and No/100 Dollars ($98,394.00), and Tenant's failure to do so all renewals shall be an Event of Defaultborne by Tenant.