Reduction of Letter of Credit Amount. Notwithstanding any contrary provision hereof, provided that no Default then exists, the Letter of Credit Amount shall be reduced to $165,000.00 (the “Reduced Amount”) on the first day of the 37th full calendar month of the Term (the “Reduction Effective Date”). If the Letter of Credit Amount is reduced in accordance with this Section 5.6, Tenant shall either (a) deliver to Landlord a new Letter of Credit in the amount of the Reduced Amount and otherwise satisfying the LC Requirements, whereupon Landlord shall return the Letter of Credit then held by Landlord (the “Existing Letter of Credit”) to Tenant within 30 days after the later of Landlord’s receipt of such new Letter of Credit or the Reduction Effective Date, or (b) deliver to Landlord an amendment to the Existing Letter of Credit, executed by and binding upon the issuer of the Existing Letter of Credit and in a form reasonably acceptable to Landlord, reducing the amount of the Existing Letter of Credit to the Reduced Amount, whereupon Landlord shall execute and return such amendment to Tenant within 30 days after the later of Landlord’s receipt of such amendment or the Reduction Effective Date.
Reduction of Letter of Credit Amount. Subject to the remaining terms of this Section 21.10, and provided Tenant has not been in default under this Lease, beyond any applicable notice and cure periods, after the expiration of any applicable notice and cure period set forth in this Lease during the twelve (12) month period immediately preceding the effective date of any reduction of the Letter of Credit, Tenant shall have the right to reduce the amount of the Letter of Credit by an amount equal to Fifty Thousand and No/100 Dollars ($50,000.00) on each of the second (2nd), third (3rd), fourth (4th), fifth (5th), and sixth (6th) anniversaries of the Lease Commencement Date. Notwithstanding anything to the contrary contained herein, if Tenant has been in default under this Lease, beyond any applicable notice and cure periods, at any time prior to the effective date of any reduction of the Letter of Credit and Tenant has failed to cure such default within any applicable notice and cure period set forth in this Lease, then Tenant shall have no further right to reduce the amount of the Letter of Credit as described herein. Any reduction in the Letter of Credit shall be accomplished by Tenant providing Landlord with either a substitute letter of credit in the reduced amount, or an amendment to the existing L-C that reflects the reduced amount, and, if a substitute L-C is provided, once Landlord receives the substitute Letter of Credit, Landlord shall return to Tenant the Letter of Credit that such substitute letter of credit has replaced. Within ninety (90) days after the expiration of this Lease, Landlord shall return to Tenant any remaining proceeds of the L-C that have not been applied by Landlord pursuant to this Article 21.
Reduction of Letter of Credit Amount. Notwithstanding any provision of this Lease to the contrary, the Letter of Credit Amount shall be reduced by Two Hundred Nineteen Thousand Six Hundred Fifty Nine and 10/100 Dollars ($219,613.20) (the “Reduction Amount”) up to a total of three (3) separate times upon delivery of a factually correct written notice to Landlord stating that, as of the date of such notice, Tenant satisfies the Required Thresholds as that term is defined below (each a “Reduction Notice”). A Reduction Notice may be delivered to Landlord on or after the first day of the 37th, 61st and 85th calendar months of the Term at such time as the applicable Required Thresholds are satisfied, the date of such Reduction Notice being hereinafter referred to as the “LC Reduction Date.” The Reduction Notice shall be accompanied by supporting financial documentation reasonably acceptable to Landlord evidencing that Tenant satisfies the Required Thresholds; provided, however, that in no event shall any such reduction be permitted hereunder if an Event of Default with respect to a monetary obligation of Tenant shall have occurred during the twelve (12) month period preceding the applicable LC Reduction Date. As used herein, Tenant shall satisfy the “Required Thresholds” as of an applicable LC Reduction Date if and only if, as of such date, (a) Tenant’s net revenue for the immediately preceding four (4) consecutive fiscal quarters is at least the amount required for such LC Reduction Date as set forth in the schedule below, as determined in accordance with generally accepted accounting practices (“GAAP”), and (b) Tenant has had Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) as determined in accordance with GAAP of at least *** percent (***%) of Tenant’s gross revenues. On or after the 1st day of 37th calendar month of the Term $*** ***% $219,613.20 $658,839.60 On or after 1st day of 61st calendar month of the Term $*** ***% $219,613.20 $439,226.40 On or after the 1st day of 85th calendar month of the Term $*** ***% $219,613.20 $219,613.20 If the applicable Required Thresholds are satisfied on the LC Reduction Date and no Event of Default with respect to a monetary obligation of Tenant shall have occurred during the twelve (12) month period preceding such LC Reduction Date, and provided that Tenant tenders the replacement or amended Letter of Credit to Landlord satisfying each and all of the requirements set forth in this Pxxxxxxxx 00, Xxxxxxxx shall exchange the Letter of ...
Reduction of Letter of Credit Amount. The Letter of Credit Amount shall be reduced from time to time as specified in the fourth grammatical paragraph of the Letter of Credit; provided that voluntary prepayments of the Loan will be made not more frequently than quarterly.
Reduction of Letter of Credit Amount. Provided that Tenant is not in default of this Lease after the expiration of any applicable notice and cure period as of any applicable “Reduction Date,” as that term is defined, below, the Letter of Credit Amount shall be reduced as of each the first five (5) anniversaries of the Lease Commencement Date (each, a “Reduction Date”) by an amount equal *** (the “Reduction Amount”).
Reduction of Letter of Credit Amount. Notwithstanding the foregoing, the amount of the Letter of Credit required hereunder shall reduce by the amount of Seventy Thousand Dollars ($70,000.00) on the first day of the thirtieth (30th) full calendar month after the Rent Commencement Date (the “Reduction Date”). Notwithstanding the foregoing, if a default by Tenant under this Lease shall have occurred and be continuing as of the Reduction Date (or any breach under this Lease where there exist circumstances under which Landlord is enjoined or otherwise prevented by operation of law from giving to Tenant a written notice which would be necessary for such failure of performance to constitute a default under this Lease), the required amount of the Letter of Credit shall not reduce on the Reduction Date and shall not thereafter reduce until thirty (30) days after such default or breach is timely cured in accordance with the provisions of this Lease. If Tenant is entitled to any such reduction, Landlord shall cooperate with Tenant upon Tenant’s request to replace or amend the then existing Letter of Credit to reflect such reduced amount required hereunder.
Reduction of Letter of Credit Amount. Subject to the terms of this Section 12.8. Subtenant shall be entitled to a reduction of the face amount of the Letter of Credit by One Million Three Hundred Fifty-One Thousand Eight Hundred Eighty-Five and 50/100 Dollars ($1,351,885.50) on the third (3rd) anniversary of the Rent Commencement Date (for a new Letter of Credit Amount of Two Million Seven Hundred Three Thousand Seven Hundred Seventy-One and No/100 Dollars ($2,703,771.00)), and by another One Million Three Hundred Fifty-One Thousand Eight Hundred Eight Five and 50/100 Dollars ($1,351,885.50) on the fifth (5th) anniversary of the Rent Commencement Date (for a new Letter of Credit Amount of One Million Three Hundred Fifty-One Thousand Eight Hundred Eight Five and 50/100 Dollars ($1,351,885.50)). As a condition to the reduction of the Letter of Credit amount, no uncured default by Subtenant shall then be existing under this Sublease. Provided that such SMRH: 473310031.19 -33- 300 XXXXXX XXXXX BOULEVARD.SUBLEASE – PROTHENA BIOSCIENCES FINAL EXECUTION VERSION 0SDM-159614 SV\1619361.8 condition to reduction is satisfied, Subtenant may cause the Bank to issue a new Letter or Credit or an amendment to the Letter of Credit reflecting the reduced amount, and Sublandlord shall cooperate with such reduction.
Reduction of Letter of Credit Amount. Provided that the "L-C Reduction Condition" (as defined below) is then satisfied, the Letter of Credit Amount shall automatically be reduced upon the "Reduction Date" (as defined below), by the "L-C Reduction Amount"; provided, however, the Letter of Credit Amount shall never be less than Four Hundred Seven Thousand Nine Hundred Twenty‑Eight Dollars ($407,928.00). The "Reduction Date" shall mean the last day of the fifty-fourth (54th) monthly anniversary of the Lease Commencement Date. The "L-C Reduction Amount" shall mean Four Hundred Seven Thousand Nine Hundred Twenty‑Eight Dollars ($407,928.00). Following the satisfaction of the L-C Reduction Condition, all references in this Lease to the Letter of Credit Amount shall be deemed to be references to an amount equal to Four Hundred Seven Thousand Nine Hundred Twenty‑Eight Dollars ($407,928.00). The reduction of the Letter of Credit Amount shall be effectuated by Tenant's delivery to
Reduction of Letter of Credit Amount. Subject to the remaining terms of this paragraph, and provided Tenant has timely within any applicable cure period paid all Rent (including, without limitation, all Deferred Rent) due under the Lease, as amended hereby, during the Deferral Period and Payback Period, on or after December 16, 2004, Tenant shall have the right to reduce the Letter of Credit Amount from $2,000,000.00 to $1,600,000.00. Notwithstanding anything to the contrary contained herein, if Tenant has been in default under the Lease at any time during the Deferral Period or Payback Period and Tenant has failed to cure such default within any applicable cure period, then Tenant shall have no right to reduce the Letter of Credit Amount as described herein. Any reduction in the Letter of Credit Amount shall be accomplished by Tenant providing Landlord with a substitute or amended Letter of Credit in the reduced amount which satisfies the requirements of the Letter of Credit as set forth in this Section III and Exhibit F of the Lease.
Reduction of Letter of Credit Amount. Subject to the terms of this Section 12.8, Subtenant shall be entitled to a reduction of the face amount of the Letter of Credit (i) by the amount of $374,854.48, effective as of the third (3rd) anniversary of the First Phase Rent Commencement Date; and (ii) by the amount of $374,854.48 effective as of the fourth (4th) anniversary of the First Phase Rent Commencement Date. As a condition to the reduction of the Letter of Credit amount, Subtenant shall not have defaulted beyond any applicable notice and cure period under this Sublease during the 12-month period prior to the reduction date, no uncured breach or default by Subtenant shall then exist under the Sublease and Subtenant has not become a debtor under any chapter of the Federal Bankruptcy Code. Provided that such conditions to reduction are satisfied, Subtenant may cause the Bank to issue a new Letter or Credit or an amendment to the Letter of Credit reflecting the reduced amount, and Sublandlord shall cooperate with such reduction.
