Further Reduction Sample Clauses

The "Further Reduction" clause allows for the adjustment or decrease of certain obligations, amounts, or liabilities specified in an agreement. In practice, this clause may apply to financial obligations, such as reducing the amount owed if certain conditions are met, or to performance requirements, such as lessening deliverables if circumstances change. Its core function is to provide flexibility and ensure that the contract remains fair and manageable if the original terms become excessive or unnecessary due to changing circumstances.
Further Reduction. If the University is unable to accomplish the necessary task by attrition, the University shall select the area(s) of reduction. The University may reassign staff members affected by the reduction to open positions provided that if the staff member is assigned to a position with a lower pay rate, the staff member's rate before assignment is maintained for nine
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Further Reduction. If the University is unable to accomplish the necessary task by attrition, the University shall select the area(s) of reduction and communicate with the affected staff member(s). Non-probationary staff members will be given a minimum of 10 business days’ notice prior to reduction in force. If 10 business days’ notice cannot be given, severance pay will be provided in lieu of notice for each workday lost during the 10 business day period. Each affected staff member shall notify the Human Resources office in writing within 10 business days prior to the effective layoff date, their decision to elect one of the following: A. Reassignment to any open job in a similar or lower classification level for which they meet the required qualifications of the position description. If the staff member is assigned to a position with a lower pay rate, the staff member’s rate before assignment is maintained for nine months, after which they will go to the rate of the job assigned; or, B. Bump into the position of the least senior person in the same or any lower classification level (having less seniority than the staff member bumping) provided they bump within the same full-time or part-time status and will be paid the rate of the job effective with the reassignment, provided the staff member meet the required qualifications of the position description. Due to the specialized nature of the position, this bumping provision does not apply to the Dispatcher position; or, C. Elect a voluntary layoff. Failure to notify the Human Resources office within 10 business days prior to the effective layoff date will default to option C. Full-time staff members shall not be required to accept assignment to part-time positions. Non- academic year staff members shall not be required to accept assignment to academic year positions. Academic year staff members shall not be required to accept assignment to positions that are not academic year positions. Academic year staff members who are bumped or are in a position that is affected by a reduction may only bump into other academic year positions (in addition to choices A. and C. above).
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Further Reduction. The face amount of the Letter of Credit may be reduced to One Million Six Hundred Thirty-Five Thousand Dollars ($1,635,000) on the eighth (8th) anniversary of the Rent Commencement Date, so long as (i) Tenant is not in default under the Lease on such date, and (ii) Tenant is not in Chronic Default under this Lease on such date. In addition, the face amount of the Letter of Credit may be reduced to an amount equal to one month's Base Rent when Tenant can establish to Landlord's reasonable satisfaction that Tenant has achieved annual net income of at least Fifty Million Dollars ($50,000,000), as reflected in audited financial statements (which include an unqualified certification by a licensed certified public accountant reasonably acceptable to Landlord), for either (x) three consecutive years, or (y) three out of four consecutive years.
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Further Reduction. The Indemnification Threshold shall also be reduced by any amount included in the $9.2 million that ▇▇▇▇▇▇▇▇▇, Castle Holdings and their affiliates claim are owed which are determined not to be due or owing. Purchaser shall provide Sellers with prior written notice of the amount of such payment and the claim of such liability.
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Further Reduction. 3.1 In consideration for the Company and the Liquidators making the Early Repayment, the Funders agree to further reduce the amount of their claims against the Company and/or the Liquidator in relation to the repayment of the Funding by the amounts listed at Schedule 1 to this Deed (being the approximate inter company balances owed to the Company by various other companies within the same group, such amounts being agreed between the parties to this Deed for the purposes of the calculation in this clause) (the "INTER COMPANY ASSETS"). 3.2 The parties to this Deed agree that, should any amounts be recovered by the Company in respect of the Inter Company Assets then the amount of any such realisations actually received by the Company shall be deducted from the Inter Company Asset value as shown on Schedule 1 to this Deed and the new value of the Inter Company Assets shall be used in the calculation referred to in clause 3.1 above. For the avoidance of doubt, whilst neither the Company nor the Liquidators shall be under any duty to claim or pursue a claim for payment of any of the Inter Company Assets, this Deed shall not constitute any waiver of the rights (if any) of the Company and/ or the Liquidators to pursue any such claims.
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Further Reduction. 55 (d) Substitution of Cash Collateral. . . . . . . . . . . . . . . . . . 56
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Related to Further Reduction

