Common use of Reduction Procedure Clause in Contracts

Reduction Procedure. Following each Reduction Date, Tenant shall deliver to Landlord a Tenant Financial Report and, provided that Tenant has satisfied each of the applicable Financial Milestones or, as the case may be, each of the Secondary Milestones, as of the Measurement Date and with respect to the Measurement Year and, provided further that both (A) no Event of Default has occurred and is continuing as of the date that is ten (10) Business Days following the date upon which Landlord receives such Tenant Financial Report ("Release Date") and (B) no Event of Default described in Section 18.1(a) hereof has occurred on three (3) or more occasions during the portion of the Term preceding such Release Date, then, for each such Reduction Date until the amount of the Security Deposit has been reduced to the Reduction Limit, if Tenant has so satisfied the applicable Financial Milestones, the Security Deposit shall be reduced effective as of the Release Date by the Reduction Increment, unless Tenant has so satisfied the applicable Secondary Milestones, in which event the Security Deposit shall be reduced by the Secondary Reduction Increment. Promptly following any such Release Date, Landlord shall provide written notice to Tenant of any such permitted reduction in the amount of the Security Deposit and (i) if Tenant has posted the Security Deposit in cash, Landlord shall deliver a check payable to the order of Tenant in the amount of the Reduction Increment or the Secondary Reduction Increment, as the case may be, together with such notice or (ii) if Tenant has delivered to Landlord the Security Deposit in the form of a Letter of Credit, then, from and after Tenant's receipt of such Landlord notice, Tenant shall be authorized to deliver a substitute or amended Letter of Credit to Landlord satisfying the requirements set forth in Section 33.2 above and in an amount equal to the Security Deposit as reduced by such Reduction Increment or Secondary Reduction Increment, as the case may be, and Landlord shall exchange the prior Letter of Credit for the substitute Letter of Credit in cooperation with the Issuing Bank.

Reduction Procedure. Following each any Reduction DateDate on which Subtenant desires to reduce the LOC Amount, Tenant Subtenant shall deliver to Landlord Sublandlord a Tenant Subtenant Financial Report and, provided that Tenant Subtenant has satisfied each of the applicable Financial Milestones or, as the case may be, each of the Secondary Milestones, as of the Measurement Date and with respect to the Measurement Year and, provided further that both (A) no Event of Default default has occurred and is continuing as of the date that is ten (10) Business Days following the date upon which Landlord Sublandlord receives such Tenant Subtenant Financial Report ("Release Date") and (B) no Event of Default described in Section 18.1(a) hereof has occurred on three (3) or more occasions during the portion of the Term preceding such Release Date), then, for each such Reduction Date until the amount of the Security Deposit LOC has been reduced to the Reduction Limit, if Tenant Subtenant has so satisfied the applicable Financial Milestones, the Security Deposit LOC shall be reduced effective as of the Release Date by the Reduction Increment, unless Tenant Subtenant has so satisfied the applicable Secondary Milestones, in which event the Security Deposit LOC shall be reduced by the Secondary Reduction Increment. Promptly following any such Release Date, Landlord Sublandlord shall provide written notice to Tenant Subtenant of any such permitted reduction in the amount of the Security Deposit LOC and (i) if Tenant has posted the Security Deposit in cash, Landlord shall deliver a check payable to the order of Tenant in the amount of the Reduction Increment or the Secondary Reduction Increment, as the case may be, together with such notice or (ii) if Tenant has delivered to Landlord the Security Deposit in the form of a Letter of Credit, then, from and after TenantSubtenant's receipt of such Landlord Sublandlord notice, Tenant Subtenant shall be authorized to deliver a substitute or amended Letter of Credit LOC to Landlord Sublandlord satisfying the requirements set forth in Section 33.2 above this Paragraph 5 and in an amount equal to the Security Deposit LOC as reduced by such Reduction Increment or Secondary Reduction Increment, as the case may be, and Landlord Sublandlord shall exchange the prior Letter of Credit LOC for the substitute Letter of Credit LOC in cooperation with the Issuing Bankbank.

Reduction Procedure. Following each any Reduction DateDate on which Subtenant desires to reduce the LOC Amount, Tenant Subtenant shall deliver to Landlord Sublandlord a Tenant Subtenant Financial Report and, provided that Tenant Subtenant has satisfied each of the applicable Financial Milestones or, as the case may be, each of the Secondary Milestones, as of the Measurement Date and with respect to the Measurement Year and, provided further that both (A) no Event of Default default has occurred and is continuing as of the date that is ten (10) Business Days following the date upon which Landlord Sublandlord receives such Tenant Subtenant Financial Report ("Release DateRELEASE DATE") and (B) no Event of Default described in Section 18.1(a) hereof has occurred on three (3) or more occasions during the portion of the Term preceding such Release Date), then, for each such Reduction Date until the amount of the Security Deposit LOC has been reduced to the Reduction Limit, if Tenant Subtenant has so satisfied the applicable Financial Milestones, the Security Deposit LOC shall be reduced effective as of the Release Date by the Reduction Increment, unless Tenant Subtenant has so satisfied the applicable Secondary Milestones, in which event the Security Deposit LOC shall be reduced by the Secondary Reduction Increment. Promptly following any such Release Date, Landlord Sublandlord shall provide written notice to Tenant Subtenant of any such permitted reduction in the amount of the Security Deposit LOC and (i) if Tenant has posted the Security Deposit in cash, Landlord shall deliver a check payable to the order of Tenant in the amount of the Reduction Increment or the Secondary Reduction Increment, as the case may be, together with such notice or (ii) if Tenant has delivered to Landlord the Security Deposit in the form of a Letter of Credit, then, from and after TenantSubtenant's receipt of such Landlord Sublandlord notice, Tenant Subtenant shall be authorized to deliver a substitute or amended Letter of Credit to Landlord satisfying the requirements set forth in Section 33.2 above and in an amount equal to the Security Deposit as reduced by such Reduction Increment or Secondary Reduction Increment, as the case may be, and Landlord shall exchange the prior Letter of Credit for the substitute Letter of Credit in cooperation with the Issuing Bank.LOC to