Effect of Reductions Sample Clauses

Effect of Reductions. After each such reduction, the Commitment Fee shall be calculated upon the Revolving Credit Commitments of the Banks as so reduced, and the amount of the reduction of the Revolving Credit Commitments may not be reinstated.
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Effect of Reductions. The portion of the Revolving Credit Commitment so terminated pursuant to the preceding item (ii) shall no longer be available for borrowing and, as of the effective date of any such reduction, the Commitment Fee shall no longer be payable on the portion so terminated. Simultaneously with each voluntary permanent reduction, the Borrower shall make a payment of the outstanding Revolving Credit Loans equal to the excess, if any, of (A) the aggregate principal amount of the Outstanding Revolving Credit Amount over (B) the Revolving Credit Commitment, as so reduced. Notice of a reduction, once given, shall be irrevocable. All such reductions shall be without penalty or premium (except for amounts owing pursuant to Section 2.2g, if any).
Sample 1Sample 2See All (5)
Effect of Reductions. Simultaneously with each voluntary permanent -------------------- reduction, the Borrower shall make a payment of the outstanding Loans equal to the excess, if any, of (A) the aggregate principal amount of the outstanding Loans and the Stated Amount of any Letters of Credit over (B) the Commitment, as so reduced. Notice of a reduction, once given, shall be irrevocable. All such reductions shall be without penalty or premium (except for amounts owing pursuant to Subsection 2.2e, if any).
Sample 1See All (5)
Effect of Reductions. Simultaneously with each voluntary permanent reduction of the Committed Revolving Line, Borrower shall make a payment of the outstanding Advances equal to the excess, if any, of (A) the aggregate principal amount of the outstanding Advances and the face amount of any outstanding and undrawn Letters of Credit which are not cash collateralized over (B) the maximum principal amount of the Committed Revolving Line, as so reduced. Notice of a reduction, once given, shall be irrevocable. All such reductions shall be without penalty or premium.
Sample 1
Effect of Reductions. Any unscheduled reduction of the Revolving Credit Amount pursuant to clause (b) of Section 2.1.3 or pursuant to Section 2.1.4 shall reduce the Credit Reduction Amounts for subsequent Credit Reduction Dates as follows: 25% of such reduction shall reduce the Credit Reduction Amounts for subsequent Credit Reduction Dates in the order of their occurrence; and 75% of such reduction shall reduce the Credit Reduction Amounts for subsequent Credit Reduction Dates in the inverse order of their occurrence. Any unscheduled reduction of the Revolving Credit Amount pursuant to clause (c) of Section 2.1.3 shall reduce the Credit Reduction Amount for each subsequent Credit Reduction Date by $5,000 for each business location sold pursuant to the proviso in Section 5.12(b).
Sample 1
Effect of Reductions. In the event the Borrowers exercise their option to reduce the Lenders' Commitment in accordance with subsection (a) hereof, such reduction shall be allocated in the following order: (1) First, the first $10,000,000.00 in the aggregate shall be allocated to Commitment reductions on the Maturity Date or required under Section 1.1 in the inverse order of such reduction. (2) Second, any reduction in excess of $10,000,000.00 will be allocated to the next quarterly Commitment reductions required under Section 1.1. For example, in the event Borrowers exercise their option to reduce the Lenders' Commitment by $12,500,000.00, the first $10,000,000.00 would be allocated to the last reductions of the Lenders' Commitment and the $2,500,000.00 balance and any reduction thereafter would be allocated toward the next quarterly reductions required under Section 1.1. In other words, the Commitment would not be reduced on the first Business Day of the following quarter, having already been reduced in accordance herewith.
Sample 1
Effect of Reductions. The portion of the Revolving Credit Commitment so terminated pursuant to the preceding items (i), (ii), (iii) and (iv) shall no longer be available for borrowing and, as of the effective date of any such reduction, the Commitment Fee shall no longer be payable on the portion so terminated. Simultaneously with each mandatory or voluntary permanent reduction, the Borrower shall make a payment of the outstanding Loans equal to the excess, if any, of (A) the aggregate principal amount of the outstanding Loans over (B) the Revolving Credit Commitment, as so reduced. Notice of a reduction, once given, shall be irrevocable. All such reductions shall be without penalty or premium (except for amounts owing pursuant to Section 2.2, if any).
Sample 1
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Effect of Reductions. The portion of the Commitments so terminated pursuant to subsection 2.9(b) shall no longer be available for borrowing or the issuance of Letters of Credit and, as of the effective date of any such reduction, any Revolving Credit Commitment Fee shall no longer be payable on the portion so terminated. Simultaneously with each voluntary permanent reduction of the Revolving Credit Commitment, the Borrower shall make a payment on the outstanding Revolving Credit Loans equal to the excess, if any, of the aggregate principal amount of the outstanding Revolving Credit Loans and the face amount of Revolving Credit Letters of Credit outstanding at such time over the Revolving Credit Commitment, as so reduced. Notice of a reduction, once given, shall be irrevocable. Except as otherwise provided in subsection 2.9(b), all such reductions shall be without penalty or premium (except for amounts owing pursuant to Section 2.14, if any).
Sample 1
Effect of Reductions. After each such reduction of the maximum amount of credit available for Loans and Letters of Credit under Section 2.1 and 2.9 and corresponding dollar-for-dollar reduction of the Revolving Credit Commitments, the Commitment Fee shall be calculated upon the Revolving Credit Commitments of the Banks as so reduced, and the amount of the reduction of the maximum amount of credit available for Loans and Letters of Credit under Section 2.1 and 2.9 and the Revolving Credit Commitments shall not be reinstated.
Sample 1

