Common use of Reduction Schedule Clause in Contracts

Reduction Schedule. The required amount of the Performance Bond shall be reduced in accordance with the following schedule as of December 31 of the year indicated so long as Franchisee has attained the “NYC Total” percentage of households passed required as of that date as set forth in Appendix F, except that the date for reduction in calendar year 2014 shall be June 30 of that year, subject to the same requirement. If Franchisee does not attain the “NYC Total” percentage of households passed required as of the date as set forth in Appendix F due to the triggering of one or more of the Checkpoint Extensions provided for in Section 5.1.2 or otherwise, then the required amount of the Performance Bond shall be reduced only when the “NYC Total” percentage of households passed thereafter is attained. 2008: ▇▇▇▇▇-Five Million Dollars ($35,000,000) 2009: Thirty Million Dollars ($30,000,000) 2010: Twenty-Five Million Dollars ($25,000,000) 2011: Fifteen Million Dollars ($15,000,000) 2012: Ten Million Dollars ($10,000,000) 2013: Five Million Dollars ($5,000,000) 2014: One Million Dollars ($1,000,000)