Letter of Credit. The parties acknowledge, that, as of the date hereof, the Letter of Credit Amount referenced in [Section 2.05] of the Lease is $5,877,509.20, reflecting an increase in the amount of $289,374.13 on account of the Converted Space).

LETTER OF CREDIT. Landlord agrees that in lieu of a cash Security Deposit, Tenant may deliver to Landlord, within 10 business days of Tenant’s execution of this Lease, a letter of credit (“Letter of Credit”) in the amount stated in Item 9 of the Basic Lease Provisions, which Letter of Credit shall be in form and with the substance of Exhibit I attached hereto. The Letter of Credit shall be issued by Bank of America, N.A., or another financial institution reasonably acceptable to Landlord with a branch in Orange County, California, at which draws on the letter of credit will be accepted, or which accepts draws by facsimile or correspondence presentation. The Letter of Credit shall provide for automatic yearly renewals throughout the Term of this Lease and shall have an outside expiration date that is not earlier than 30 days after the expiration of the Lease Term. In the event the Letter of Credit is not continuously renewed through the period set forth above, or upon any breach under this Lease by Tenant, including specifically Tenant’s failure to pay Rent or to abide by its obligations under Sections 7.1 and 15.2 below, Landlord shall be entitled to draw upon said Letter of Credit by the issuance of Landlord’s sole written demand to the issuing financial institution. Any such draw shall be without waiver of any rights Landlord may have under this Lease or at law or in equity as a result of any Default hereunder by Tenant.

Letter of Credit. Within 15 business days’ after Tenant’s execution of this First Amendment, Tenant shall deliver an amendment to the Letter of Credit issued December 31, 2019, to Landlord, as Beneficiary, by Silicon Valley Bank under No. ​ in order to extend the date beyond which the Letter of Credit cannot be extended from July 31, 2031, to September 30, 2031.

Letter of Credit. As security for the full, faithful and timely performance of each of Tenant’s obligations under the Lease, Tenant shall deliver to Landlord a Letter of Credit meeting the requirements contained in this Article 24, which issuance shall not be more than thirty (30) days after execution of this Lease.

Upon execution by Subtenant of this Sublease, Subtenant shall furnish to Sublandlord, at Subtenant’s sole cost and expense, a clean, irrevocable and unconditional letter of credit (the “Letter of Credit”) in the amount of $650,900.00 (the “Security Deposit”) drawn in favor of Sublandlord substantially in the form attached hereto as [Exhibit B], which shall be assignable, upon request, by Sublandlord at no additional charge to Sublandlord.

Letter of Credit. Two Million Five Hundred Thousand Dollars ($2,500,000.00), as increased and decreased pursuant to Section 35, below.

Letter of Credit. Subtenant agrees to provide, at Subtenant's sole cost and expense, a Letter of Credit (as defined below) in the Letter of Credit Required Amount (as defined below) as additional security for the payment of Base Rent and Subtenant Additional Rent by Subtenant, on the terms and conditions set forth below. The use, application or retention of the Letter of Credit, or any portion thereof, by [[Organization A:Organization]] shall not prevent [[Organization A:Organization]] from exercising any other right or remedy provided by this Sublease or by law, it being intended that [[Organization A:Organization]] shall not first be required to proceed against the Letter of Credit and the Letter of Credit shall not operate as a limitation on any recovery to which [[Organization A:Organization]] may otherwise be entitled. As used herein the term “Letter of Credit Required Amount” initially means $500,000.00. Subject to the remaining terms of this [Section 8], and provided the Reduction Conditions (as defined below) have been satisfied at the particular reduction effective date, Subtenant shall have the right to reduce the Letter of Credit Required Amount so that the new Letter of Credit Required Amount shall be $400,000.00 effective as of January 1, 2023, and $300,000.00 effective as of January 1, 2024 (the “Letter of Credit Reduction”). If Subtenant is not entitled to reduce the Letter of Credit Required Amount as of a particular reduction effective date due to the failure of one or more of the Reduction Conditions, then as and when the Reduction Conditions are satisfied in full, Subtenant shall be entitled to reduce the Letter of Credit Required Amount by the amount of the reduction Subtenant would have been entitled to had all of the Reduction Conditions been satisfied on such reduction effective date. If Subtenant is entitled to a reduction in the Letter of Credit Required Amount, Subtenant shall provide [[Organization A:Organization]] with written notice requesting that the Letter of Credit Required Amount be reduced as provided above (the “Reduction Notice”). If Subtenant provides [[Organization A:Organization]] with a Reduction Notice, and Subtenant is entitled to reduce the Letter of Credit Required Amount as provided herein, [[Organization A:Organization]] shall deliver a letter substantially in the form of Exhibit B attached hereto (a “Beneficiary Reduction Letter”) to the L/C Bank, with a copy to Subtenant, within five (5) Business Days of receipt of the Reduction Notice and the reduction shall be effectuated by L/C Bank amending the then-existing Letter of Credit to that new Letter of Credit Required Amount; provided that Subtenant may effectuate the reduction by replacing the Letter of Credit then being held by [[Organization A:Organization]] with a new Letter of Credit in the new Letter of Credit Required Amount. In addition to delivering the Beneficiary Reduction Letter, [[Organization A:Organization]] agrees to promptly take all actions reasonably required by the L/C Bank to effectuate the Letter of Credit Reduction, including but not limited to promptly returning any existing Letter of Credit as required by the L/C Bank in exchange for a replacement Letter of Credit. The term “Reduction Conditions” means no Event of Sublease Default under [Section 20] shall have occurred and be continuing under this Sublease as reasonably determined by [[Organization A:Organization]] in consultation with Subtenant.

