Reduction of L-C Amount. The L-C Amount shall not be reduced during that period (the “Fixed Period”), commencing on the Lease Commencement Date and expiring on the fourth (4th) anniversary of the Rent Commencement Date, unless extended pursuant to the terms of this Section 21.8. The Fixed Period shall be automatically extended (without the necessity of notice to Tenant) by four (4) months upon Tenant’s second (2nd) failure to pay any Rent or any other charge required to be paid under this Lease, or any part thereof, beyond applicable notice and cure periods, and shall be extended for an additional four (4) months upon each failure by Tenant thereafter. After the expiration of the Fixed Period (as the same may be extended pursuant to the immediately preceding sentence), provided that on or prior to the applicable Reduction Date, Tenant tenders to Landlord (a) evidence reasonably satisfactory to Landlord demonstrating the Tenant satisfies the “L-C Reduction Conditions,” as that term is defined below, and (b) a certificate of amendment to the existing L-C, conforming in all respects to the requirements of this Article 21, in the amount of the applicable L-C Amount as of such Reduction Date, the L-C Amount shall be reduced to the following amounts: Reduction Date* L-C Amount First (1st) day of the first (1st) calendar month following the month in which the Fixed Period expires (the “Burn Down Date”) $ 7,000,000.00 First (1st) anniversary of the Burn Down Date $ 5,730,000.00 Second (2nd) anniversary of the Burn Down Date $ 4,460,000.00 Third (3rd) anniversary of the Burn Down Date $ 3,190,000.00 Reduction Date* L-C Amount Fourth (4th) anniversary of the Burn Down Date $ 1,920,000.00 Fifth (5th) anniversary of the Burn Down Date $ 650,000.00 * The Reduction Dates set forth above shall be adjusted, if the Fixed Period is extended pursuant to the terms of this Section 21.8, to be the dates that are the number of months after the extended Fixed Period (for the initial Reduction Date) or the preceding Reduction Date (for Reduction Dates thereafter) determined by dividing the number of months remaining in the initial Lease Term following the extended Fixed Period by five (5). In addition, the L-C Amount set forth above with respect to each Reduction Date shall be proportionally increased to the extent the L-C Amount had been previously increased pursuant to the terms of Section 21.7, above.
Reduction of L-C Amount. The L-C Amount shall not be reduced during the period commencing on the Lease Commencement Date and expiring on the last day of the second Lease Year (the “Fixed Period”). The Fixed Period shall be automatically extended (without the necessity of notice to Tenant) by four (4) months upon Tenant’s second (2nd) failure to pay any Rent or any other charge required to be paid under this Lease, or any part thereof, beyond applicable notice and cure periods, and shall be extended for an additional four (4) months upon each similar failure by Tenant thereafter. After the expiration of the Fixed Period (as the same may be extended pursuant to the immediately preceding sentence), provided that on or prior to the applicable Reduction Date, Tenant tenders to Landlord (a) evidence reasonably satisfactory to Landlord demonstrating the Tenant satisfies the “L-C Reduction Conditions,” as that term is defined below, and (b) a certificate of amendment to the existing L-C (or a new L-C), conforming in all respects to the requirements of this Article 21, in the amount of the applicable L-C Amount as of such Reduction Date, then the L-C Amount (as that amount may have been adjusted due to an expansion or reduction of the Premises in accordance with Article 1 of this Lease, the “Adjusted L-C Amount”), shall be reduced as follows: Reduction Date L-C Amount Lease Year 3 $ 375,114.60 Lease Year 4 $ 300,091.68 Lease Year 5 $ 225,068.76
Reduction of L-C Amount. To the extent that Tenant is not in default under this Lease (beyond the applicable notice and cure period set forth in this Lease), the L-C Amount shall be reduced as follows: Date of Reduction L-C Amount First day of the Option Term $ 50,000.00 Notwithstanding anything to the contrary set forth in this Section 21.3.1.1, in no event shall the L-C Amount as set forth above decrease during any period in which Tenant is in default under this Lease, but such decrease shall take place retroactively after such default is cured, provided that no such decrease shall thereafter take effect in the event this Lease is terminated early due to such default by Tenant.
Reduction of L-C Amount. To the extent that Tenant is not in default under this Lease (beyond the applicable notice and cure period set forth in this Lease) (the “LC Reduction Contingency”), the L-C Amount shall be reduced as follows: Date of Reduction L-C Amount 24th Month Anniversary of Lease Commencement Date $ 1,917,759.40 Notwithstanding anything to the contrary set forth in this Section 20.3.2, in no event shall the L-C Amount as set forth above decrease during any period in which Tenant is in default under this Lease and/or in the event the LC Reduction Contingency is not satisfied, but such decrease shall take place retroactively after such default is cured and/or after the LC Reduction Contingency is satisfied, provided that no such decrease shall thereafter take effect in the event this Lease is terminated early due to such default by Tenant.
