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

Reduction of L-C Amount. Provided that the "L-C Reduction Conditions" (as defined below) are then satisfied, the L-C Amount may be reduced upon or following each "Reduction Date" (as defined below) occurring thereafter, by the "L-C Reduction Amount"; provided, however, the L-C Amount shall never be less than $941,412.99. The "Reduction Date" shall mean each of the following: the first day of Lease Year 3, the first day of Lease Year 4, and the first day of Lease Year 5. The "L-C Reduction Amount" shall mean $313,804.33. The reduction of the L-C Amount shall be effectuated by Xxxxxx's delivery to Landlord of a certificate of amendment to the existing L-C, conforming in all respects to the requirements of this Article 21, in the amount of the applicable reduced L-C Amount. If Tenant is allowed to reduce the L-C Amount, then Landlord shall reasonably cooperate with Tenant in order to effectuate such reduction. "L-C Reduction Conditions" shall mean that Tenant has not received notice of a monetary default under this Lease which then remains uncured under this Lease and the Net Worth Test is satisfied. If any of the L-C Reduction Conditions are not satisfied as of the applicable Reduction Date, then any decrease may take place retroactively upon satisfaction of the L-C Reduction Condition; provided that no decrease may take place retroactively if this Lease has been terminated as a result of an Event of Default by Tenant.

Reduction of L-C Amount. Provided that Subject to the "terms of this Section 21.9, and Tenant's satisfaction of the L-C Reduction Conditions" (as defined below) are then satisfiedCondition, the L-C Amount may which is to be reduced upon or following each "Reduction Date" (as defined below) occurring thereafter, confirmed by the "L-C Reduction Amount"; provided, howeverLandlord, the L-C Amount shall never be less than $941,412.99. The reduced on the last day of the ninetieth (90th) full calendar month of the Lease Term (the "Reduction Date" shall mean each of the following: the first day of Lease Year 3"), the first day of Lease Year 4, and the first day of Lease Year 5. The "L-C Reduction Amount" shall mean $313,804.33. The reduction of the L-C Amount shall be effectuated by XxxxxxTenant's delivery to Landlord of a certificate of an amendment to the existing L-C, conforming in all respects to the requirements of this Article 21, but in the amount of fifty percent (50%) of the applicable reduced original L-C Amount. If Tenant is not satisfying the L-C Reduction Condition as of the Reduction Date, then Tenant may reduce the L-C Amount as of such later date that Tenant is then satisfying the L-C Reduction Condition. If Tenant is allowed to reduce the L-C AmountAmount pursuant to the terms and conditions of this Section 21.9, then Landlord shall reasonably cooperate with Tenant in order to effectuate such reduction. For purposes of this Section 21.9, the "L-C Reduction ConditionsCondition" shall mean that Tenant has not received notice been "cash flow positive," on a trailing twelve (12) month "Adjusted EBITDA" (i.e., after excluding from Net Income or Loss (i) other income (expense), net, (ii) stock-based compensation expense, (iii) depreciation and amortization, and (iv) income tax expense where applicable) basis during the twelve (12) month period ending on the last day of a monetary default under this Lease which then remains uncured under this Lease and Tenant's most recently completed fiscal quarter ending prior to the Net Worth Test is satisfied. If any of the L-C Reduction Conditions are not satisfied as of the applicable Reduction Date, then any decrease may take place retroactively upon satisfaction of the L-C Reduction Condition; provided that no decrease may take place retroactively if this Lease has been terminated as a result of an Event of Default by Tenantmeasurement date.

