Reduction Conditions. Each reduction in the amount of the Security Deposit as provided in Section 2 above shall be conditioned upon no monetary Default of Tenant (i.e., a default described in any of Sections 25.1(b), 25.1(c) or 25.1(e) of the Lease) having occurred during the Lease Year at the expiration of which the Security Deposit reduction pursuant to the provisions of Section 2 above is scheduled to occur. The reduction in the amount of Security Deposit as provided in Section 2(b), if Tenant qualifies for such reduction, may occur notwithstanding that Tenant may have failed to qualify for the reduction as provided in Section 2(a) above by reason of a monetary Default of Tenant.
Reduction Conditions. The “Reduction Conditions” mean the following:
Reduction Conditions. The “Reduction Conditions” shall mean that on each Reduction Date all of the following are true: (A) Tenant has not committed a default as defined in Section 16 of the Lease at any time prior to the applicable Reduction Date, (B) prior to the applicable Reduction Date, Tenant has paid all Base Rent, Operating Expenses and other monies owed to Landlord under this Lease on or before the date such monies are due and payable by Tenant, (C) no Bankruptcy Event has occurred prior to the applicable Reduction Date and (D) prior to the applicable Reduction Date, Tenant has not assigned the Lease or subleased substantially all of the Premises for substantially all of the remaining term of the Lease except in connection with a Permitted Transfer.
Reduction Conditions. The “Reduction Conditions” under Section 8 of the Letter of Credit Rider attached to the Original Lease, are hereby amended to include the following: Landlord has not drawn on the Letter of Credit prior to the applicable Reduction Date.
Reduction Conditions. HVIF, upon seven (7) Business Days’ notice to the Administrative Agent and each Series 2020-1 Noteholder, may effect a permanent reduction of the Maximum Principal Amount; provided that, any such reduction (i) will be limited to the undrawn portion of the Maximum Principal Amount, (ii) must be in a minimum amount of $10,000,000, (iii) shall be made ratably among the Series 2020-1 Noteholders on the basis of their respective Maximum Principal Amounts and (iv) must be accompanied by the Commitment Reduction Fee; provided, further, that solely for the purposes of this Section 2.5(a), such undrawn portion of the Maximum Principal Amount shall not include any then unfunded Class A Delayed Amounts relating to any Class A Advance or Class B Delayed Amounts relating to any Class B Advance, in each case, the notice with respect to which HVIF shall not have revoked as of the date of such reduction.
