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B"QUE NATIONALE DE PARIS Page 1 of 6 <br /> } _ . Chicago Branch <br /> 200 North La Salle Street - Chicago, Illinois 60601 <br /> OUR REFERENCE NUMBER SB1194 Telephone: 13121977-2200 DATE August 3, 1993 <br /> Village of Elk Grove Village <br /> 901 Wellington Avenue <br /> Elk Grove Village, Illinois 60007-3499 <br /> Attention: Village Manager <br /> Gentlemen: <br /> At the request and for the account of Chicago Fiber Optic Corporation , <br /> d/b/a Metropolitan . Fiber Systems of Chicago, Inc. ( "MFS" ) , we, Banque <br /> Nationale de Paris , Chicago Branch, hereby establish this Irrevocable <br /> Letter of Credit No. SB1194 ( the "Letter of Credit" ) in your favor to <br /> secure the obligations of MFS to you pursuant to the terms and provisions <br /> of that certain Franchise Agreement, dated June 08, 1993 ( the "Franchise <br /> Agreement" ) in accordance with the terms and conditions hereinafter set <br /> forth. <br /> 1 . Expiration . This Letter of Credit automatically shall expire at the <br /> close of business on the earlier of the following : <br /> (a) a ' initial anniversary <br /> d ioty ( 90 ) days prior to <br /> sa%niv1j0ar9-:jat4j5wejiot1ey you in writing , via <br /> c6ftifTbd Z= regf�t - r0il ;, that we elect not to <br /> co=ideb, s ,.Lett , of- Crmdit renewed for any <br /> fLEjhe�„ n� 1 ):year`"` ri <br /> ( b) ou" ate in the form of <br /> Ex ° ropriately completed, <br /> together with this Letter of Credit; or <br /> ( c) payment of the Maximum Credit under this Letter of <br /> Credit. <br /> 2 . Maximum Credit. The maximum aggregate credit available under this <br /> Letter of Credit shall be Fifty Thousand and No/100 U . S. Dollars <br /> ($50 , 000 .00 ) (the "Maximum Credit" ) . <br /> 3 . Reduction of Maximum Credit. In the event this Letter of Credit <br /> shall not have otherwise expired, this Letter of Credit will be reduced <br /> as of the date of our receipt of your certificate in the form of Exhibit <br /> 1 attached hereto, appropriately completed, so that the Maximum Credit <br /> provided herein shall be equal , as of such date, to Twenty Five Thousand <br /> and No/100 U. S . Dollars ( $25 , 000 . 00 ) . In the event that this Letter of <br /> Credit shall not have otherwise expired, the Letter of Credit shall be <br /> further reduced one ( 1 ) year after our receipt of the above notice, so <br /> VERY TRULY YOURS, <br /> BANQUE NATIONALE DE PARIS <br /> Chicago Branch <br /> lav/1��%i0 <br /> Form BNPC 30-5-87 Authorized Signature Countersignature <br /> ORIGINAL CAROLINE MIC14EL <br />