Reduction of L-C Amount. Provided that Subject to the "terms of this Section 21.9, and Tenant satisfaction of the L-C Reduction Conditions" (as defined below) are then satisfied, the L-C Amount may be reduced upon or following each "Reduction Date" (as defined below) occurring thereafter, by the "L-C Reduction Amount"; provided, howeverCondition, the L-C Amount shall never be less than $941,412.99. The "Reduction Date" shall mean each of the following: reduced on the first day of Lease Year 3, the first day of Lease Year 4, and the first day of Lease Year 5. The "Lthirty-C Reduction Amount" shall mean $313,804.33. The reduction seventh (37th) full calendar month of the L-C Amount shall be effectuated Lease Term (the "First Reduction Date"), by XxxxxxTenant's delivery to Landlord of a certificate of an amendment to the existing L-C, conforming in all respects to the requirements of this Article 21, but in the amount of fifty percent (50%) of the applicable reduced original L-C Amount. If Tenant is not satisfying the First L-C Reduction Condition as of the First Reduction Date, then Tenant may reduce the L-C Amount as of such later date that Tenant is then satisfying the First L-C Reduction Condition. Subject to the terms of this Section 21.9, and Tenant satisfaction of the Second L-C Reduction Condition, the L-C Amount shall be further reduced on the first day of the ninety-first (91st) full calendar month of the Lease Term (the "Second Reduction Date"), by Tenant's delivery to Landlord of an amendment to the existing L-C, conforming in all respects to the requirements of this Article 21, but in the amount of twenty-five percent (25%) of the original L-C Amount. If Tenant is not satisfying the Second L-C Reduction Condition as of the Second Reduction Date, then Tenant may reduce the L-C Amount as of such later date that Tenant is then satisfying the Second L-C Reduction Condition. If Tenant is allowed to reduce the L-C AmountAmount pursuant to the terms and conditions of this Section 21.9, then Landlord shall reasonably cooperate with Tenant in order to effectuate such reduction. For purposes of this Section 21.9, (i) the "First L-C Reduction ConditionsCondition" shall mean that Tenant has is not received notice of a monetary then in default under this Lease which Lease, and Tenant then remains uncured under this Lease has an "equity market capitalization" on a national public exchange of greater than Two Billion Four Hundred Million Dollars ($2,400,000,000) and (ii) the Net Worth Test is satisfied. If any of the L-C Reduction Conditions are not satisfied as of the applicable Reduction Date, then any decrease may take place retroactively upon satisfaction of the "Second L-C Reduction Condition; provided " shall mean that no decrease may take place retroactively if Tenant is not then in default under this Lease Lease, and Tenant then has been terminated as an "equity market capitalization" on a result national public exchange of an Event of Default by Tenantgreater than Three Billion Six Hundred Million Dollars ($3,600,000,000).

Reduction of L-C Amount. Provided that Subject to the "terms of this Section 21.9, and Tenant's satisfaction of the L-C Reduction Conditions" (as defined below) are then satisfiedCondition, the L-C Amount may which is to be reduced upon or following each "Reduction Date" (as defined below) occurring thereafter, confirmed by the "L-C Reduction Amount"; provided, howeverLandlord, the L-C Amount shall never be less than $941,412.99. The reduced (i) on the last day of the forty-second (42nd) full calendar month of the Lease Term (the "First Reduction Date" shall mean each of the following: the first day of Lease Year 3"), the first day of Lease Year 4, and the first day of Lease Year 5. The "L-C Reduction Amount" shall mean $313,804.33. The reduction of the L-C Amount shall be effectuated by XxxxxxTenant's delivery to Landlord of a certificate of an amendment to the existing L-C, conforming in all respects to the requirements of this Article 21, but in the amount of seventy-five percent (75%) of the applicable reduced original L-C Amount, and (ii) on the last day of the ninetieth (90th) full calendar month of the Lease Term (the "Second Reduction Date"), by Tenant's delivery to Landlord of an amendment to the existing L-C, conforming in all respects to the requirements of this Article 21, but in the amount of fifty percent (50%) of the original L-C Amount. If Tenant is not satisfying the L-C Reduction Condition as of the Reduction Date, then Tenant may reduce the L-C Amount as of such later date that Tenant is then satisfying the L-C Reduction Condition. If Tenant is allowed to reduce the L-C AmountAmount pursuant to the terms and conditions of this Section 21.9, then Landlord shall reasonably cooperate with Tenant in order to effectuate such reduction. For purposes of this Section 21.9, the "L-C Reduction ConditionsCondition" shall mean that Tenant has not received notice been "cash flow positive," on a trailing twelve (12) month "Adjusted EBITDA" (i.e., after excluding from Net Income or Loss (i) other income (expense), net, (ii) stock-based compensation expense, (iii) depreciation and amortization, and (iv) income tax expense where applicable) basis during the twelve (12) month period ending on the last day of a monetary default under this Lease which then remains uncured under this Lease and Tenant's most recently completed fiscal quarter ending prior to the Net Worth Test is satisfied. If any of the L-C Reduction Conditions are not satisfied as of the applicable Reduction Date, then any decrease may take place retroactively upon satisfaction of the L-C Reduction Condition; provided that no decrease may take place retroactively if this Lease has been terminated as a result of an Event of Default by Tenantmeasurement date.