Second Reduction Date definition

Second Reduction Date means the tenth (10th) anniversary of the Rent Commencement Date, and the “Second Reduction Period” shall mean the Second Reduction Date plus the ninety (90) day period following the Second Reduction Date. Provided that at the time of each such reduction (a) no monetary default, or non-monetary default of which Tenant has received notice, shall then exist and (b) Tenant shall not have failed to timely pay any Annual Fixed Rent and/or Tenant’s Share of Taxes (beyond any applicable notice and grace periods hereunder) more than three (3) times during the prior three (3) years, then Tenant shall have the right, by delivery of a Replacement Letter or an amendment to the existing Letter, (i) during the First Reduction Period, to reduce the amount of the Security Deposit by an amount equal to $2,012,397.67 and (ii) during the Second Reduction Period, to reduce the amount of the Security Deposit by an amount equal to $1,509,373.25. Landlord shall cooperate reasonably with Tenant to effect each such reduction of the amount of the Letter of Credit and the maximum liability of any guarantor under the Guaranty shall automatically be reduced so that it is equal to the amount of the Security Deposit from time to time required by this Section 20.22(c) as more particularly set forth in the Guaranty.

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Second Reduction Date means December 31, 2019.

Second Reduction Date means 31 August 2003.

Examples of Second Reduction Date in a sentence

In no event shall the Security Deposit Amount be reduced below $400,000.00 (or such higher amount as may be in effect as of the Second Reduction Date by reason of such an addition).
The “Second Reduction Date” shall mean the last day of the twenty-fourth (24th) full calendar month after the First Reduction Date; provided, however, if Tenant has not been Profitable in each of the four calendar quarters immediately preceding the last day of the twenty-fourth (24th) full calendar month after the First Reduction Date, the Second Reduction Date shall be delayed until Tenant has been Profitable for four consecutive calendar quarters.
The Agent shall distribute to Chase on the Second Reduction Date, out of any payments made by the Company as set forth above and the proceeds of Loans made by the other Lenders as set forth above, the amount required to reduce Chase's outstanding Loans to its Percentage Share of all outstanding Loans after giving effect to the reduction of its Commitment Amount on the Second Reduction Date.
Effective as of the Second Reduction Date, Tenant's Share of Direct Expenses for the Original Premises shall be reduced to 39.24% based on the Retained Premises consisting of approximately 238,414 rentable square feet and the Building consisting of approximately 607,517 rentable square feet.
If Tenant is not satisfying the Second L-C Reduction Condition as of the Second Reduction Date, then Tenant may reduce the L-C Amount as of such later date that Tenant is then satisfying the Second L-C Reduction Condition.
On and after the Second Reduction Date, appropriate changes shall be made to the Revised Minimum Monthly Rent and Tenant’s Pro Rata Share to reflect the new Premises Area (RSF) and Minimum Monthly Rent.
Effective as of December 20, 2002 (the "Second Reduction Date"), the Commitment Amount of Chase is hereby reduced from $65,000,000 to $55,000,000.
On the Second Reduction Date, the Escrow Amount shall automatically be reduced by the excess of the Escrow Amount on hand on the Second Reduction Date over the sum of (i) $3,975,000, plus (ii) the Pending and Paid Claims Amount (as defined below) (the amount of such distribution, together with any share of interest and other earnings on the Escrow Amount as provided below, being referred to as the "Second Escrow Disbursement").
On the First Reduction Date and on the Second Reduction Date the above Maximum Facility Amount shall reduce by the Reduction Amount with a final reduction occurring on the Termination Date to reduce the Facility to zero.
In the event that ▇▇▇▇▇▇ has not delivered the Second Reduction Notice on or before the Second Reduction Date, then on the first calendar day after the Second Reduction Date, the provisions of this Section 1.8 shall be deemed null, void and of no further force or effect as to the Twenty-First Floor Returned Space.

More Definitions of Second Reduction Date

Second Reduction Date means the date falling seventy two (72) months after the Execution Date.

Second Reduction Date means October 1, 1999.

Second Reduction Date means the last day of the twenty-fourth (24th) full calendar month after the First Reduction Date; provided, however, if Tenant has not been Profitable in each of the four calendar quarters immediately preceding the last day of the twenty-fourth (24th) full calendar month after the First Reduction Date, the Second Reduction Date shall be delayed until Tenant has been Profitable for four consecutive calendar quarters. The “Third Reduction Date” shall mean the last day of the twenty-fourth (24th) full calendar month after the Second Reduction Date, and for avoidance of doubt, it is agreed that no measurement of profitability in the prior quarter or quarters shall be applicable in respect to the Third Reduction Date. Tenant shall be deemed to be “Profitable” in a calendar quarter if in that calendar quarter Tenant’s EBITDA (as defined below) was positive. A “Reduction Date”shall mean the First Reduction Date, the Second Reduction Date or the Third Reduction Date, as applicable.

Second Reduction Date means the date on which the number of ounces of Refined Gold delivered hereunder is equal to or greater than the Second Delivery Threshold.

Second Reduction Date shall have the meaning set forth in Section 31.2 hereof.

Second Reduction Date means the date on which Guarantor has provided evidence satisfactory to Lender that achievement of the Second Reduction Conditions has occurred.