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C. If the financial institution elects not to extend the letter of credit, not <br /> later than forty-five days prior to its expiration, SGC will provide a letter of credit from an <br /> alternate federally chartered banking institution, its effective date to be such that there is no <br /> lapse of time in which there exists no financial surety. <br /> d. The Division will be entitled, and the letter of credit will provide that <br /> the Division will be entitled, to draw a draft under the letter of credit in the event that (1) the <br /> letter of credit will terminate or expire within the next ten business days; and (2) the Division <br /> has not received notice from SGC that an alternate letter of credit has been provided. In the <br /> event that the Division elects to draw any drafts under these circumstances, it will not be <br /> entitled to retain or use any portion of the proceeds of the drafts unless the provisions of <br /> paragraph 25a are met. Instead, the Division will immediately deposit all of the proceeds of <br /> any drafts so obtained into one or more accounts. The amounts deposited in these accounts <br /> will serve as surety for SGC's obligations pursuant to paragraph 25. The Parties will <br /> simultaneously enter into an escrow agreement with respect to each account that contains <br /> proceeds of the drafts on the same terms and conditions as for the above letter of credit, except <br /> that SGC will be entitled to withdraw the escrowed amount immediately to the extent that it <br /> provides a letter of credit to the Division from an alternate financial institution pursuant to this <br /> paragraph. <br /> e. The Division will be entitled, and the letter of credit will provide that <br /> the Division will be entitled, to draw a draft under the letter of credit when its draft is <br /> 3"11-1.M"6 27 <br />