Common use of Reduction of L-C Amount Clause in Contracts

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: Lease Year 3 $ 375,114.60 Lease Year 4 $ 300,091.68 Lease Year 5 $ 225,068.76

Reduction of L-C Amount. The Provided that Tenant is not in Default of this Lease as of the then applicable “Reduction Date,” as set forth below, the L-C Amount shall be reduced as of such Reduction Date by an amount equal to the “LC Reduction Amount”, as that term is defined, below. Such reduction of the L-C Amount, if applicable, shall be effectuated by means of an amendment to the L-C (in form and content satisfactory to Landlord, in Landlord’s reasonable discretion) implemented following the applicable Reduction Date, If Tenant is in Default of this Lease as of a Reduction Date, the L-C Amount shall not be reduced during the period commencing on the Lease Commencement Date unless and expiring on the last day until Tenant is no longer in Default 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 at which time the L-C Amount 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 reduced to the immediately preceding sentence), provided that on or prior to amount it would have been reduced had Tenant not be in Default as of the applicable Reduction Date, Tenant tenders subject to Landlord and in accordance with the terms of this Section 21.7. For purposes of this Lease, (ai) evidence reasonably satisfactory to Landlord demonstrating a “Reduction Date” shall mean each of the Tenant satisfies third (3rd), fourth (4th) and fifth (5th) anniversaries of the “L-C Reduction Conditions,” as that term is defined belowLease Commencement Date, and (bii) a certificate the “LC Reduction Amount” shall mean $750,000.00 in connection with the reduction 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 on the first (as that amount may have been adjusted due to an expansion or 1st) Reduction Date and $250,000.00 in connection with the reduction of the Premises in accordance with Article 1 of this Lease, the “Adjusted L-C Amount”)Amount of the second (2nd) and third (3rd) Reduction Dates. Notwithstanding anything contained herein to the contrary, in no event shall the L-C Amount be reduced as follows: Lease Year 3 $ 375,114.60 Lease Year 4 $ 300,091.68 Lease Year 5 $ 225,068.76less than $250,000.00.