Reduction of Letter of Credit. (a) The Letter of Credit is subject to reduction pursuant to its terms.
(b) If the amount available to be drawn under the Letter of Credit shall be permanently reduced in accordance with the terms thereof, then the Bank shall have the right to require the Trustee to surrender the Letter of Credit to the Bank and to issue on such date, in substitution for such outstanding Letter of Credit, a substitute irrevocable letter of credit, substantially in the form of the Letter of Credit but with such changes therein as shall be appropriate to give effect to such reduction, dated such date, for the amount to which the amount available to be drawn under the Letter of Credit shall have been reduced.
Reduction of Letter of Credit. In the event that Borrower elects to deliver the Letter of Credit to Lender under the terms of Section 16.4.1, Lender agrees to permit the reduction from time to time of the outstanding amount of the Letter of Credit by (i) the amount of cash funds delivered to Lender as reserve funds by Borrower in place of such Letter of Credit, and (ii) the amount that Borrower would otherwise be entitled to receive as a disbursement from the applicable reserve account pursuant to Section 16.4.
Reduction of Letter of Credit. In addition to the reduction with respect to the warranty described below, Developer may request a one-time reduction in the amount of the Letter of Credit if an element or elements of the Improvements (i.e., storm drain, roadway, parks and open space, and/or culinary and irrigation water) have been constructed to the satisfaction of the City. In such event, the amount of the Letter of Credit will be reduced by fifty percent (50%) of the amount identified with respect to such element or elements delineated on exhibit “B.” Upon Installation/Acceptance of all the Improvements, the Letter of Credit shall be reduced to an amount equal to ten percent (10%) of the engineer’s estimated cost of completion of the Improvements as set forth on exhibit “B.” Further, if one (1) year after final Installation/Acceptance of the Improvements, the Improvements are then free of defects, normal wear and tear excepted, the City will release the remaining amount of the Letter of Credit.
Reduction of Letter of Credit. Provided that, as of each “Reduction Date” set forth below, (i) no Tenant Default has occurred which has not been cured or waived in writing, (ii) no monetary Tenant Default has occurred at any time during the preceding two (2) year period; and (iii) on or prior to the applicable Reduction Date, Tenant tenders to Landlord a replacement Letter of Credit or a certificate of amendment to the existing Letter of Credit, conforming in all respects to the requirements of this Section 32(j), in the amount of the applicable Letter of Credit Amount as of such Reduction Date (the “Reduction Conditions”), then the Letter of Credit Amount shall be reduced in accordance with the following schedule: Third (3rd) anniversary of the Commencement Date [***] Fourth (4th) anniversary of the Commencement Date [***] Fifth (5th) anniversary of the Commencement Date [***] Sixth (6th) anniversary of the Commencement Date [***] Seventh (7th) anniversary of the Commencement Date [***] In the event the Letter of Credit Amount is reduced pursuant to the foregoing, and simultaneously with Tenant’s tender of the replacement or amended Letter of Credit to Landlord in the form required herein, Landlord shall exchange the Letter of Credit then held by Landlord for the replacement or amended Letter of Credit tendered by Tenant. If Tenant fails to tender to Landlord a replacement Letter of Credit or a certificate of amendment to the existing Letter of Credit on or prior to the Reduction Date, but Tenant subsequently delivers a replacement Letter of Credit or a certificate of amendment to the existing Letter of Credit to Landlord and as of the date of such delivery Tenant otherwise satisfies the Reduction Conditions, then any reductions that were suspended will re-commence as of the date of such delivery.
Reduction of Letter of Credit. Following the payment of the Investor Additional Installment Amount and the delivery of the Pre-Installment Conversion Shares in respect of the Investor Accelerated Amount on the Additional Installment Date (and the confirmation by the Company of the payment and delivery of such similar amount and shares due pursuant to the Other Settlement Agreement), the LC Agent shall issue a written instruction to the Letter of Credit Bank to request the reduction of the Letter of Credit Amount by $1,500,000.
