Common use of L-C Amount Clause in Contracts

L-C Amount. The L-C Amount shall be equal to the initial amount set forth in Section 10 of the Summary. Notwithstanding anything in this Lease to the contrary, to the extent that Tenant is not in default under this Lease on that date which is the forty-ninth (49th) month of the Lease Term and Tenant has never been in default under this Lease (even if such default was cured by Tenant) (the “L-C Reduction Contingency”), then the LC Amount shall, subject to the terms hereof, be reduced to Six Hundred Forty-One Thousand Three Hundred Sixty Dollars ($641,360.00). In such event, Tenant shall provide Landlord with a new L-C or an amendment to the existing L-C reflecting such reduction.