EXHIBIT
10.3
THE BANK OF NEW
YORK MELLON
OUR REF.
NO DATE
S00057145 NOVEMBER
18, 2008
|
BENEFICIARY
POST MONTGOMERY
ASSOCIATES
ONE MONTGOMERY
STREET, SUITE 3220
SAN FRANCISCO,
CA 94104
ATTN: BUILDING
MANAGER
|
|
APPLICANT
BROADPOINT
SECURITIES GROUP, INC.
1 PENN
PLAZA
NEW YORK, NY
10119-4000
|
GENTLEMEN/LADIES:
OUR REFERENCE
NO. S00057145
ACCOUNT
OF:
BROADPOINT
SECURITIES GROUP, INC.
1 PENN
PLAZA
NEW YORK, NY
10119-4000
AVAILABLE
WITH:
THE BANK OF NEW
YORK MELLON
BY PAYMENT
DRAFTS AT
SIGHT
DRAWN ON THE
BANK OF NEW YORK MELLON
TO THE EXTENT
OF:
***USD338,981.00***
EXPIRY
DATE: NOVEMBER
18, 2009
PLACE OF
EXPIRY OUR
COUNTERS
ADDITIONAL
DETAILS:
WE HEREBY
ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT
NO. S00057145 IN FAVOR OF POST MONTGOMERY ASSOCIATES FOR THE
ACCOUNT OF BROADPOINT SECURITIES GROUP, INC. FOR A SUM NOT
EXCEEDING $338,981, AVAILABLE BY YOUR DRAFTS AT SIGHT ON US
EFFECTIVE IMMEDIATELY AND EXPIRING AT OUR COUNTERS AT OUR CLOSE OF
BUSINESS ON NOVEMBER 18, 2009.
DRAFTS DRAWN
HEREUNDER MUST BE ACCOMPANIED BY A STATEMENT SIGNED BY ONE OF YOUR
AUTHORIZED SIGNATORIES READING AS FOLLOWS: "THE AMOUNT
OF THE ACCOMPANYING DRAFT IS DUE AND PAYABLE TO THE BENEFICIARY
UNDER A CERTAIN OFFICE LEASE DATED AS OF MARCH 31, 2005, BETWEEN
POST MONTGOMERY ASSOCIATES AND BROADPOINT SECURITIES GROUP,
INC."
DRAFTS DRAWN
HEREUNDER MUST INDICATE: "DRAWN UNDER LETTER OF CREDIT
NO. S0057145 OF THE BANK OF NEW YORK MELLON."
IT IS A
CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY
EXTENDED WITHOUT AMENDMENT FOR FURTHER PERIODS OF ONE YEAR FROM THE
PRESENT AND EACH FUTURE EXPIRATION DATE, UNLESS, AT LEAST
THIRTY (30) DAYS PRIOR TO SUCH DATE, WE SHALL SEND YOU NOTICE
IN WRITING BY OVERNIGHT COURIER, TO THE ATTENTION OF YOUR BUILDING
MANAGER AT THE ABOVE ADDRESS THAT WE ELECT NOT TO RENEW THIS LETTER
OF CREDIT FOR SUCH ADDITIONAL PERIOD. &nb
