Reduction Condition definition

Reduction Condition means no Event of Default shall have occurred and be continuing under this Lease.

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Reduction Condition means that Borrower has made a payment (or series of payments) to Lender that has reduced the aggregate principal balance of the Forsyth Loan and the Gwinnett Loan to $9,252,000.00 or less.

Reduction Condition means the Issuer achieving a net operating cashflow of at least Ringgit Malaysia Thirty Five Million (RM35,000,000.00) in the relevant financial year as confirmed by the Issuer’s external auditor based on the audited financial statements of the Issuer for the relevant financial year.

Examples of Reduction Condition in a sentence

If the Reduction Condition is not met on the Reduction Date, Tenant shall have the right to reduce the amount of the Letter of Credit as aforesaid on the date after the Reduction Date when Tenant has not been in default under this Lease beyond applicable notice and cure periods for the immediately preceding twelve (12) month period.
Tenant shall request such reduction in a written notice to Landlord at any time on or after the Reduction Date, and if the Reduction Condition has been met, Landlord shall so notify Tenant, whereupon Tenant shall provide Landlord with a Substitute Letter of Credit in the reduced amount (in which event Landlord shall forthwith return the previously held Letter of Credit), or an amendment to the Letter of Credit reducing it to the reduced amount.
If Tenant is not entitled to reduce the Required Amount as of a particular reduction effective date due to the failure of the Reduction Condition, then any subsequent reduction(s) Tenant is entitled to hereunder shall be reduced by the amount of the reduction Tenant would have been entitled to had the Reduction Condition been satisfied.
If, following the satisfaction of the Public Offering LC Reduction Condition, Tenant maintains four (4) consecutive quarters during which its market capitalization is at least Five Billion Dollars ($5,000,000,000), then the Letter of Credit Amount shall be reduced to zero and eliminated as a requirement hereunder.
Provided that the Reduction Condition is met on the Reduction Date, the Security Deposit shall be reduced to Two Hundred Eighty-Five Thousand Nine and 50/100 Dollars ($285,009.50) on the third (3 rd ) anniversary of the Rent Commencement Date (“ Reduction Date ”).

More Definitions of Reduction Condition

Reduction Condition shall have the meaning given to such term in Annex A to the Guaranty.

Reduction Condition shall have the meaning set forth in Section 2.09(b)(iii).

Reduction Condition means that (x) Tenant is not then in Default hereunder, (y) Tenant has not previously failed to timely cure any Default hereunder and (z) Tenant has positive EBITDA during the immediately preceding four (4) consecutive calendar quarters (the “Required Positive EBITDA”), as evidenced by Tenant’s financial statements, which Tenant will furnish to Landlord. Such financial statements of Tenant shall be deemed accepted by Landlord as evidencing the Required Positive EBITDA, unless Landlord objects thereto within ten (10) business days after receipt thereof from Tenant. In the event Landlord objects to Tenant’s financial statements within such ten (10) business day period and the parties are unable to resolve, within thirty (30) days thereafter, whether or not Tenant has the Required Positive EBITDA, Landlord and Tenant shall refer the matter to a mutually agreed independent certified public accountant whose determination on the matter shall be final and binding on the parties. The cost of such certified public accountant shall be borne equally by Landlord and Tenant. The term “EBIDTA” as used herein means earnings before interest, taxes, depreciation and amortization.

Reduction Condition means that there is no monetary or material non-monetary Event of Default by Tenant then in existence and there has not been any monetary or material non-monetary Event of Default by Tenant at any time within the twenty-four (24) months immediately preceding the Reduction Review Date. The provisions of this Section 7 shall apply to Assignee (and any successor or assign of Assignee) but shall not apply to Original Tenant.

Reduction Condition means that, for two (2) consecutive calendar years on or after 2019, Tenant’s Financial Statement for each such year reports Net Cash Used in Operating Activities that is in excess of $1.00.

Reduction Condition shall have the meaning ascribed to such term in the Amended ▇▇▇▇▇▇ Credit Agreement.

Reduction Condition means that Tenant has achieved positive earnings before interest, taxes, depreciation and amortization (“EBITDA”) of at least $25,000,000.00, as determined in accordance with generally accepted accounting practices, for each of the immediately preceding four (4) consecutive trailing quarters. Landlord agrees to authorize such reduction in writing to the issuer of the L-C. With respect to the decreases to the L-C Amount as set forth herein, Landlord shall return the original L-C deposited hereunder to Tenant within two (2) business days following Tenant’s delivery of a new or amended L-C for the L-C Amount. If Tenant is in monetary default of this Lease or fails to satisfy the Reduction Condition as of a Reduction Date, but Tenant subsequently cures the monetary default or satisfies the Reduction Condition (as applicable), then any reductions that were suspended will re-commence as of the date of the cure (provided that no such reductions shall be permitted in the event this Lease is terminated early as a result of such monetary default) or the date Tenant delivers evidence to Landlord demonstrating that Tenant satisfies the L-C Reduction Condition (as applicable).