Letter of Credit. On the terms and subject to the conditions set forth herein, the Revolving Loan Commitment may be used by Borrowers, in addition to the making of Revolving Loans hereunder, for the issuance, prior to that date which is one year prior to the Termination Date, by # Agent, of letters of credit, Guarantees or other agreements or arrangements (each, a "Support Agreement") to induce an LC Issuer to issue or increase the amount of, or extend the expiry date of, one or more Letters of Credit and # a Lender, identified by Agent, as an LC Issuer, of one or more Lender Letters of Credit, so long as, in each case:

Letter of Credit. Within five (5) business days of Tenant’s execution and delivery of this Lease, Tenant shall deliver to Landlord, as protection for the full and faithful performance by Tenant of all of its obligations under this Lease and, subject to the terms hereof, the Existing Lease, and for all losses and damages Landlord may suffer as a result of any breach or default by Tenant under this Lease, and the Existing Lease, an irrevocable and unconditional negotiable standby letter of credit (the “Letter of Credit”) in the form attached hereto as Exhibit D and containing the terms required herein, payable upon presentation to an operating retail branch located in San Francisco, California, running in favor of Landlord and issued by a solvent, nationally recognized bank with a long term rating from Standard and Poor’s Professional Rating Service of A or a comparable rating from Moody’s Professional Rating Service or higher, under the supervision of the Superintendent of Banks of the State of California, or a national banking association, in the Deposit Amount set forth in the Basic Lease Information. The Letter of Credit shall be referred to herein as the “Security Deposit”. The Letter of Credit shall # be “callable” at sight, irrevocable and unconditional, # be maintained in effect, whether through renewal (pursuant to a so-called “evergreen provision”) or extension, for the period from the Commencement Date and continuing until the date that is ninety (90) days after the expiration of the Term or the date of termination of the Lease (the “LC Expiration Date”), and Tenant shall deliver to Landlord a new Letter of Credit, certificate of renewal or extension amendment at least sixty (60) days prior to the expiration of the Letter of Credit then held by Landlord, without any action whatsoever on the part of Landlord, # be fully transferable by Landlord, its successors and assigns, # permit partial draws and multiple presentations and drawings, and # be otherwise subject to the International Standby Practices ISP 98, International Chamber of Commerce Publication #590. In addition to the foregoing, the form and terms of the Letter of Credit (and the bank issuing the same (the “Bank”)) shall be acceptable to Landlord, in Landlord’s reasonable discretion. If Landlord notifies Tenant in writing that the Bank which issued the Letter of Credit has become financially unacceptable because the above requirements are not met or the Bank has filed bankruptcy or reorganization proceedings or is placed into a receivership or conservatorship, or the financial condition of the Bank has changed in any other materially adverse way then Tenant shall have thirty (30) days to provide Landlord with a substitute Letter of Credit complying with all of the requirements of this Article 26. If Tenant does not so provide Landlord with a substitute Letter of Credit within such thirty (30) day period, then Landlord, or its then managing agent, shall h 3 the right to draw upon the then current Letter of Credit. In addition to Landlord's rights to draw upon the Letter as otherwise described in this Article 26, Landlord, or its then managing agent, shall have the right to draw down an amount up to the face amount of the Letter of Credit if any of the following shall have occurred or be applicable: # such amount is an obligation of Tenant under the Lease that is past-due beyond applicable notice and cure periods under the terms and conditions of this Lease; # Tenant has filed a voluntary petition under the Bankruptcy Code, # an involuntary petition has been filed against Tenant under the Bankruptcy Code that is not dismissed within thirty (30) days, # the Bank has notified Landlord that the Letter of Credit will not be renewed or extended through the LC Expiration Date, or # Tenant has failed to deliver a new Letter of Credit or amendment to the existing Letter of Credit increasing the stated amount as required under the terms of this Lease. The Letter of Credit will be honored by the Bank regardless of whether Tenant disputes Landlord’s right to draw upon the Letter of Credit. Tenant shall be responsible for paying the Bank’s fees in connection with the issuance of any Letter of Credit, certificate of renewal or extension amendment.

Letter of Credit. As of the First Amendment Effective Date, Section 7 of the Summary of Basic Lease Information in the Lease shall be deleted in its entirety and replaced with the following: