Common use of Reduction of Security Deposit Clause in Contracts

Reduction of Security Deposit. Subject to the terms hereof, provided that as of the first day of the twenty-fifth (25th) full calendar month of the Lease Term (the “First Determination Date”), Tenant has not previously been in default under this Lease beyond all applicable notice and cure periods expressly set forth in this Lease and is then not in default under this Lease beyond all applicable notice and cure periods expressly set forth in this Lease, the Security Deposit shall be reduced to equal $125,333.25, and Landlord shall pay to Tenant the amount of $41,777.75 (the “First Reduction Amount”) within thirty (30) days of the First Determination Date (and failure to pay as required shall entitle Tenant to deduct the First Reduction Amount from the Rent next due). In addition, subject to the terms hereof, provided that as of the first day of the forty-ninth (49th) full calendar month of the Lease Term (the "Second Determination Date"), Tenant has not previously been in default under this Lease beyond all applicable notice and cure periods expressly set forth in this Lease and is then not in default under this Lease beyond all applicable notice and cure periods expressly set forth in this Lease, the Security Deposit shall be further reduced to $83,555.50, and Landlord shall pay to Tenant the amount of $41,777.75 (the “Second Reduction Amount”) within thirty (30) days of the Second Determination Date (and failure to pay as required shall entitle Tenant to deduct the Second Reduction Amount from the Rent next due).

Reduction of Security Deposit. Subject to the terms hereof, provided Provided that as of the first day each of the twenty-fifth (25th) full calendar month of the Lease Term (the “First Determination Date”)dates set forth below, Tenant has shall not previously been be in monetary default under this Lease Lease, or non-monetary default beyond all the applicable notice and cure periods expressly set forth period and shall have paid all Minimum Rent and Additional Rent payable hereunder in this Lease a timely fashion throughout the Term, and is then not in default under this Lease beyond all applicable notice and cure periods expressly set forth provided further that Tenant (or a related corporation or successor corporation of the Tenant originally named in this Lease, ) shall be in occupancy of the Premises then the Security Deposit shall be reduced on the dates and as provided below: (i) On the second (2nd) anniversary of the Minimum Rent Commencement Date the Security Deposit shall be reduced by $156,330.00 to $234,495.00; and (ii) On the fifth (5th) anniversary of the Minimum Rent Commencement Date the Security Deposit shall be reduced to equal by $125,333.25, and Landlord shall pay 78,165.00 to $156,330.00. If Tenant the amount of $41,777.75 (the “First Reduction Amount”) within thirty (30) days is in default of the First Determination Date (terms and failure conditions of this Lease at the time that a reduction in the Security Deposit is scheduled to pay as required shall entitle Tenant to deduct the First Reduction Amount from the Rent next due). In addition, subject to the terms hereofoccur, provided that as of Tenant cures such default during the first day of the forty-ninth (49th) full calendar month of the Lease Term (the "Second Determination Date"), Tenant has not previously been in default under this Lease beyond all applicable notice and cure periods expressly set forth period, Tenant shall be entitled to receive the applicable reduction in this Lease and is then not in default under this Lease beyond all applicable notice and cure periods expressly set forth in this Lease, the Security Deposit shall be further reduced to $83,555.50at the time that Tenant cures such default. Provided that such reductions comply with the provisions of this Subsection 27D, and Landlord shall pay reasonably cooperate with Tenant in obtaining appropriate amendments to Tenant Tenant’s Letter of Credit, reducing the amount of $41,777.75 (the “Second Reduction Amount”) within thirty (30) days Letter of Credit in accordance with the Second Determination Date (and failure to pay as required shall entitle Tenant to deduct the Second Reduction Amount from the Rent next due).provisions of this Subsection 27D.

Reduction of Security Deposit. Subject (a) Tenant shall be entitled to a reduction in the terms hereof, provided that as amount of the first day of the twenty-fifth (25th) full calendar month of the Lease Term (the “First Determination Date”), Tenant has not previously been in default under this Lease beyond all applicable notice and cure periods expressly set forth in this Lease and is then not in default under this Lease beyond all applicable notice and cure periods expressly set forth in this Lease, the Security Deposit shall be reduced to equal of (i) $125,333.25, and Landlord shall pay to Tenant 69,766.00 on the amount of $41,777.75 (the “First Reduction Amount”) within thirty (30) days 4th anniversary of the First Determination Rent Commencement Date and (ii) an additional $69,766.00 on the 5th anniversary of the Rent Commencement Date (each of the dates in clauses (i) through (ii) is called a "Reduction Date" and failure each such reduction which is to pay as required shall entitle Tenant to deduct the First occur on a Reduction Amount from the Rent next due). In additionDate, subject to the terms hereof, provided is referred to as a "Reduction Amount"); provided, that (A) Tenant, under this Lease, is not in (x) monetary default or (y) non-monetary default beyond applicable notice and grace periods as of the first day of the forty-ninth applicable Reduction Date, (49thB) full calendar month of the Lease Term (the "Second Determination Date"), Tenant Landlord has not previously been in default under this Lease beyond all applicable notice and cure periods expressly set forth in this Lease and is then not in default under this Lease beyond all applicable notice and cure periods expressly set forth in this Lease, drawn on the Security Deposit by reason of any default on the part of Tenant prior to the applicable Reduction Date, and (C) in no event shall the Security Deposit be further reduced to less than $83,555.50244,184.00. If the Security Deposit is being held by Landlord as cash, then within 10 Business Days after any applicable Reduction Date under this Section 37.5, Landlord shall deliver to Tenant the applicable Reduction Amount. If the Security Deposit is being held by Landlord in the form of a letter of credit pursuant to Section 37.2, Tenant shall deliver to Landlord an amendment to the Letter of Credit (the form and substance of such amendment to be reasonably satisfactory to Landlord), reducing the amount of the Letter of Credit by the applicable Reduction Amount, and Landlord shall pay execute the amendment and such other documents as are reasonably necessary to Tenant reduce the amount of $41,777.75 (the “Second Reduction Amount”) within thirty (30) days Letter of Credit in accordance with the Second Determination Date (and failure to pay as required shall entitle Tenant to deduct the Second Reduction Amount from the Rent next due)terms hereof.