Letter of Credit Reduction. So long as no material monetary Event of Default of Tenant then exists hereunder, as of the fourth (4th) anniversary of the Commencement Date (the “LOC Reduction Date”), Tenant shall have the right to deliver a new Letter of Credit, or amend the existing Letter of Credit, to reduce the amount of the Letter of Credit to Two Million Sixty-Five Thousand Eight Hundred Fifty-Nine and 98/100 Dollars ($2,065,859.98), provided that on or before the LOC Reduction Date either of the following (the “LOC Reduction Conditions”) shall have occurred: (i) both (a) an initial public offering of equity securities which results in Tenant’s stock being traded on a national securities exchange, including, without limitation, the NYSE, the NASDAQ Stock Market or the NASDAQ Small Cap Market System or any sale thereafter of equity securities on such a national securities exchange, and (b) Tenant has a market capitalization of not less than One Hundred Million Dollars ($100,000,000.00), or (ii) an infusion of not less than Seventy Million Dollars ($70,000,000.00), cumulatively and in the aggregate after the date of this Lease, of additional equity capital in Tenant as evidenced by Tenant’s audited financial statements. If a material monetary Event of Default of Tenant exists as of the LOC Reduction Date, Tenant shall have the right to deliver a new Letter of Credit or amend the existing Letter of Credit as described herein upon the cure of any such monetary Event of Default so long as at least one of the LOC Reduction Conditions is still then satisfied. Similarly, if neither of the LOC Reduction Conditions has been satisfied as of the LOC Reduction Date, then Tenant shall have the right to deliver a new Letter of Credit or amend the existing Letter of Credit as described herein upon the subsequent satisfaction of either of the LOC Reduction Conditions so long as no material monetary Event of Default then exists. Landlord shall cooperate reasonably with Tenant to effect the reduction in the amount of the Letter of Credit, including, without limitation, returning any existing Letter of Credit to Tenant for cancellation concurrently with Tenant’s delivery of a replacement or amended Letter of Credit to Landlord.
Letter of Credit Reduction. Landlord hereby affirms that Tenant has so requested the reduction of Tenant’s cash Security Deposit and that the Conditions specified in the Article 4 (as amended above) have been met. Landlord agrees to deliver to Tenant $100,000 of Tenant’s cash Security Deposit within 30 days of execution of this Third Amendment. All other provisions of Article 4 remain in full force and effect.
Letter of Credit Reduction. Pursuant to Section 6 of Addendum Two to the Lease, Landlord and Tenant hereby acknowledge and agree that (i) the Letter of Credit shall be amended by reducing the Letter of Credit Amount to One Hundred Seventeen Thousand Eight Hundred Thirty Five and 56/100 Dollars ($117,836.56) and (ii) the amendment to the Letter of Credit (“LOC Amendment”) shall be in the form attached hereto and made a part hereof as Exhibit A. Tenant agrees to deliver the original LOC Amendment to Landlord concurrently with Tenant’s execution and delivery of this Second Amendment to Landlord.
Letter of Credit Reduction. Section 1.1(b) Letter of Credit Subfeature is hereby amended by deleting "Ten Million Dollars ($10,000,000)" as the aggregate undrawn amount of all outstanding Letters of Credit, and by substituting for said amount "Five Million Dollars ($5,000,000)".
Letter of Credit Reduction. Section 37.10 of the Original Lease is hereby deleted in its entirety and replaced with the following: “Subject to the remaining terms of this Section 37, following June 1, 2022 (the “LC Reduction Period Commencement Date”), if (a) Tenant has not been in monetary default under this Lease (as described in Section 20.1(a) above) or otherwise in default beyond any applicable notice and cure period, and (b) Tenant’s Financial Information (defined below) reflects annual revenues for Tenant’s immediately preceding fiscal year of no less than Seven Hundred Million and 00/100 Dollars ($700,000,000.00), and (c) Tenant’s Financial Information reflects adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (excluding any stock-based compensation) (“EBITDA”) equal to or greater than Ninety-Five Million and 00/100 Dollars ($95,000,000.00), in the aggregate, during the prior twelve (12) consecutive full calendar months (collectively, the “LC Reduction Conditions Precedent”), then Tenant shall have the right to reduce the face amount of the Letter of Credit (each, a “Reduction Event”) so that the reduced Letter of Credit amounts shall be as follows: (i) $9,560,095.57 effective as of the later of (A) thirty (30) days following the date Landlord receives a Reduction Notice (defined below), or (B) July 1, 2022; (ii) $7,170,071.68 effective as of the later of (A) thirty (30) days following the date Landlord receives Tenant’s Reduction Notice or (B) July 1, 2023; (iii) $4,780,047.78 effective as of the later of (A) thirty (30) days following the date Landlord receives a Reduction Notice or (B) July 1, 2024; and (iv) $2,390,023.89 effective as of the later of (A) thirty (30) days following the date Landlord receives a Reduction Notice or (B) July 1, 2024. However, in no event will the face amount of the Letter of Credit during the Term of the Lease (as such may be extended) in accordance with the foregoing be reduced to less than $2,390,023.89. If Tenant believes that it is entitled to a reduction in the face amount of the Letter of Credit, Tenant shall provide Landlord with written notice requesting that the face amount of the Letter of Credit be reduced as provided above (the “Reduction Notice”). Concurrent with Tenant’s delivery of the Reduction Notice, Tenant shall deliver to Landlord for its review Tenant’s financial statements prepared in accordance with generally accepted accounting principles and audited by a public accounting firm reasonably acceptabl...
Letter of Credit Reduction. Notwithstanding anything to the -------------------------- contrary in this Paragraph 7, in the event all the following conditions have been satisfied, to the reasonable satisfaction of Landlord, then the amount of the Letter of Credit then held by Landlord shall be reduced by Three Hundred Thousand and 00/100ths Dollars ($300,000.00) on the first day of each of the sixth (6th), seventh (7th), eighth (8th), ninth (9th) and tenth (10th) Lease Years: (i) Tenant is not in default under this Lease on the date on which the Letter of Credit is reduced and has not at any time prior to such date been in default under this Lease; (ii) Tenant has Fifteen Million and 00/100ths Dollars ($15,000,000.00) or more in cash or cash equivalents on the date on which the Letter of Credit is reduced; and (iii) Tenant has pre-tax income of Two Million Five Hundred Thousand and 00/100ths Dollars ($2,500,000.00) or more for each of the three (3) full calendar quarters immediately preceding the date on which the Letter of Credit is reduced.
Letter of Credit Reduction. Upon the last day of the twenty-fourth (24th ) full calendar month of the Term, provided and on condition that: (i) Tenant is not then, nor at the time of delivering the Reduction Request (as defined below), in default of a monetary obligation or a material non-monetary obligation under the terms of this Lease, (ii) Landlord has not applied the Letter of Credit, or any portion thereof, as permitted hereunder, whether or not Tenant has restored the amount so applied by Xxxxxxxx, and (iii) Tenant has not been in default beyond any applicable notice and grace period under the Lease at any time during the Term, Tenant may give written notice to Landlord requesting that the Letter of Credit be reduced to an amount equal to Twenty-Six Thousand Three Hundred Ninety-Five Dollars and 48/100 ($26,395.48) (the "Reduction Request") and, provided that the aforesaid conditions have been met, Landlord shall promptly thereafter notify the issuer of the Letter of Credit that the Letter of Credit may be so 7