Related to Effect of Reductions

  • Effect of Redemption If the Board of Directors elects or is deemed to have elected to redeem the Rights, (i) the right to exercise the Rights will thereupon, without further action and without notice, terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price, and (ii) subject to Subsection 5.1(f) no further Rights shall be issued.

  • Effect of Notice of Redemption Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. A notice of redemption may not be conditional.

  • Effect of Review Interconnected Transmission Owner's and Transmission Provider’s reviews of Interconnection Customer's initial drawings of the Customer Interconnection Facilities shall not be construed as confirming, endorsing or providing a warranty as to the fitness, safety, durability or reliability of such facilities or the design thereof. At its sole cost and expense, Interconnection Customer shall make such changes to the design of the Customer Interconnection Facilities as may reasonably be required by Transmission Provider, in consultation with the Interconnected Transmission Owner, to ensure that the Customer Interconnection Facilities meet Applicable Standards and, to the extent that design of the Customer Interconnection Facilities is included in the Facilities Study, to ensure that such facilities conform with the Facilities Study.

  • Effect of Restatement This Agreement shall, except as otherwise expressly set forth herein, supersede the First Restated Credit Agreement from and after the Second Restatement Date with respect to the transactions hereunder and with respect to the Loans and Letters of Credit outstanding under the First Restated Credit Agreement as of the Second Restatement Date. The parties hereto acknowledge and agree, however, that (a) this Agreement and all other Loan Documents executed and delivered herewith do not constitute a novation, payment and reborrowing or termination of the Obligations under the First Restated Credit Agreement and the other Loan Documents as in effect prior to the Second Restatement Date, (b) such Obligations are in all respects continuing with only the terms being modified as provided in this Agreement and the other Loan Documents, (c) the liens and security interests in favor of the Agent for the benefit of the Secured Parties securing payment of such Obligations are in all respects continuing and in full force and effect with respect to all Obligations and (d) all references in the other Loan Documents to the Credit Agreement shall be deemed to refer without further amendment to this Agreement.

