Common use of Amount of Letter of Credit Clause in Contracts

Amount of Letter of Credit. (a) Concurrently with Xxxxxx’s execution and delivery of this Lease, Tenant shall deliver to Landlord an irrevocable standby letter of credit (the “Original Letter of Credit”) which shall be (i) in the form of Exhibit H attached to this Lease (the “Form LC”) or another form acceptable to Landlord, (ii) issued by Silicon Valley Bank or another commercial bank that is reasonably satisfactory to Landlord upon which presentment may be made in Boston, Massachusetts, (iii) in the amount equal to the Letter of Credit Amount, and (iv) for a term of at least 1 year, subject to the provisions of Section 4.4.2 below. The Original Letter of Credit, any Additional Letters(s) of Credit (as defined below) and Substitute Letter(s) of Credit (as defined below) are referred to herein as the “Letter of Credit.” ​ (b) Notwithstanding anything to the contrary contained in Section 4.4, provided that Tenant is not in default and has not previously been in default of its obligations under this Lease beyond any applicable grace period prior to such time, then following the first Fiscal Year (as defined below) that Tenant has net income (the “First Reduction Benchmark”), the Letter of Credit Amount may be reduced to $306,126.00. Further, provided that Tenant is not in default and has not previously been in default of its obligations under this Lease beyond any applicable grace period prior to such time, then following the second (2nd) consecutive Fiscal Year that Tenant has net income (the “Second Reduction Benchmark”), the Letter of Credit may be reduced to $153,063.00. For the avoidance of doubt, to achieve the Second Reduction Benchmark, Tenant must have net income in two (2) consecutive Fiscal Years. To the extent Tenant wishes to enact any reduction to the Letter of Credit Amount pursuant to the terms hereof, Tenant shall, on or following each such benchmark date (i.e. the First Reduction Benchmark or the Second Reduction Benchmark, as the case may be), deliver to Landlord (i) a notice requesting the applicable reduction and (ii) an audited financial statement, prepared by Xxxxxx’s accountant using generally accepted accounting principles, evidencing to Landlord’s reasonable satisfaction such net income during the applicable Fiscal Year. Provided the conditions precedent have been satisfied, then within thirty (30) days after Xxxxxx receives written confirmation from Landlord that the conditions for reduction of the Letter of Credit have been satisfied as of the applicable benchmark date (i.e. the First Reduction Benchmark or the Second Reduction Benchmark, as the case may be), Tenant shall provide Landlord with an amendment to the Letter of Credit or a new Letter of Credit meeting all of the requirements of Section 4.4 to accomplish such authorized reduction of the Letter of Credit. Landlord shall cooperate with Tenant, at no cost to Landlord, to effectuate such reduction. In no event shall the Letter of Credit have automatic reduction provisions. In no event will the Letter of Credit Amount at any time be reduced below $153,063.00. As used herein, the term “Fiscal Year” shall mean the period of time between January 1 and December 31 of any given calendar year following the Rent Commencement Date. ​

Amount of Letter of Credit. (aA) Concurrently with XxxxxxTenant’s execution and delivery of this Lease, Tenant shall deliver to Landlord an irrevocable standby letter of credit (the “Original Letter of Credit”) which shall be (i) materially and substantially in the form of Exhibit H attached to this Lease (the “Form LC”) or another form acceptable to Landlord), (ii) issued by Silicon Valley Bank or another a commercial bank that is reasonably satisfactory to Landlord upon which presentment may be made in Boston, Massachusetts, (iii) in the amount equal to the Letter of Credit Amount, and (iv) for a term of at least 1 year, subject to the provisions of Section 4.4.2 below. The Original Letter of Credit, any Additional Letters(s) of Credit (as defined below) and Substitute Letter(s) of Credit (as defined below) are referred to herein as the “Letter of Credit.” ​ (bB) Notwithstanding anything Tenant shall be entitled to the contrary contained in Section 4.4, provided that Tenant is not in default and has not previously been in default of its obligations under this Lease beyond any applicable grace period prior to such time, then following the first Fiscal Year (as defined below) that Tenant has net income (the “First Reduction Benchmark”), reduce the Letter of Credit Amount may be by $100,000.00 at the beginning of the 5th Lease Year, and thereafter further reduced by $100,000.00 at the beginning of any subsequent Lease Year for which Tenant seeks a reduction, if each of the following conditions is satisfied at the time of any reduction hereunder: (i) Tenant is a publicly-traded company; (ii) Tenant has a net worth not less than Tenant’s net worth as of the Date of this Lease; (iii) Tenant has sufficient cash to $306,126.00. Furthercover two years of operations (based on an average of the preceding two operating years of Tenant); (iv) Tenant provides Landlord with a current audited financial statement evidencing satisfaction of clauses (ii) and (iii) above, provided that however, or if Tenant is then a public company, Landlord will utilize such public financial information readily available to Landlord and (v) Tenant is not in monetary default and has not previously been in default of its obligations under this Lease beyond at the time of any applicable grace period prior to such timereduction. If each condition is satisfied, then following the second (2nd) consecutive Fiscal Year that Tenant has net income (the “Second Reduction Benchmark”), the Letter of Credit may be reduced to $153,063.00. For the avoidance of doubt, to achieve the Second Reduction Benchmark, Tenant must have net income in two (2) consecutive Fiscal Years. To the extent Tenant wishes to enact any reduction to the Letter of Credit Amount pursuant to shall be reduced by $100,000.00 at the terms hereof, Tenant shall, on or following each such benchmark date (i.e. the First Reduction Benchmark or the Second Reduction Benchmark, as the case may be), deliver to Landlord (i) a notice requesting the applicable reduction and (ii) an audited financial statement, prepared by Xxxxxx’s accountant using generally accepted accounting principles, evidencing to Landlord’s reasonable satisfaction such net income during the applicable Fiscal Year. Provided the conditions precedent have been satisfied, then within thirty (30) days after Xxxxxx receives written confirmation from Landlord that the conditions for reduction of the Letter of Credit have been satisfied as beginning of the applicable benchmark date (i.e. the First Reduction Benchmark or the Second Reduction BenchmarkLease Year in which Tenant seeks reduction, as the case may be), Tenant shall provide Landlord with an amendment to the Letter of Credit or a new Letter of Credit meeting all of the requirements of Section 4.4 to accomplish such authorized reduction of the Letter of Credit. Landlord shall cooperate with Tenant, at no cost to Landlord, to effectuate such reduction. In no event shall the Letter of Credit have automatic reduction provisions. In no event will until the Letter of Credit Amount is reduced to $500,000.00, after which time there shall be no further reduction in the Letter of Credit Amount. Tenant shall be responsible, at its sole expense, for taking all steps necessary to effect any time be reduced below $153,063.00. As used herein, the term “Fiscal Year” shall mean the period of time between January 1 and December 31 of any given calendar year following the Rent Commencement Date. ​reduction under this subparagraph (B).

Amount of Letter of Credit. (a) Concurrently with XxxxxxTxxxxx’s execution and delivery of this Lease, Tenant shall deliver to Landlord an irrevocable standby letter of credit (the “Original Letter of Credit”) which shall be (i) in the form of Exhibit H attached to this Lease (the “Form LC”) or another form acceptable to Landlord), (ii) issued by Silicon Valley Bank or another a commercial bank that is reasonably satisfactory to Landlord upon which presentment may be made in Boston, Massachusetts, (iii) in the amount equal to the Letter of Credit Amount, and (iv) for a term of at least 1 year, subject to the provisions of Section 4.4.2 below. The Original Letter of Credit, any Additional Letters(s) of Credit (as defined below) and Substitute Letter(s) of Credit (as defined below) are referred to herein as the “Letter of Credit.” ​” (b) Notwithstanding anything to the contrary contained in Section 4.41.1 with respect to the Letter of Credit Amount, provided and on the express conditions that (i) Tenant is not in default and has not previously been in monetary or material non- monetary default of its obligations under this Lease beyond any applicable grace notice and cure period prior to such time, then following the first Fiscal expiration of the third (3rd) Lease Year (as defined below) that Tenant has net income (the “First Review Date”) and (ii) Tenant had net income of at least Five Million and 00/100 Dollars ($5,000,000.00) for the preceding twelve (12) month period preceding the Review Date (collectively the “Reduction BenchmarkConditions”), then the Letter of Credit Amount may be reduced to $306,126.00. Further, provided that Tenant is not in default and has not previously been in default of its obligations under this Lease beyond any applicable grace period prior to such time, then following the second (2nd) consecutive Fiscal Year that Tenant has net income (the “Second Reduction Benchmark”), the Letter of Credit may be reduced to $153,063.00. For the avoidance of doubt, to achieve the Second Reduction Benchmark, Tenant must have net income in two (2) consecutive Fiscal Years250,000.00. To the extent Tenant wishes to enact any such reduction to the Letter of Credit Amount pursuant to the terms hereof, Tenant shall, on or following each such benchmark