Common use of Letter of Credit Reductions Clause in Contracts

Letter of Credit Reductions. The L-C Amount shall be reduced on an annual basis pursuant to the following: On the First (1st) day of the first (1st) calendar month following the month in which the Fixed Period expires and the L-C Reduction Conditions are satisfied (the “Burn Down Date”), and on each anniversary of the Burn Down Date (each, a “Reduction Date”), provided Tenant satisfies the L-C Reduction Conditions, the L-C Amount shall be reduced by the “L-C Burn Down Amount,” as that term is defined below.

Letter of Credit Reductions. The L-C Amount shall be reduced on an annual basis pursuant to the following: On the First first (1st) day of the first (1st) calendar month following the month in which the Fixed Period expires and the L-C Reduction Conditions are satisfied (the “"Burn Down Date”"), and on each anniversary of the Burn Down Date (each, a “"Reduction Date”"), provided Tenant satisfies the L-C Reduction Conditions, the L-C Amount shall be reduced by the “"L-C Burn Down Amount,” " as that term is defined below.

Letter of Credit Reductions. The L-C Amount shall be reduced on an annual basis pursuant to the following: On the First (1st) day of the first (1st) calendar month following the month in which the Fixed Period expires and the L-C Reduction Conditions are satisfied (the “Burn Down Date”), and on each anniversary of the Burn Down Date (each, a “Reduction Date”), provided Tenant satisfies the L-C Reduction Conditions, the L-C Amount shall be reduced by the “L-C Burn Down Amount,” , as that term is defined in Section 21.7.2 below.