Reduction of L-C Amount. Landlord and Tenant hereby acknowledge and agree that Section 21.3.1.1, as previously amended pursuant to Section 10.2 of the Second Amendment and Section 4.2 of the Third Amendment, is hereby deleted and replaced with the following:
Reduction of L-C Amount. To the extent that Tenant is not in default under this Lease, the L-C Amount shall be reduced as follows: Date of Reduction L-C Amount* Fifth (5th) anniversary of the Lease Commencement Date $ 2,649,888.00 Sixth (6th) anniversary of the Lease Commencement Date $ 1,324,944.00 * To the extent the L-C Amount has been increased pursuant to the terms of Section 1.3.4 of this Lease, above, the reduced L-C Amounts set forth in this table, above, shall be proportionally increased (based on the same ratio of the initial L-C Amount to the reduced L-C Amount set forth above) by the amount of the increase to the L-C Amount pursuant to Section 1.3.4. Notwithstanding anything to the contrary set forth in this Section 21.3.2, in no event shall the L-C Amount as set forth above decrease during any period in which Tenant is in default under this Lease, but such decrease shall take place retroactively after such default is cured, provided that no such decrease shall thereafter take effect in the event this Lease is terminated early due to such default by Tenant.
Reduction of L-C Amount. Provided that the "L-C Reduction Conditions" (as defined below) are then satisfied, the L-C Amount may be reduced upon or following each "Reduction Date" (as defined below) occurring thereafter, by the "L-C Reduction Amount"; provided, however, the L-C Amount shall never be less than $941,412.99. The "Reduction Date" shall mean each of the following: the first day of Lease Year 3, the first day of Lease Year 4, and the first day of Lease Year 5. The "L-C Reduction Amount" shall mean $313,804.33. The reduction of the L-C Amount shall be effectuated by Xxxxxx's delivery to Landlord of a certificate of amendment to the existing L-C, conforming in all respects to the requirements of this Article 21, in the amount of the applicable reduced L-C Amount. If Tenant is allowed to reduce the L-C Amount, then Landlord shall reasonably cooperate with Tenant in order to effectuate such reduction. "L-C Reduction Conditions" shall mean that Tenant has not received notice of a monetary default under this Lease which then remains uncured under this Lease and the Net Worth Test is satisfied. If any of the L-C Reduction Conditions are not satisfied as of the applicable Reduction Date, then any decrease may take place retroactively upon satisfaction of the L-C Reduction Condition; provided that no decrease may take place retroactively if this Lease has been terminated as a result of an Event of Default by Tenant.
Reduction of L-C Amount. The L-C Amount shall not be reduced during that period (the “Fixed Period”), commencing on the first Lease Commencement Date and expiring on the last day of the fortieth (40th) full calendar month following the Phase 1 Lease Commencement Date. After the expiration of the Fixed Period, the L-C Amount shall be reduced on or after each Reduction Date (as defined in Section 21.9.1 below) to the extent that Tenant tenders to Landlord (a) evidence reasonably satisfactory to Landlord demonstrating that Tenant satisfies the L-C Reduction Conditions, as that term is defined in Section 21.9.3 below, and (b) a certificate of amendment to the existing L-C, conforming in all material respects to the requirements of this Article 21, in the amount of the applicable L-C Amount as of such Reduction Date.
Reduction of L-C Amount. The L-C Amount shall not be reduced during that period (the “Fixed Period”), commencing on the Lease Commencement Date and expiring on the date of the expiration of the Rent Abatement Period. After the expiration of the Fixed Period, the Letter of Credit Amount shall be reduced on a “Reduction Date” (as defined below) to the extent that Tenant tenders to Landlord (a) evidence reasonably satisfactory to Landlord demonstrating the Tenant satisfies the “L-C Reduction Conditions,” as that term is defined below, and (b) a certificate of amendment to the existing L-C, conforming in all respects to the requirements of this Article 21, in the amount of the applicable L-C Amount as of such Reduction Date.
Reduction of L-C Amount. Subject to the terms of this Section 21.3.2, in the event that (i) Tenant’s sells its corporate shares of capital stock in connection with an initial public offering of Tenant’s stock on a nationally recognized stock exchange (the “Triggering Transaction”), which raises at least $50,000,000 (the “Public Offering Amount”), (ii) Tenant provides evidence of the Public Offering Amount to Landlord ,and (iii) Tenant is not in default under this Lease (beyond the applicable notice and cure period set forth in this Lease), the L-C Amount shall be reduced on a straight-line basis over the remaining balance of the Lease Term. The first reduction of the L-C Amount shall occur on or after the date that is the next anniversary of the Lease Commencement Date of the Original Premises occurring after the completion of the Triggering Transaction. The L-C Amount shall thereafter reduce effective as of each subsequent anniversary of the Lease Commencement Date of the Original Premises. The dates upon which the L-C Amount shall be subject to reduction pursuant to the terms hereof shall be referred to herein as the “Reduction Date”. Notwithstanding anything to the contrary set forth in this Section 21.3.2, in no event shall the L-C Amount as set forth above decrease during any period in which Tenant is in default under this Lease, but such decrease shall take place retroactively after such default is cured, provided that no such decrease shall thereafter take effect in the event this Lease is terminated early due to such default by Tenant. Such reduction of the L-C Amount, if applicable, shall be accomplished by Tenant causing the Bank to issue an amendment to the L C following the applicable Reduction Date (which amendment shall be in form and content reasonably acceptable to Landlord).