date (i.e. the First Reduction Benchmark or the Second Reduction BenchmarkReview Date, as the case may be), deliver send notice to Landlord (i) a notice requesting the applicable reduction and providing financial statements (iiincluding an income statement and balance sheet) an audited financial statement, prepared by Xxxxxx’s accountant using generally accepted accounting principles, evidencing to Landlord’s reasonable satisfaction such net income during for the applicable Fiscal Yearperiod certified by an officer of Tenant and prepared in accordance with generally acceptable accounting standards. Provided the conditions precedent have been satisfied, then within Within thirty (30) days after Xxxxxx Txxxxx receives written confirmation from Landlord that the conditions for reduction of the Letter of Credit have been satisfied as of the applicable benchmark date (i.e. the First Reduction Benchmark or the Second Reduction Benchmark, as the case may be)satisfied, Tenant shall provide Landlord with an amendment to the Letter of Credit or a new Letter of Credit meeting all of the requirements of this Section 4.4 to accomplish such authorized reduction of the Letter of Credit. Landlord shall cooperate will have no obligation to surrender the Letter of Credit unless and until receipt of the new Letter of Credit or amended Letter of Credit in compliance with Tenant, at no cost to Landlord, to effectuate such reductionrequirements. In no event shall the Letter of Credit have automatic reduction provisions. In no event will the Letter of Credit Amount at any time be reduced below $153,063.00. As used herein, the term “Fiscal Year” shall mean the period of time between January 1 and December 31 of any given calendar year following the Rent Commencement Date. ​reduction

Amount of Letter of Credit. (a) Concurrently with XxxxxxTenant’s execution and delivery of this Lease, Tenant shall deliver to Landlord an irrevocable standby letter of credit (the “Original Letter of Credit”) which shall be (i) in the form of Exhibit H attached to this Lease (the “Form LC”) or another form acceptable to Landlord, (ii) issued by Silicon Valley Bank or another commercial bank that is reasonably satisfactory to Landlord upon which presentment may be made in Boston, Massachusetts, (iii) in the amount equal to the Letter of Credit Amount, and (iv) for a term of at least 1 year, subject to the provisions of Section 4.4.2 below. The Original Letter of Credit, any Additional Letters(s) of Credit (as defined below) and Substitute Letter(s) of Credit (as defined below) are referred to herein as the “Letter of Credit.” ​” (b) Notwithstanding anything to the contrary contained in Section 4.4, provided that Tenant is not in default and has not previously been in default of its obligations under this Lease beyond any applicable grace period prior to such time, then following the first Fiscal Year (as defined below) that Tenant has net income (the “First Reduction Benchmark”), the Letter of Credit Amount may be reduced to $306,126.00. Further, provided that Tenant is not in default and has not previously been in default of its obligations under this Lease beyond any applicable grace period prior to such time, then following the second (2nd) consecutive Fiscal Year that Tenant has net income (the “Second Reduction Benchmark”), the Letter of Credit may be reduced to $153,063.00. For the avoidance of doubt, to achieve the Second Reduction Benchmark, Tenant must have net income in two (2) consecutive Fiscal Years. To the extent Tenant wishes to enact any reduction to the Letter of Credit Amount pursuant to the terms hereof, Tenant shall, on or following each such benchmark date (i.e. the First Reduction Benchmark or the Second Reduction Benchmark, as the case may be), deliver to Landlord (i) a notice requesting the applicable reduction and (ii) an audited financial statement, prepared by XxxxxxTenant’s accountant using generally accepted accounting principles, evidencing to Landlord’s reasonable satisfaction such net income during the applicable Fiscal Year. Provided the conditions precedent have been satisfied, then within thirty (30) days after Xxxxxx Tenant receives written confirmation from Landlord that the conditions for reduction of the Letter of Credit have been satisfied as of the applicable benchmark date (i.e. the First Reduction Benchmark or the Second Reduction Benchmark, as the case may be), Tenant shall provide Landlord with an amendment to the Letter of Credit or a new Letter of Credit meeting all of the requirements of Section 4.4 to accomplish such authorized reduction of the Letter of Credit. Landlord shall cooperate with Tenant, at no cost to Landlord, to effectuate such reduction. In no event shall the Letter of Credit have automatic reduction provisions. In no event will the Letter of Credit Amount at any time be reduced below $153,063.00. As used herein, the term “Fiscal Year” shall mean the period of time between January 1 and December 31 of any given calendar year following the Rent Commencement Date. ​.