Conditional Reduction of L-C Amount Sample Clauses

Conditional Reduction of L-C Amount. To the extent that on each of the “Dates of Reduction” identified below, Tenant is not then in default of this Lease (beyond the applicable notice and cure period set forth in this Lease), Tenant shall have the right to reduce the L-C Amount as follows: Date of Reduction Amount of Reduction L-C Amount First day of the forty-third (43rd) full calendar month of the Lease Year $ 500,000.00 $ 2,000,000.00 First day of the fifty-fifth (55th) full calendar month of the Lease Year $ 500,000.00 $ 1,500,000.00 First day of the sixty-seventh (67th) full calendar month of the Lease Year $ 500,000.00 $ 1,000,000.00 First day of the seventy-ninth (79th) full calendar month of the Lease Year $ 500,000.00 $ 500,000.00 In the event of any increase in the L-C Amount pursuant to the terms of Section 30.3.3, below, then the L-C Amount shall be increased accordingly, and the amount of the L-C Amount reductions above shall be appropriately and proportionally recalculated. 30.3.2.1 Alternatively, in the event that at any time during the Lease Term (and provided that Tenant is not then in default of this Lease beyond the applicable notice and cure period set forth in this Lease), Tenant satisfies the “Reduction Conditions identified below, Tenant shall have the right to immediately reduce the then-existing L-C Amount of $500,000.00. In no event, however, shall the L-C Amount as set forth above decrease during any period in which Tenant is in default under this Lease (beyond the applicable notice and cure period), and in no event (whether or not Tenant satisfies such Reduction Conditions) shall the L-C Amount be reduced to an amount less than $500,000.00. 30.3.2.2 In the event that Tenant desires to reduce the L-C Amount as set forth in Section 30.3.2.1 above, then no later than thirty (30) days’ prior to the schedule date of reduction, Tenant shall deliver to Landlord a copy of Tenant’s then most current “Audited Financial Statement” (as that term is defined hereinbelow) evidencing compliance with the Reduction Conditions. For purposes of this Lease, the “Reduction Conditions” shall mean (i) Tenant has completed an Initial Public Offering on a major market exchange (e.g., Nasdaq or the New York Stock Exchange), (ii) Tenant has a current ratio (i.e., current assets divided by current liabilities) greater than two (2),
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Conditional Reduction of L-C Amount. If, at any time during the Lease Term, Tenant, based on its most recent audited financial statements, has (i) adjusted EBITDA (as defined in the company’s S-1 filings with the SEC) of Four Million Dollars ($4,000,000.00), for each of four (4) consecutive fiscal quarters, or (ii) achieved an average Market Capitalization (i.e., the closing price of Tenant’s publicly traded common stock multiplied by the number of outstanding shares of such common stock) of Two Billion Five Hundred Million Dollars ($2,500,000,000.00) over a ten (10) consecutive trading day period, and provided that Tenant is not then in default under the terms of this Lease, then the L-C Amount shall be reduced to Zero Dollars ($0.00) for the remainder of the initial Lease Term and any Option Term.
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Conditional Reduction of L-C Amount. The L-C Amount shall be ----------------------------------- reduced as follows: (A) to fifty percent (50%) of the Initial L-C Amount if Tenant maintains the Minimum Financial Requirements, for four (4) consecutive financial quarters, or (B) to $0.00 if Tenant maintains the Minimum Financial Requirements for eight (8) consecutive financial quarters, or (C) to $0.00 in the event Tenant achieves either (i) an investment grade rating of no less than "BBB" (Standard & Poor's) or "Baa3" (Xxxxx'x), or (ii) a Market Capitalization of $1,000,000,000 or greater and Working Capital of no less than $100,000,000.
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Conditional Reduction of L-C Amount. Landlord and Tenant hereby acknowledge and agree that the L-C Amount is subject to a conditional reduction throughout the Lease Term depending upon a determination of Tenant's financial condition at the end of each financial quarter as more particularly set forth in this Section 21.2.3. Tenant shall be entitled to a reduction of the L-C Amount, as set forth below, only to the extent (A) Tenant has a "Net Worth," as determined by generally accepted accounting principles, in excess of One Hundred Twenty-Five Million and No/100 Dollars ($125,000,000.00), and (B) Tenant has positive "Net Income," as determined by generally accepted accounting principles (such thresholds to be, collectively, the "Required Thresholds"). In the event Tenant maintains such Required Thresholds for two (2) consecutive financial quarters, Tenant shall be entitled to a fifty percent (50%) reduction of the L-C Amount. In the event Tenant maintains such Required Thresholds for four (4) consecutive financial quarters, Tenant shall be entitled to a one hundred percent (100%) reduction of the L-C Amount. Following the completion of each financial quarter throughout the Lease Term, in the event that (i) Tenant has failed to satisfy the Required Thresholds, or (ii) Tenant is in economic default under the Lease (beyond any applicable notice and cure periods), then Tenant shall, upon its receipt of written notice from Landlord (the "Reestablishment Notice"), cause the L-C to be reestablished with an L-C Amount equal to what such L-C Amount would have been (subject to the reduction schedule set forth in Section 21.2.2, above), had there been no conditional reduction pursuant to the terms of this Section 21.2.3.
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Conditional Reduction of L-C Amount. In the event Tenant maintains the "Minimum Financial Requirements," as that term is defined below, for four (4) consecutive financial quarters, the L-C Amount shall be reduced by an amount equal to the product of (i) Thirty-One Thousand Five Hundred and No/100 Dollars ($31,500.00); and (ii) the number of Lease Years which have elapsed during the Lease Term. For the purposes of this Lease, the "Minimum Financial Requirements" means (A) Tenant maintains a net worth, as defined by applicable law, of no less than Ten Million Dollars ($10,000,000.00), and (B) Tenant provides to Landlord financial statements and an opinion of a reputable certified public accounting firm, reasonably satisfactory to Landlord, evidencing that Tenant maintains a positive "EBITDA".
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Related to Conditional Reduction of L-C Amount