Reduction of Letter of Credit. In the event that, after the delivery of a Letter of Credit in accordance with 7.4.3(a) above, Borrower shall incur Leasing Expenses that would be eligible for a disbursement from the Rollover Reserve Fund, Borrower may, in lieu of receiving such disbursement, reduce the amount of such Letter of Credit by a corresponding amount. Lender agrees to execute such agreements or amendments reasonably requested by Borrower in order to appropriately reduce the amount of such Letter of Credit. Borrower shall not be permitted to reduce the Letter of Credit more than one (1) time in any three-month period.
Reduction of Letter of Credit. So long as Epicentric, Inc. or a Related Entity is the Tenant under this Lease, then the Required Amount shall be subject to reduction in the manner set forth in this Section 26.3.
Reduction of Letter of Credit. The Developer shall provide the Public Works & Development Director or his designee with a written request accompanied by: invoices for work completed for which a release is being requested, breakdown of invoices in the format of the Public Improvement Cost Breakdown form and signed original lien waivers for all work which is subject of the release request. The Public Works & Development Director or his designee will process all requests in accordance with policies adopted by the Finance Committee, as may be amended from time to time. The Public Works & Development Director shall not, however, reduce the financial guarantee with regard to amounts necessary to ensure compliance with obligations of this Agreement that are not improvement construction costs, unless (1) the Developer proves full compliance with such issues to the satisfaction of the Public Works & Development Director; or
Reduction of Letter of Credit. The LOC Amount may be reduced at the times and to the corresponding amounts specified in this Paragraph 39.B(6) if each of the following conditions is satisfied to Landlord's satisfaction in each case: (i) Tenant is not and has not been in material default under the terms of this Lease beyond any applicable cure period.
Reduction of Letter of Credit. Provided that 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, conforming in all respects to the requirements of this Exhibit G, in the applicable L-C Amount, then the L-C Amount shall be reduced on each “Reduction Date,” as that term is defined below, by an amount equal to one-tenth (1/10th) of the L-C Amount on the date on which the Additional Tenant Improvement Allowance is fully drawn upon. For purposes of this Section 7, the “L-C Reduction Conditions” shall mean that (i) Tenant is not then in default under this Lease and has not been in default at any time during the prior twelve (12) month period, and (ii) as of the Reduction Date, Tenant’s market capitalization (which is calculated by multiplying Tenant’s shares outstanding by the current market price of one share) is equal to at least 80% of its market capitalization upon the date of this Lease. The parties hereby stipulate that Tenant’s market capitalization upon the date of this Lease is equal to $385,000,000.00. For purposes of this Section 7, the “Reduction Date” shall mean each consecutive one-year anniversary of the date on which the Additional Tenant Improvement Allowance is fully drawn upon. EXHIBIT G -4- HCP, INC. Sorrento Gateway [Sorrento Therapeutics, Inc.] ________________, 20__ ______________________ ______________________ ______________________ ______________________ Gentlemen: We hereby establish our Irrevocable Letter of Credit and authorize you to draw on us at sight for the account of [INSERT TENANT NAME] (“Applicant”), a [PLEASE PROVIDE], the aggregate amount of ______________and _____Dollars ($________________). Funds under this Letter of Credit are available to the beneficiary hereof as follows: Any or all of the sums hereunder may be drawn down at any time and from time to time from and after the date hereof by [_______________](“Beneficiary”) when accompanied by this Letter of Credit and a written statement signed by a representative of Beneficiary, (i) certifying that Beneficiary is otherwise allowed to draw down on the Letter of Credit pursuant to the terms of that certain office lease by and between Beneficiary and Applicant dated [insert lease date], as amended (collectively, the “Lease”), (ii) certifying that Beneficiary is entitled to draw down the full amount of letter of credit no.________...
