FORM OF LETTER OF CREDIT
[Letterhead of a money center bank acceptable to the Owner]
[Please note the tenant on this Letter of Credit must match the exact tenant entity in the Lease]
c/o Boston Properties LP
800 Boylston Street, Suite 1900
Boston, Massachusetts 02199-8103
Attn: Lease Administration, Legal Dept.
We hereby establish our Irrevocable Letter of Credit and authorize you to draw on us at sight for the account of [Tenant] (Applicant), the aggregate amount of [spell out dollar amount] and [ ]/100 Dollars [($ )]. You shall have the right to make partial draws against this Letter of Credit from time to time.
Funds under this Letter of Credit are available to the beneficiary hereof as follows:
Any or all of the sums hereunder may be drawn down at any time and from time to time from and after the date hereof by [Landlord] (Beneficiary) when accompanied by this Letter of Credit and a written statement signed by an individual purporting to be an authorized agent of Beneficiary, certifying that such moneys are due and owing to Beneficiary, and a sight draft executed and endorsed by such individual.
This Letter of Credit is transferable in its entirety to any successor in interest to Beneficiary as owner of [Property, Address, City/Town, State]. Should a transfer be desired, such transfer will be subject to the return to us of this advice, together with written instructions. Any fees related to such transfer shall be for the account of the Applicant.
The amount of each draft must be endorsed on the reverse hereof by the negotiating bank. We hereby agree that this Letter of Credit shall be duly honored upon presentation and delivery of the certification specified above.
This Letter of Credit shall expire on [Final Expiration Date].
Notwithstanding the above expiration date of this Letter of Credit, the term of this Letter of Credit shall be automatically renewed for successive, additional one (1) year periods unless, at