  • Optional Reduction and Termination of Commitments (a) Unless previously terminated, all Revolving Commitments, Swingline Commitments and LC Commitments shall terminate on the Revolving Commitment Termination Date. (b) Upon at least three (3) Business Days’ prior written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent (which notice shall be irrevocable unless the Borrower provides in such notice (in connection with a termination in whole) that it is conditional on the occurrence of another financing or transaction, in which case such notice may be revoked if such financing or transaction does not occur on a timely basis; provided that the Borrower shall pay all amounts required to be paid pursuant to Section 2.19 as a result of such revocation), the Borrower may reduce the Aggregate Revolving Commitments in part or terminate the Aggregate Revolving Commitments in whole; provided that (i) any partial reduction shall apply to reduce proportionately and permanently the Revolving Commitment of each Lender, (ii) any partial reduction pursuant to this Section shall be in an amount of at least $5,000,000 and any larger multiple of $1,000,000, and (iii) no such reduction shall be permitted which would reduce the Aggregate Revolving Commitment Amount to an amount less than the aggregate outstanding Revolving Credit Exposure of all Lenders. Any such reduction in the Aggregate Revolving Commitment Amount below the principal amount of the Swingline Commitment and the LC Commitment shall result in a dollar-for-dollar reduction in the Swingline Commitment and the LC Commitment, as applicable. (c) With the written approval of the Administrative Agent, the Borrower may terminate (on a non-ratable basis) the unused amount of the Revolving Commitment of a Defaulting Lender, and in such event the provisions of Section 2.26 will apply to all amounts thereafter paid by the Borrower for the account of any such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that such termination will not be deemed to be a waiver or release of any claim that the Borrower, the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender may have against such Defaulting Lender.

  • Reduction of Compensation If the Firm fails to meet the submission date by less than thirty days for the draft report and/or working papers submitted to the Office of the State Auditor for review and approval or by less than thirty days from the completion date for the final reports and/or corrections to the working papers prescribed herein, the District may, with the consent of the Office of the State Auditor, reduce the agreed compensation by an amount not to exceed ten percent of the total contract price for the applicable fiscal year. If reports and/or corrections to the working papers are overdue by 30 days or more, the District may reduce, with the consent of the Office of the State Auditor, the agreed compensation by an amount not to exceed twenty percent of the total contract price for the Rev. 10/20 applicable fiscal year.

  • Optional Termination and Reduction of Aggregate Credit Amounts (i) The Borrower may at any time terminate, or from time to time reduce, the Aggregate Maximum Credit Amounts; provided that (A) each reduction of the Aggregate Maximum Credit Amounts shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (B) the Borrower shall not terminate or reduce the Aggregate Maximum Credit Amounts if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 3.04(c), the total Revolving Credit Exposures would exceed the total Commitments. (ii) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Aggregate Maximum Credit Amounts under Section 2.06(b)(i) at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.06(b)(ii) shall be irrevocable. Any termination or reduction of the Aggregate Maximum Credit Amounts shall be permanent and may not be reinstated. Each reduction of the Aggregate Maximum Credit Amounts shall be made ratably among the Lenders in accordance with each Lender’s Applicable Percentage.

  • Optional Reductions The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Revolving Commitments, or from time to time permanently reduce the Aggregate Revolving Commitments to an amount not less than the Outstanding Revolving Amount of Revolving Loans, Swing Line Loans and L/C Obligations; provided that (i) any such notice shall be received by the Administrative Agent not later than 1:00 p.m., five (5) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $2,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall not terminate or reduce (A) the Aggregate Revolving Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Aggregate Revolving Commitments, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Revolving Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, or (C) the Swing Line Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Revolving Amount of Swing Line Loans would exceed the Swing Line Sublimit.

