Security Deposit Reduction Clause Samples

Security Deposit Reduction. Landlord hereby affirms that Tenant has requested the reduction of Tenant’s cash Security Deposit subject to the satisfaction of the Conditions specified in Article 4 (as amended). Upon the confirmation by Landlord that the Conditions in Article 4 (as amended) have been satisfied as required therein, Landlord agrees to reduce Tenant’s One Hundred Thousand and No/100 Dollars ($100,000.00) cash Security Deposit by Fifty Thousand and No/100 Dollars ($50,000.00) and deliver to Tenant Fifty Thousand and No/100 ($50,000.00) of Tenant’s cash Security Deposit within thirty (30) days of the satisfaction of such Conditions. The parties agree that upon such reduction of the cash Security Deposit, Landlord shall be holding a total remaining cash Security Deposit of Fifty Thousand and No/100 Dollars ($50,000.00). All other provisions of Article 4 remain in full force and effect.

Security Deposit Reduction. 1) Subject to the general provisions of P. 6. and provided that Tenant has not been in default under this Lease beyond any applicable cure period, the Security Deposit on the Temporary Premises shall be returned within five (5) business days of the Temporary Premises Expiration Date. 2) Subject to the general provisions of P. 6. and provided that Tenant has not been in default under this Lease beyond any applicable cure period, the Security Deposit on the Original Premises and Expansion Premises combined shall be subject to reduction as follows: a) Reduction to two (2) months Rent, upon Tenant achieving a public equity market capitalization of at least $150 million. b) Reduction to one (1) months Rent, upon Tenant achieving a public equity market capitalization of at least $400 million,

Security Deposit Reduction. Provided Tenant has not been in default beyond any applicable notice and cure period under the Lease during the previous 12-month period, then at the commencement of the 25th month of the Lease Term and every 12 months thereafter, the amount of the Security Deposit shall be reduced by $273,000.00 until five (5) such reductions have occurred and the remaining Security Deposit is $135,000.00.

Security Deposit Reduction. Notwithstanding any other provision of the Lease to the contrary, the following provisions shall apply to the Security Deposit under the lease: (a) As of the date of this Amendment, the Security Deposit being held by the Landlord equals $793,039.00. Subject to the following conditions, on the Effective Date the Security Deposit shall be reduced to $614,897.50. Such reduction, and any future reductions provided for in this Section 9, shall, so long as the Security Deposit is in the form of one or more letters of credit, be accomplished by the Tenant providing the Landlord with a substitute or replacement letter(s) of credit in the reduced amount of the security deposit, whereupon the Landlord shall forthwith return to the Tenant the letter(s) of credit for the previous amount of the Security Deposit.

Security Deposit Reduction. So long as Tenant is not then in default under the Lease, after all Clause (b) Rent has been paid in full for the entire 48-month period contemplated under Section 6 above, Tenant may reduce the amount of the Security Deposit required under the first sentence of Section 4.7 of the Lease to an amount equal to nine times the then applicable Monthly Rental under the Lease. This paragraph is not intended to have any effect on Tenant’s obligations under Section 4.7(b) of the Lease, including Tenant’s obligation to provide the Additional Security or the amount of the Additional Security.

Security Deposit Reduction. If, on each of the anniversaries of the Post Rent Credit Date listed below (each, a “Anniversary Date”), Tenant meets or exceeds the requirements that (i) the Market Capitalization of Tenant (as defined below) shall be at least Five Billion Dollars ($5,000,000,000) and Tenant's stock shall be listed on either the New York Stock Exchange or the NASDAQ stock market, and (ii) no Default by Tenant under this Lease shall have occurred or be continuing (collectively, the "Reduction Requirements" and each a "Reduction Requirement"), then as provided below in this Section the Security Deposit shall be reduced by the amounts set forth in the table below. “Market Capitalization” shall mean the product of the number of issued and outstanding shares of Tenant as of the most recent of the last December 31 or quarter-end date (the most recent of which shall be the “Market Cap Measurement Date”) as set forth in the Annual Report or Quarterly Report on Form 10-Q filed with the SEC by Tenant for the most recent of either the last year or quarter ending prior to the Anniversary Date, multiplied by the closing price of such shares on such Market Cap Measurement Date.

Security Deposit Reduction. Effective as of the Effective Date: (i) the total amount of the Security Deposit to be held by Landlord under the Lease, as hereby amended, shall be reduced by $120,568.50 to a new revised total amount of $39,431.50; (ii) in connection therewith: (A) concurrently with T▇▇▇▇▇'s execution and delivery of this Fourth Amendment, Tenant shall deliver to Landlord a portion of the Full SD Replenishment Amount equal to the revised total Security Deposit hereinabove (i.e., $39,431.50); and (B) Tenant shall have no obligation to deliver to Landlord the remaining portion of the Full SD Replenishment Amount in the amount of $120,568.50 (the "Waived SD Replenishment Amount") and Tenant hereby forever relinquishes and releases all of its right, title and interest in and to the Waived SD Replenishment Amount and agrees that no such portion of the previous Security Deposit equal to the Waived SD Replenishment Amount will be returned to Tenant notwithstanding anything to the contrary contained in the Lease (as hereby amended).

Security Deposit Reduction. Tenant has previously deposited with Landlord $132,443.70 as a Security Deposit under the Lease. Notwithstanding anything to the contrary contained in the Lease, in the event that Tenant, as of the Reduction Effective Date, is not in default of any of its obligations under the Lease, Landlord shall reduce the amount of the Security Deposit to $88,737.28, and Landlord shall apply the remaining $43,706.42 as a credit against ▇▇▇▇▇▇'s monthly Base Rent obligations next coming due until such credit is exhausted.

Security Deposit Reduction. (a) Subject to the provisions of Section 34.5(b) hereof, the Security Deposit shall be reduced on each of the following reduction dates (the “Reduction Dates”) as follows: (i) On the day succeeding the second anniversary of the Rent Commencement Date, the total Security Deposit shall be reduced to $505,665.00. (ii) On the day succeeding the fourth anniversary of the Rent Commencement Date, the total Security Deposit shall be reduced to $429,815.00. (iii) On the day succeeding the sixth anniversary of the Rent Commencement Date, the total Security Deposit shall be reduced to $365,342.00. (iv) On the day succeeding the eighth anniversary of the Rent Commencement Date, until the expiration of the Term (as same may be extended or renewed pursuant to this Lease), the total Security Deposit shall be reduced to $148,725.00. (b) Notwithstanding anything to the contrary contained herein, the reduction of the Security Deposit set forth above shall be expressly conditioned that on each applicable Reduction Date the Lease shall be in full force and effect and no Event of Default is occurring or has occurred. (c) If the Security Deposit shall be held by Landlord in cash, then within ten (10) Business Days after any applicable Reduction Date under this Section, Landlord shall credit such amount against the next installment of Fixed Rent. If the Security Deposit is being held by Landlord in the form of a Letter of Credit pursuant to Section 34.2 of this Lease, prior to any such reduction, Tenant shall deliver to Landlord an amendment to, or a substitute for, the Letter of Credit (which amendment or substitute shall be reasonably acceptable to Landlord in all respects), reducing the amount of the Letter of Credit by the amount of the reduction permitted by this Section.