Reduction in Security Clause Samples

The 'Reduction in Security' clause allows for the decrease of a security deposit or other form of financial security provided under a contract once certain conditions are met. Typically, this clause specifies milestones or performance criteria—such as completion of a project phase or the passage of a set period without default—after which the security amount may be reduced. Its core practical function is to balance the protection of the party receiving security with the fair treatment of the party providing it, ensuring that excess funds are not unnecessarily tied up once risks have diminished.
Reduction in Security. A. At any time after October 31, 2013, Tenant may reduce the Security and Restoration Deposit or the Letter of Credit Amount, as applicable, to $125,000.00, on the condition that (i) Tenant has had two consecutive profitable quarters for the current fiscal year of Tenant, (ii) Tenant provides Landlord with an unaudited statement reporting such profitability, certified as true by Tenant’s Chief Financial Officer, and (iii) Tenant is not then in default under this Lease and has not previously been in default of its obligations beyond the expiration of all applicable notice and cure periods under this Lease.
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Reduction in Security. During the construction of the Improvements, the Security may be reduced in accordance with the percentage of completion of the construction. The County Executive of TNR will execute Statements of Partial Reductions in the Amount of Security, when provided with the following documentation: 1) a professional engineer's certification of quantities of work completed; 2) a contractor's invoice for work completed; and 3) a TNR inspection report, indicating the completion of the portion of the work represented by the contractor's invoice. After the approval and acceptance of the construction of the Improvements, the Security for the public Improvements may be reduced by ninety percent (90%) of the cost of the approved construction and held for the one-year Performance Period. After the approval of the construction of the private Improvements, the Security posted for the private Improvements will be fully released. In addition, the County agrees to release or reduce, as appropriate, the Security provided by the Subdivider, if the County accepts a substitute Security for all or any portion of the Improvements.
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Reduction in Security. No reduction in the amount of Security filed by the Developer with The Township in accordance with the terms of this Agreement will be permitted until such time as the Developer has entered into a Pre-Servicing or Subdivision Agreement with the Township for the Lands. Thereafter, any reductions in the Security posted by the Developer will be completed in accordance with the terms of the Pre- Servicing or Subdivision Agreement. For greater certainty, the Parties may agree to apply any Working Deposit, Securities or certificate of insurance delivered by the Developer to the Township on account to the Developer’s obligations under this Agreement to the Developer’s obligations under the Pre-Servicing or Subdivision Agreement.
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Reduction in Security. Once all of the required improvements are at least 75 percent complete, as certified by a North Carolina Registered Professional Engineer, the County may reduce the total financial security by the ratio that the completed improvements bear to the total estimated cost of improvements required, provided that no more than one such reduction may be permitted prior to releasing the performance guarantee.
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Reduction in Security. Provided an Event of Default has not occurred during the first nineteen (19) months of the Term, then Tenant shall be entitled to reduce the security (whether in the form of a Security Deposit or Letter of Credit) by fifty percent (50%). Landlord shall promptly take all actions requested by Tenant to effect such reduction.
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Related to Reduction in Security