  • Optional Termination or Reduction of the Commitments The Borrower shall have the right, upon at least three Business Days' notice to the Agent, to terminate in whole or reduce in part the unused Commitments of the Lenders, provided that each partial reduction shall be in the amount of $1,000,000 or an integral multiple of $1,000,000 in excess thereof.

  • Optional Termination or Reduction of Commitments During the Revolving Credit Period, the Company may, upon at least three Domestic Business Days’ notice to the Administrative Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or (ii) ratably reduce from time to time by an aggregate amount of $25,000,000 or any larger multiple thereof, the aggregate amount of the Commitments in excess of the aggregate outstanding principal amount of the Loans.

  • Voluntary Termination or Reduction of Commitments (a) Each Borrower may, upon not less than three Business Days' prior notice from the Borrowers' Designee to the Agent, terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum Dollar Equivalent Amount of at least $5,000,000; unless, after giving effect thereto and to any ------ prepayments of any Loans made on the effective date thereof, (a) the Effective Amount of all Revolving Loans, Swingline Loans and L/C Obligations together would exceed the Aggregate Commitment then in effect, or (b) the Effective Amount of all L/C Obligations then outstanding would exceed the L/C Commitment. Once reduced in accordance with this Section 2.9, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. If and to the extent specified by the Borrowers' Designee in the notice to the Agent, some or all of the reduction in the Aggregate Commitment shall be applied to reduce the L/C Commitment and the Swingline Commitment. All accrued facility and letter of credit fees to, but not including, the effective date of any termination of the Commitments shall be paid on the effective date of such termination. The Agent shall promptly forward a copy of any such notice received under this subsection 2.9 (a) to each of the Banks. (b) At no time shall the Swingline Commitment exceed the Aggregate Commitment, and any reduction of the Commitments (under this Section 2.9 or under Section 2.12) which reduces the Aggregate Commitment below the then- current amount of the Swingline Commitment shall result in an automatic corresponding reduction of the Swingline Commitment to the amount of the Aggregate Commitment, as so reduced, without any action on the part of the

  • Reallocation of Applicable Percentages to Reduce Fronting Exposure During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit or Swing Line Loans pursuant to Sections 2.03 and 2.04, the “Applicable Percentage” of each non-Defaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender; provided, that, (i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Default or Event of Default exists; and (ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall not exceed the positive difference, if any, of (1) the Commitment of that non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Committed Loans of that Lender.

  • Termination or Reduction of Commitment (a) Notwithstanding any provisions of this Agreement to the contrary, the City agrees not to terminate this Agreement or reduce the Commitment prior to the Stated Expiration Date, except upon (i) the payment of any amounts required to be paid pursuant to the terms of this Agreement and the Fee Letter in the amounts, at the times and in the manner set forth therein (if any), (ii) the payment to the Bank of all Obligations payable hereunder and (iii) the City providing the Bank with thirty (30) days prior written notice of its intent to terminate this Agreement; provided that all payments to the Bank referred to in clause (i) and (ii) above shall be made in immediately available funds. The City agrees that any termination of this Agreement as a result of the provision of any substitute facility pursuant to the terms of the Ordinance will require, as a condition thereto, that the City or the issuer of such facility will provide funds on the date of such termination or provision in an amount sufficient to pay in full at the time of termination all Obligations due and owing to the Bank. (b) The Commitment shall terminate on the Commitment Termination Date. All Advances then outstanding (together with accrued interest thereon) shall be due and payable on the Commitment Termination Date, unless such Advances have been or would be converted into Bank Loans pursuant to the terms and provisions of this Agreement. (c) If the Commitment is terminated in its entirety, all accrued Facility Fees shall be payable on the effective date of such termination. If the amount of the Commitment is reduced, the Facility Fee that has accrued on the amount by which the Commitment has been reduced shall be payable on the effective date of such reduction together with any amounts required to be paid pursuant to the terms of the Fee Letter, at the times and in the manner set forth therein.

  • Termination Reduction or Increase of the Commitments (a) The Company shall have the right, upon at least three Business Days' notice to the Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders, provided that each partial reduction shall be in the aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof and provided further that (x) the aggregate amount of the Commitments of the Lenders shall not be reduced to an amount that is less than the aggregate principal amount of the Competitive Bid Advances then outstanding, and (y) once terminated, a portion of a Commitment shall not be reinstated except pursuant to Section 2.05(c). (b) If any Lender shall make a demand under Section 2.11 or 2.14 or if the obligation of any Lender to make Eurodollar Rate Advances shall have been suspended pursuant to Section 2.12, the Company shall have the right, upon at least ten Business Days' notice, to terminate in full the Commitment of such Lender or to demand that such Lender assign to one or more Persons all of its rights and obligations under this Agreement in accordance with Section 8.

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