  • Termination or Reduction of the Commitments (a) The Borrower shall have the right, upon at least three Business Days’ notice to the Administrative Agent, to terminate in whole or reduce ratably in part the Available Commitments, provided that (i) each partial reduction shall be in the aggregate amount of $10,000,000 or an integral multiple of $5,000,000 in excess thereof and (ii) no such termination or reduction shall be made that would reduce the aggregate Commitments to an amount less than the Outstanding Credits on the date of such termination or reduction. Subject to the foregoing, any reduction of the Commitments to an amount below $500,000,000 shall also result in a reduction of the LC Commitment Amount to the extent of such deficit (and if such reduction would cause the LC Commitment Amount to be less than the aggregate Fronting Commitments, with automatic reductions in the amount of each Fronting Commitment ratably in proportion to the amount of such reduction of the LC Commitment Amount unless, in the case of any LC Issuing Bank, such LC Issuing Bank consents otherwise). Each such notice of termination or reduction shall be irrevocable; provided, however, that a notice of termination delivered pursuant to this Section 2.08 may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the effective date specified in the notice of termination) if such condition is not satisfied. (b) The Borrower may terminate the unused amount of the Commitment of any Lender that is a Defaulting Lender upon not less than three Business Days’ prior notice to the Administrative Agent (which shall promptly notify the Lenders thereof), and in such event the provisions of Section 2.21(a)(ii) will apply to all amounts thereafter paid by the Borrower for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that (i) no Event of Default shall have occurred and be continuing, and (ii) such termination shall not be deemed to be a waiver or release of any claim the Borrower, the Administrative Agent, any LC Issuing Bank or any Lender may have against such Defaulting Lender. (c) The Commitment of each Lender shall automatically terminate on the Termination Date applicable to such Lender as provided in Section 2.06. (d) Once terminated, a Commitment or any portion thereof may not be reinstated.

  • Staff Reduction 15.01 Both parties recognize that job security should increase in proportion to length of service. Teachers shall be laid-off in reverse order of seniority in accordance with the following priority: a. Firstly, term contract teachers; b. Secondly, probationary contract teachers, in reverse order of seniority; c. Permanent contract teachers, in reverse order of seniority; Provided the retained more senior teacher has, in the judgement of the Board, the appropriate qualifications and experience for the work to be assigned. 15.02 When it is necessary to invoke staff reduction, the Board shall first give priority, to the extent it considers practical, to natural attrition, including encouragement of full year unpaid leaves of absence. a. Staff reductions shall not be invoked to release teachers liable to dismissal for cause. b. Teachers directly affected by staff reduction policy shall be informed by the Board as soon as a final decision is made. c. The Board shall provide an appropriate letter of reference for any laid-off teacher whose contract is not renewed because of staff reduction. d. The Board shall maintain a Re-employment List of all laid-off teachers formerly employed in the system who remain unemployed because of staff reduction. It shall be the duty of the teacher to advise the Board of all changes in address. Failure to do so shall constitute a waiver on the part of the teacher for the opportunity to be recalled, during the time the address is inaccurate. e. A teacher on the Re-employment List shall notify the Board on or before February 1st that she/he wishes to remain on said List. Upon failure to do so, the name of such teacher shall be automatically removed from the List. f. Upon the Board being satisfied that a teacher on the Re- employment List is employed as a teacher on a full year contract with another school board in a vacant position, the name of such teacher shall be automatically removed from the List.

  • Optional Termination or Reduction of the Commitments The Borrower shall have the right, upon at least three Business Days' notice to the Agent, to terminate in whole or reduce in part the unused Commitments of the Lenders, provided that each partial reduction shall be in the amount of $1,000,000 or an integral multiple of $1,000,000 in excess thereof.

  • Termination or Reduction of Revolving Commitments The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Revolving Commitments or, from time to time, to reduce the amount of the Revolving Commitments; provided that no such termination or reduction of Revolving Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Loans and Swingline Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Revolving Commitments then in effect.

  • Termination or Reduction of Commitments The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrower shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments, and (iv) if, after giving effect to any reduction of the Aggregate Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Commitments, such Sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination.