Reduction Option definition
Reduction Option means a reduction option purchased by You to reduce potential liability as described in clause 22.
Reduction Option means the option offered to each holder of an Allowed Trade Vendor Claim in an amount equal to or less than $10,000 to receive $250 in full satisfaction, settlement, release, and discharge of and in exchange for such Claim.
Reduction Option has the meaning set out in Article 2.8.1.
Examples of Reduction Option in a sentence
If You return the Vehicle after the Return Time without thl’s permission, then, following a written demand by thl, thl may take steps to recover and repossess the vehicle and You will be charged for the late return at a rate equivalent to double the current daily rental charge for the Vehicle, plus the daily rate charge applicable to Your chosen Reduction Option.
If no MOU is agreed to by December 31, 2022 the University’s Article 31: 192 Phased Retirement proposal (June 15, 2022) will go to UA members for ratification in January 193 2023 with new sign ups ending January 1, 2024 for the Tenure Reduction Option (Section 4).
More Definitions of Reduction Option
Reduction Option has the meaning set forth in Section 2.1(n).
Reduction Option means, for a given Joint Development Program, a Product Reduction Option or a Program Reduction Option, as the case may be.
Reduction Option or “Reduction Premises”). If Tenant is not giving back all of the Fifth Floor 5A Premises, excluding the existing server room as described below, the Reduction Premises will be in a location that is reasonably acceptable to both Tenant and Landlord and such location that Landlord can separately demise from the premises at its sole cost. The effective date thereof (the “Second Reduction Date”) shall be a date selected by Tenant that is on or after November 30, 2015. Tenant may exercise its Reduction Option by delivering to Landlord written notice of Tenant’s intention to exercise such option at least twelve (12) months prior to Tenant’s proposed Second Reduction Date. Tenant’s exercise notice shall set forth the Second Reduction Date, and Tenant shall include therewith an amount (the “Second Reduction Fee”) equal to the unamortized amount as of the Second Reduction Date of the sum of (i) brokerage commissions paid or incurred by Landlord in connection with this Amendment attributable to the Reduction Premises (amortization period calculated from December 1, 2015 – April 30, 2021), (ii) the Refurbishment Allowance paid or incurred by Landlord prorated to the Reduction Premises (amortization period calculated from December 1, 2015 – April 30, 2021), and (iii) all abated Rent applicable to the Reduction Premises for the Rent Abatement Months that would have been payable had Minimum Rent been charged during such months at the rates in effect for the remainder of each applicable term; all of which costs shall be amortized at 0.0% interest over the remainder of the Initial Term from the date of each abated month. By example; if Tenant, exercises Tenant’s Space Reduction Option and gives up 7,982 RSF effective December 31, 2017, and has used the full Refurbishment Allowance, Tenant will pay a Second Reduction Fee equal to $100,491.10. Effective on the Second Reduction Date, the Premises area shall be decreased to constitute the Fourth Floor Premises (20,708 RSF), and Tenant shall surrender and return to Landlord all or a portion of the Fifth Floor 5A Premises (8,898 RSF) in its then-current “as-is” condition, broom clean, and with all of Tenant’s furniture, trade fixtures, and equipment removed therefrom. On and after the Second Reduction Date, appropriate changes shall be made to the Revised Minimum Monthly Rent and Tenant’s Pro Rata Share to reflect the new Premises Area (RSF) and Minimum Monthly Rent. Tenant’s Reduction Option shall automatically become null an...
Reduction Option shall have the meaning as set forth in Section 29.1.