Examples of Reduction Conditions in a sentence
On or after January 1, 2021, the Current Interest Rate shall be reduced by one-quarter percent (0.25%) if the Interest Rate Spread Reduction Conditions are satisfied during the 2020 calendar year.
For the avoidance of doubt, if the Interest Rate Spread Reduction Conditions were satisfied during both the 2019 calendar year and the 2020 calendar year, the total reduction in the Current Interest Rate shall be one-half percent (0.50%).
On or after January 1, 2020, the Current Interest Rate shall be reduced by one-quarter percent (0.25%) if the Interest Rate Spread Reduction Conditions are satisfied during the 2019 calendar year.
If Tenant is not entitled to reduce the Letter of Credit Amount as of a particular reduction effective date due to Tenant’s failure to satisfy the LC Reduction Conditions described above, then any subsequent reduction(s) Tenant is entitled to hereunder shall be reduced by the amount of the reduction Tenant would have been entitled to had Tenant satisfied the LC Reduction Conditions necessary for such earlier reduction.
So long as the Reduction Conditions (as defined below) are satisfied as of the applicable date, (i) the face amount of the Initial Letter of Credit may be reduced by amendment on each anniversary of the Building 2 Commencement Date in the amount of [***], and (ii) the face amount of the Additional Letter of Credit may be reduced by amendment on each anniversary of the Building 3 Commencement Date in the amount of [***].