Reduction in L-C Amount. Notwithstanding the foregoing, the L-C Amount required hereunder shall reduce to the following amounts on the following dates (each such date, a “Reduction Date”): (i) on the expiration of the thirty-sixth (36th) full calendar month of the Lease Term, the L-C Amount shall reduce to $3,040,705.00; (ii) on the expiration of the forty-eighth (48’h) full calendar month of the Lease Term, the L-C Amount shall reduce to $2,280,529.00; (iii) on the expiration of the sixtieth (60th) full calendar month of the Lease Term, the L-C Amount shall reduce to $1,520,353.00; and (iv) on the expiration of the seventy-second (72thi) full calendar month of the Lease Term, the L-C Amount shall reduce to $1,229,271.00; provided, however, that if on or prior to any Reduction Date, a Default by Tenant shall have occurred and remain uncured, the L-C Amount shall not reduce on such date and shall not thereafter reduce until the next Reduction Date if such Default has been cured; provided further that in no event shall the L-C Amount reduce below $1,229,271.00. If Tenant is entitled to any such reduction, then Landlord shall cooperate in a commercially reasonable manner with Tenant upon Tenant’s request to replace or amend the then existing L-C to reflect the reduced L-C Amount. In no event shall any such reduction of the L-C Amount be construed as an admission by Landlord that Tenant has performed all of its covenants and obligations hereunder.
Reduction in L-C Amount. Provided that Tenant is not in monetary or material non-monetary default of this Lease after the expiration of any applicable notice and cure period as of the applicable “Reduction Date,” as set forth, below, the L-C Amount shall be reduced to an amount equal to the applicable “Reduced L-C Amount,” as of the applicable Reduction Date. Any such reduction of the L-C Amount pursuant to the terms hereof shall be accomplished by Tenant, at Tenant’s sole cost and expense, by an amendment to the Letter of Credit in form and content satisfactory to Landlord, in Landlord’s reasonable discretion. Except as specifically set forth herein, the L-C Amount shall not be subject to reduction. Reduction Date Reduced L-C Amount First day of 40th full calendar month of Lease Term $ 125,000.00 First day of 51st full calendar month of Lease Term $ 75,000.00 ARTICLE 22
Reduction in L-C Amount. To the extent that on each of the “Dates of Reduction” identified below, (i) Tenant is not in default under this Lease, and (ii) Tenant satisfies the “Burn Down Requirements” identified below, the L-C Amount shall be reduced as follows:
Reduction in L-C Amount. Notwithstanding anything to the contrary in this Lease, provided that (a) Tenant maintains a market capitalization in excess of One Billion Dollars ($1,000,000,000.00) (the "Market Cap Test") at all times during the fifth (5th) Lease Year, and (b) Tenant is not in default under this Lease at the expiration of the fifth (5th) Lease Year, the L-C Amount shall be reduced by fifty percent (50%) upon the first day of the sixth (6th) Lease Year. If Tenant does not meet the Market Cap Test in the fifth (5th) Lease Year, then on the first time after the 5th Lease Year that Tenant meets the Market Cap Test for a continuous twelve (12) month period, and is not in default under this Lease, then the L-C Amount shall be reduced by fifty percent (50%).
Reduction in L-C Amount. Notwithstanding anything to the contrary in this Lease, provided that (a) Tenant maintains a market capitalization in excess of Five Hundred Million Dollars ($500,000,000.00) at all times during the fifth (5th) Lease Year, and (b) Tenant is not in default under this Lease (beyond the applicable notice and cure periods) at the expiration of the fifth (5th) Lease Year, the L-C Amount shall be reduced by fifty percent (50%) upon the first day of the sixth (6th) Lease Year. -36- HCP, INC. [The Cove at Oyster Point] [Global Blood Therapeutics, Inc.]
