Second Reduction Date definition
Examples of Second Reduction Date in a sentence
At all times prior to the First Reduction Date (as defined below), the Guarantors are collectively responsible for 30% of the Principal Obligations, (ii) at all times after the First Reduction Date, the Guarantors are collectively responsible for 15% of the Principal Obligations, and (iii) at all times after the Second Reduction Date, 0% of the Principal Obligations.
In no event shall the Security Deposit Amount be reduced below $400,000.00 (or such higher amount as may be in effect as of the Second Reduction Date by reason of such an addition).
If the outstanding principal balance of all Loans made by Chase as of the Second Reduction Date exceeds Chase's Commitment Amount applicable on such dates, after giving effect to the reduction of Chase's Commitment Amount on such dates, the Company shall repay the Loans made by Chase in the amount of such excess.
Effective as of the Second Reduction Date, Tenant's Share of Direct Expenses for the Original Premises shall be reduced to 39.24% based on the Retained Premises consisting of approximately 238,414 rentable square feet and the Building consisting of approximately 607,517 rentable square feet.
On the First Reduction Date and on the Second Reduction Date the above Maximum Facility Amount shall reduce by the Reduction Amount with a final reduction occurring on the Termination Date to reduce the Facility to zero.
In the event that Xxxxxx has not delivered the Second Reduction Notice on or before the Second Reduction Date, then on the first calendar day after the Second Reduction Date, the provisions of this Section 1.8 shall be deemed null, void and of no further force or effect as to the Twenty-First Floor Returned Space.
Subject to the terms of this Section 21.9, and Tenant satisfaction of the Second L-C Reduction Condition, the L-C Amount shall be further reduced on the first day of the ninety-first (91st) full calendar month of the Lease Term (the "Second Reduction Date"), by Tenant's delivery to Landlord of an amendment to the existing L-C, conforming in all respects to the requirements of this Article 21, but in the amount of twenty-five percent (25%) of the original L-C Amount.
The “Third Reduction Date” shall mean the last day of the twenty-fourth (24th) full calendar month after the Second Reduction Date, and for avoidance of doubt, it is agreed that no measurement of profitability in the prior quarter or quarters shall be applicable in respect to the Third Reduction Date.
Tenant may effect the reduction of the amount of the Security Deposit to the Second Reduced Security Deposit Amount (the “Second Reduction”) by delivering written notice to Landlord (the “Second Reduction Notice”) on or after the Second Reduction Date requesting such reduction.
On the Second Reduction Date, the Escrow Amount shall automatically be reduced by the excess of the Escrow Amount on hand on the Second Reduction Date over the sum of (i) $3,975,000, plus (ii) the Pending and Paid Claims Amount (as defined below) (the amount of such distribution, together with any share of interest and other earnings on the Escrow Amount as provided below, being referred to as the "Second Escrow Disbursement").