  • REDUCTION IN STAFF A. If the Board shall determine that it is necessary to decrease the number of tenured faculty employed by the Board or to discontinue or reduce some particular type of teaching service or program, written notice of honorable dismissal and the reason for dismissal shall be given to all affected faculty members and the Union by personal service or by certified mail, and as required by law. In such instances, the Board shall first terminate non-tenured faculty members who are in the affected areas(s) prior to terminating any tenured faculty so involved. If feasible, prior to the Board taking action to honorably dismiss a tenured faculty member, the appropriate Vice President or designee and ▇▇▇▇ shall meet with the affected faculty member and his/her Union representative to provide notice of the recommended reduction action. B. If tenured faculty must be affected, all such honorable dismissals shall be in inverse order to the number of years of continuous full-time service to the College as a faculty member. A list called the “Seniority List for Reduction in Staff” shall be compiled and posted annually on the Intranet by February 1 of each year by the administration. Such list shall show the number of years of continuous service for each tenured faculty position by academic discipline and the rank of each tenured faculty member. The use of the “Seniority List for Reduction in Staff” shall be strictly limited in that it shall only be appropriate and applicable to matters pertaining to reduction in staff. Periods of leaves of absence shall not be deemed to interrupt continuous service, but any period of leave for which advancement on the salary schedule is not granted shall not be included in the years of service. Tenured faculty members on leave of absence at the time a reduction of staff is effectuated shall be treated no differently than other faculty members. If the number of years of service are the same, the selecting of the tenured faculty member(s) to be affected shall be within the discretion of the Board. Should a faculty member desire to be listed as qualified to teach in a discipline/department outside of his/her primary discipline for purposes of the annual “Seniority List for Reduction in Staff”, he/she shall submit a written request as set forth in Article 39 of this Agreement by November 1 of each academic year to the appropriate division ▇▇▇▇. The division ▇▇▇▇ has thirty (30) calendar days from receipt of the faculty member’s request to determine whether the faculty member meets the minimum qualifications for placement on the “Seniority List for Reduction in Staff” and to notify the faculty member accordingly. If the division ▇▇▇▇ denies the faculty member’s request, a reason shall be provided to the faculty member in writing. The faculty member has ten (10) calendar days to request review of the denial by the Vice President for Educational Affairs, who will make the College’s final determination as described in Article 39 of the Agreement. The final determination shall be issued within ten (10) calendar days from receipt of the faculty member’s request. If deemed qualified for another academic discipline/department, the faculty member’s placement will be effective with the College’s next posting of the “Seniority List for Reduction in Staff”. If a reduction in staff is deemed necessary, the College will rely upon the most current “Seniority List for Reduction in Staff” for purposes of determining a faculty member’s qualifications to teach at the time the reduction is effectuated. The timelines included herein may be extended by mutual agreement of the Union and the College. C. Tenured faculty members in an affected teaching service or program shall not be released if part-time and/or overload assignments in the affected area are being maintained which would constitute a full-time load for which the released faculty member is fully qualified to teach and which can be reasonably scheduled. If the Board shall determine to restore an affected teaching service or program which necessitates an increase in full-time faculty (i.e., when course offerings, enrollments, or student needs for at least one academic year are sufficient in the affected area so as to justify the employment of a full-time faculty member) or to restore individual faculty positions in any affected area, prior to the beginning of the third academic year following the year the faculty member(s) was honorably dismissed, the Union shall be notified. Such added position(s) shall be first offered to qualified faculty member(s) released in inverse-order to the order of honorable dismissal. Such offer shall be sent by certified mail to the faculty member's last known mailing address. If the notified faculty member(s) accepts the restored position(s), there will be no loss in tenure status. If the faculty member does not respond affirmatively by certified mail within ten (10) calendar days of receipt of such offer of reemployment, the Board's obligations hereunder shall be terminated. D. In situations where a faculty member is hired in one department and subsequently moved or deemed qualified to teach in another department, the faculty member will be listed in both departments provided they are qualified to teach pursuant to Article 39.

  • Reduction in Purchase Price Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it in its sole discretion shall determine to be advisable in order that any consolidation or subdivision of the Preferred Shares, issuance wholly for cash of any of the Preferred Shares at less than the current market price, issuance wholly for cash of Preferred Shares or securities which by their terms are convertible into or exchangeable for Preferred Shares, dividends on Preferred Shares payable in Preferred Shares or issuance of rights, options or warrants referred to hereinabove in this Section 11, hereafter made by the Company to holders of its Preferred Shares shall not be taxable to such stockholders.

  • Reduction of Servicing Compensation in Connection with Prepayment Interest Shortfalls In the event that any Mortgage Loan is the subject of a Prepayment Interest Shortfall, the Servicer shall, from amounts in respect of the Servicing Fee for such Distribution Date, deposit into the Collection Account, as a reduction of the Servicing Fee for such Distribution Date, no later than the Servicer Remittance Date immediately preceding such Distribution Date, an amount up to the Prepayment Interest Shortfall; provided that the amount so deposited shall not exceed the Compensating Interest for such Distribution Date. In case of such deposit, the Servicer shall not be entitled to any recovery or reimbursement from the Depositor, the Trustee, the Issuing Entity or the Certificateholders. With respect to any Distribution Date, to the extent that the Prepayment Interest Shortfall exceeds Compensating Interest (such excess, a "Non-Supported Interest Shortfall"), such Non-Supported Interest Shortfall shall reduce the Current Interest with respect to each Class of Certificates, pro rata based upon the amount of interest each such Class would otherwise be entitled to receive on such Distribution Date. Notwithstanding the foregoing, there shall be no reduction of the Servicing Fee in connection with Prepayment Interest Shortfalls related to the Relief Act or bankruptcy proceedings and the Servicer shall not be obligated to pay Compensating Interest with respect to Prepayment Interest Shortfalls related to the Relief Act or bankruptcy proceedings.

  • Reduction in Hours (a) Reduction in hours shall be based on seniority, providing that affected employees have the qualifications to perform the work that is available and that licensing standards can be maintained. (b) Any regular employee offered a reduction of hours shall have the right to choose layoff as per Article 13.3. (c) Any regular employee offered a reduction of hours shall be given two (2) weeks’ notice of the reduction.

  • Reduction of Total Commitment The Borrower shall have the right at ----------------------------- any time and from time to time upon five (5) Business Days prior written notice to the Agent to reduce by $2,500,000 or an integral multiple of $500,000 in excess thereof or terminate entirely the Total Commitment, whereupon the Commitments of the Banks shall be reduced pro rata in accordance with their --- ---- respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated. Promptly after receiving any notice of the Borrower delivered pursuant to this (S)2.3, the Agent will notify the Banks of the substance thereof. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Banks the full amount of any commitment fee then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.