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Home My WebLink AboutBank of America LetterBank of America BANK OF AMERICA - CONFIDENTIAL DATE: NOVEMBER 21, 2006 IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 68015881 BENEFICIARY CITY OF MIAMI 3500 PAN AMERICAN DRIVE MIAMI, FL 33133 ATTN: DIRECTOR OF PUBLIC WORKS PAGE: 1 APPLICANT FUEL MIAMI, LLC 149 FIFTH AVENUE 11TH FLOOR NEW YORK, NY 10010 ISSUING BANK BANK OF AMERICA, N.A. 1 FLEET WAY PA6-580-02-30 SCRANTON, PA 18507-1999 AMOUNT NOT EXCEEDING USD 250,000.00 NOT EXCEEDING TWO HUNDRED FIFTY THOUSAND AND 00/100'S US DOLLARS EXPIRATION NOVEMBER 15, 2007 AT OUR COUNTERS WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR FAVOR WHICH IS AVAILABLE BY PAYMENT AGAINST YOUR DRAFTS DRAWN AT SIGHT ON BANK OF AMERICA, N.A. BEARING THE CLAUSE: "DRAWN UNDER BANK OF AMERICA, N.A. IRREVOCABLE LETTER OF CREDIT NO. 68015881" ACCOMPANIED BY THE FOLLOWING DOCUMENTS: 1. THE ORIGINAL OF THIS LETTER OF CREDIT AND AMENDMENT(S), IF ANY 2. YOUR SIGNED STATEMENT CERTIFYING THAT: "FUEL MIAMI, LLC IS IN DEFAULT OF ITS OBLIGATION TO MAKE PAYMENTS TO CITY OF MIAMI PURSUANT TO THE AGREEMENT FOR BUS BENCHES." WE HEREBY ENGAGE WITH YOU THAT DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION TO US AT ONE FLEET WAY, SCRANTON, PA., 18507, MAIL CODE: PA6-580-02•-30, ATTN: STANDBY LETTER OF CREDIT DEPARTMENT ON OR BEFORE THE EXPIRATION DATE. IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT IS DEEMED TO BE AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR PERIOD(S) OF ONE YEAR EACH FROM THE CURRENT EXPIRY DATE HEREOF, OR ANY FUTURE EXPIRATION DATE, UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO ANY EXPIRATION DATE, WE NOTIFY YOU BY REGISTERED MAIL AT THE ABOVE LISTED ADDRESS THAT WE ORIGINAL Hank of America, N.A. Trade Operations Moil Code: PA6-580.02.30 1 Flom Way, Ind Flour, Scranton. PA 18507 I10.33.0201NSB 6-2000 Bank of America BANK OF AMERICA - CONFIDENTIAL PAGE: 2 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 68015881 ELECT NOT TO CONSIDER THIS LETTER OF CREDIT RENEWED FOR ANY SUCH ADDITIONAL PERIOD. ANY SUCH NOTICE SHALL BE EFFECTIVE WHEN SENT BY US AND UPON SUCH NOTICE TO YOU, YOU MAY DRAW AT ANY TIME PRIOR TO THE THEN CURRENT EXPIRATION DATE, UP TO THE FULL AMOUNT THEN AVAILABLE HEREUNDER, AGAINST YOUR DRAFT(S) DRAWN ON US AT SIGHT AND THE ORIGINAL OF THIS LETTER OF CREDIT AND ALL AMENDMENTS THERETO, ACCOMPANIED BY YOUR PURPORTEDLY SIGNED STATEMENT ON YOUR LETTERHEAD STATING THAT YOU ARE IN RECEIPT OF BANK OF AMERICA, N.A.'S NOTICE OF NONRENEWAL UNDER LETTER OF CREDIT NO.68015881 AND THE APPLICANT'S OBLIGATION TO YOU REMAINS. THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES 1998, ICC PUBLICATION NO. 590. IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS TRANSACTION, PLEASE CALL 800-370-7519 . AUTHORIZ SIGNATURE THIS DOCUMENT CONSISTS OF 2 PAGE(S). ORIGINAL Bank of America, N.A. Trade OperaDont Mall Code: PA6-380A2-20 1 Fled Way, 2nd Floor. Scranton, PA 1S307 00-33•D20INSB 6.2001.1 Bank of America BANK OF AMERICA - CONFIDENTIAL DATE: NOVEMBER 21, 2006 IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 68015882 BENEFICIARY CITY OF MIAMI 3500 PAN AMERICAN DRIVE MIAMI, FL 33133 ATTN: DIRECTOR OF PUBLIC WORKS PAGE: 1 APPLICANT FUEL OUTDOOR HOLDINGS, LLC 149 FIFTH AVENUE 11TH FLOOR NEW YORK, NY 10010 ISSUING BANK BANK OF AMERICA, N.A. 1 FLEET WAY PA6-580-02-30 SCRANTON, PA 18507-1999 AMOUNT NOT EXCEEDING USD 250,000.00 NOT EXCEEDING TWO HUNDRED FIFTY THOUSAND AND 00/100'S US DOLLARS EXPIRATION NOVEMBER 15, 2007 AT OUR COUNTERS WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR FAVOR WHICH IS AVAILABLE BY PAYMENT AGAINST YOUR DRAFTS DRAWN AT SIGHT ON BANK OF AMERICA, N.A. BEARING THE CLAUSE: "DRAWN UNDER BANK OF AMERICA, N.A. IRREVOCABLE LETTER OF CREDIT NO. 68015882" ACCOMPANIED BY THE FOLLOWING DOCUMENTS: 1. THE ORIGINAL OF THIS LETTER OF CREDIT AND AMENDMENT(S), IF ANY 2. YOUR SIGNED STATEMENT CERTIFYING THAT: "FUEL OUTDOOR HOLDINGS, LLC, IS IN DEFAULT, AS GUARANTOR OF FUEL MIAMI.LLC'S OBLIGATION TO PROPERLY CONSTRUCT AND MAINTAIN BUS BENCHES AND CITY PANELS AND/ OR TO REMOVE BUS BENCHES AND CITY PANELS AND RESTORE THE PUBLIC RIGHTS -OF -WAY PURSUANT TO THE AGREEMENT FOR BUS BENCHES." WE HEREBY ENGAGE WITH YOU THAT DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION TO US AT ONE FLEET WAY, SCRANTON, PA., 18507, MAIL CODE: PA6-580-02-30, ATTN: STANDBY LETTER OF CREDIT DEPARTMENT ON OR BEFORE THE EXPIRATION DATE. IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT IS DEEMED TO BE AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR PERIOD(S) OF ONE YEAR ORIGINAL Bank of America. N.A. Trada Op rdonns Mod Code: PA5.5SO42.20 i Flaet way, 2nd floor, Sarantan, PA 18507 00.35.0201NSB 6-2020 BankofAmerica d BANK OF AMERICA - CONFIDENTIAL PAGE; 2 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 68015882 EACH FROM THE CURRENT EXPIRY DATE HEREOF, OR ANY FUTURE EXPIRATION DATE, UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO ANY EXPIRATION DATE, WE NOTIFY YOU BY REGISTERED MAIL AT THE ABOVE LISTED ADDRESS THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT RENEWED FOR ANY SUCH ADDITIONAL PERIOD. ANY SUCH NOTICE SHALL BE EFFECTIVE WHEN SENT BY US AND UPON SUCH NOTICE TO YOU, YOU MAY DRAW AT ANY TIME PRIOR TO THE THEN CURRENT EXPIRATION DATE, UP TO THE FULL AMOUNT THEN AVAILABLE HEREUNDER, AGAINST YOUR DRAFT(S) DRAWN ON US AT SIGHT AND THE ORIGINAL OF THIS LETTER OF CREDIT AND ALL AMENDMENTS THERETO, ACCOMPANIED BY YOUR PURPORTEDLY SIGNED STATEMENT ON YOUR LETTERHEAD STATING THAT YOU ARE IN RECEIPT OF BANK OF AMERICA, N.A.'S NOTICE OF NONRENEWAL UNDER LETTER OF CREDIT NO.68015882 AND THE APPLICANT'S OBLIGATION TO YOU REMAINS. THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES 1998, ICC PUBLICATION NO. 590. IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS TRANSACTION, PLEASE CALL 800-370-7519 . AUTHORIZEDSIGNATURE THIS DOCUMENT CONSISTS OF 2 PAGE(S). ORIGINAL Bank of America, N.A. TrndtOperauuna Mail Cade: PA63$0-.02.30 1 Flea Wsy. 2nd Flour, Scranton, PA 18507 PD•27-0201NSB 62000