Tenant's Second Payment Sample Clauses

Tenant's Second Payment. As further consideration for Landlord's execution of this Amendment, upon the first (1st) business day of Tenant's fiscal quarter immediately following the Third Party Lease Date, Tenant shall pay to Landlord cash in the amount of Seven Hundred Fifty Thousand and No/100 Dollars ($750,000.00) (minus, only if Tenant was not Profitable for the two (2) fiscal quarters immediately preceding the Third Party Lease Date, an amount equal to the sum of the Minimum Monthly Rent payments paid by Tenant under the Amended Lease with respect to the Third Floor Premises after the date which is twelve (12) months after the Effective Date) ("Tenant's Second Payment"). Provided that: (a) Tenant is not in material default under the terms of the Amended Lease and (b) as of the end of business on the date which is the earlier of ninety (90) days after Tenant's Second Payment or two (2) business days prior to the last day of the same fiscal quarter in which Tenant's Second Payment is made, Tenant has not filed (nor has any creditor of Tenant filed on behalf of Tenant) a petition for bankruptcy under Title 11 of the United States Code and has not made an assignment for the benefit of creditors, Landlord shall release the Amended L/C to Tenant upon the earlier of ninety (90) days after Tenant's Second Payment or two (2) business days prior to the last day of the same fiscal quarter in which Tenant's Second Payment is made. If Tenant has paid Tenant's Payment in accordance with Section 3 above and otherwise has satisfied all of the conditions set forth in the immediately preceding sentence, but has not amended the Letter of Credit, then upon the earlier of ninety (90) days after Tenant's Second Payment or two (2) business days prior to the last day of the same fiscal quarter in which Tenant's Second payment is made, Landlord shall release the Letter of Credit to Tenant.