Exhibit 10.3
WELLS FARGO BANK, N.A.
Trade Services – Standby Letters of Credit Operations
One Front Street, 21 st
Floor, San Francisco, CA 94111
Phone: (800) 798-2815 Option1; Fax: (415) 296-8905;
E-Mail: sftrade@wellsfargo.com
Irrevocable Letter of Credit
December 3, 2007
Letter of Credit NZS609824
| |
|
|
|
To:
|
|
DMH Campus Investors, LLC
(“Beneficiary”) |
|
|
|
c/o Veralliance Properties, Inc. |
|
|
|
8910 University Center Lane,
Suite 630 |
|
|
|
San Diego, California 92122 |
Ladies
and Gentlemen:
We
hereby issue in your favor our Irrevocable Letter of Credit
NZS609824 at the request and for the account of Neurocrine
Biosciences, Inc. (“Applicant”), in an amount of Five
Million Seven Hundred and 00/100 U.S. Dollars (US$5,700,000.00)
effective immediately and available with Wells Fargo Bank, N.A. at
One Front Street – 21st Floor, San Francisco, California
94111, by payment of your draft(s) drawn on us at sight when
accompanied by the original of this Letter of Credit and your
signed and dated statement worded as follows with the instructions
in brackets therein complied with:
“The
undersigned, an authorized representative of beneficiary
(“Beneficiary”) under Wells Fargo Bank, N.A. Letter of
Credit NZS609824 (“Wells Credit”), hereby certifies
that the Beneficiary is entitled to and hereby demands payment
under Wells Credit in US$[ insert drawing amount ] pursuant
to the lease between DMH Campus Investors, LLC, as Landlord, and
Neurocrine Biosciences, Inc., as Tenant, dated [insert date] (the
“Lease”), (as such Lease may be amended, restated and
replaced from time to time) for premises located at 12780 and 12790
El Camino Real, San Diego, California 92122.”
This
Letter of Credit expires at our above office on
December 31, 2008 , but shall be automatically
extended, without written amendment, to December 31st in each
succeeding calendar year, unless we have sent written notice to you
at your address above by registered mail or express courier that we
elect not to extend the expiration date of this Letter of Credit
beyond the date specified in such notice, which date will be
December 31, 2008 or any subsequent December 31st and be
at least sixty (60) calendar days after the date we send you
such notice. Upon our sending you such notice of the non-extension
of the expiration date of this Letter of Credit, you may also draw
under this Letter of Credit by presentation to us at our above
address, on or before the expiration date specified in such notice,
of your draft drawn on us at sight when accompanied by the original
of this Letter of Credit and your
