Common use of Reduction after Time Clause in Contracts

Reduction after Time. So long as Tenant has not committed any default under the Lease, then the amount of the Security Deposit may be reduced to $79,807.42 after the first anniversary of the Commencement Date. If Tenant is entitled to reduce the amount of the Security Deposit pursuant to this paragraph, Tenant shall provide at least 15 days prior written notice to Landlord of Tenant’s request to reduce the Security Deposit under this paragraph. If Tenant is entitled to such a reduction and the Security Deposit is in the form of a Letter of Credit, then Tenant shall deliver either cash or a replacement or amended Letter of Credit for the amount of the reduced Security Deposit. If a replacement Letter of Credit is provided, then Landlord will return the existing Letter of Credit after receipt of the replaced Letter of Credit. If the Security Deposit is in the form of cash and Tenant is entitled to a reduction in the Security Deposit under this paragraph, then Landlord will refund to Tenant the excess portion of the Security Deposit.