  • Method and Effect of Redemption (a) If the Company elects to redeem Notes, they must notify the Trustee of the redemption date and the principal amount of Notes to be redeemed by delivering an Officer’s Certificate at least 60 days before the redemption date (unless a shorter period is satisfactory to the Trustee). If fewer than all of the Notes are being redeemed, the Officer’s Certificate must also specify a record date not less than 10 days after the date of the notice of redemption is given to the Trustee, and the Trustee will select the Notes to be redeemed pro rata, by lot or by any other method the Trustee in its sole discretion deems fair and appropriate (and in the case of Global Notes, in accordance with the applicable procedures of DTC), in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof; provided that no note of an unauthorized denomination shall remain outstanding after such redemption. The Trustee will notify the Company promptly of the Notes or portions of Notes to be called for redemption. Notice of redemption must be sent by the Company or at the Company’s request given at least five days prior to the date such notice is to be sent (or such shorter period as is acceptable to the Trustee), by the Trustee in the name and at the expense of the Company, to Holders whose Notes are to be redeemed and the Trustee at least 10 days but not more than 60 days before the redemption date. (b) The notice of redemption will identify the Notes to be redeemed and will include or state the following: (1) the redemption date; (2) the redemption price, including the portion thereof representing any accrued interest; (3) the place or places where Notes are to be surrendered for redemption; (4) Notes called for redemption must be so surrendered in order to collect the redemption price; (5) on the redemption date the redemption price will become due and payable on Notes called for redemption, and interest on Notes called for redemption will cease to accrue on and after the redemption date; (6) if any Note is redeemed in part, on and after the redemption date, upon surrender of such Note, new Notes equal in principal amount to the unredeemed portion will be issued; and (7) if any Note contains a CUSIP or CINS number, no representation is being made as to the correctness of the CUSIP or CINS number either as printed on the Notes or as contained in the notice of redemption and that the Holder should rely only on the other identification numbers printed on the Notes. (c) Once notice of redemption is sent to the Holders, Notes called for redemption become due and payable at the redemption price on the redemption date, and upon surrender of the Notes called for redemption, the Company shall redeem such Notes at the redemption price. Commencing on the redemption date, Notes redeemed will cease to accrue interest. Upon surrender of any Note redeemed in part, the Holder will receive a new Note equal in principal amount to the unredeemed portion of the surrendered Note. (d) Notice of any redemption, whether in connection with an Equity Offering, other transaction or otherwise, may, at the Company’s discretion, be given prior to the completion of a corporate transaction (including an Equity Offering, an Incurrence of Debt, a Change of Control or other corporate transaction) and any redemption notice may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a related transaction. If such redemption or purchase is so subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date as so delayed. In addition, the Company may provide in such notice that payment of the redemption price and performance of the Company’s obligations with respect to such redemption may be performed by another Person. The Company and its Affiliates may acquire the Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise.

  • Effect of the Plan This Award is subject to all of the provisions of the Plan and this Agreement, together with all of the rules and determinations from time to time issued by the Committee and/or the Board pursuant to the Plan, including the restrictions in the Plan on the transferability of awards. In the event of a conflict between any provision of the Plan and this Agreement, the provisions of this Agreement shall control but only to the extent such conflict is permitted under the Plan. By accepting this Award, the Participant acknowledges that he or she has received a copy of the Plan and agrees that the Participant will enter into such written representations, warranties and agreements and execute such documents as the Company may reasonably request in order to comply with applicable securities and other applicable laws, rules or regulations, or with this document or the terms of the Plan.

  • Effect of Absence Where any leave of absence without pay exceeds thirty (30) continuous calendar days, the following shall apply: (a) The Employer shall pay its share of the health and welfare benefits for the calendar month in which the leave commences and in the month immediately following. (b) If the leave of absence exceeds thirty (30) consecutive calendar days, benefit coverage may be continued by the employee, provided that she pays the total cost of the premiums to the Employer for each monthly period in excess of the thirty (30) consecutive calendar days leave of absence except as modified by (a). (c) Benefits will accrue from the date of return to employment following such leave of absence. (d) The employee's anniversary date for salary increases shall be adjusted by the period of time in excess of the thirty (30) continuous calendar days, and the new anniversary date shall prevail thereafter. (e) Seniority, service, vacation credits or any other benefits under any provision of the collective agreement or elsewhere will not accumulate, but will remain fixed at the amount held at the commencement of the leave. (f) Notwithstanding the above, the Employer shall continue to pay its share of the premium for the benefit plans for employees who are on paid leave of absence or WSIB, and will continue to pay its share of the premium for the benefit plans in accordance with the Employment Standards Act for employees who are on pregnancy/parental leave (currently a maximum of eighteen (18) months) or family medical leave (currently a maximum of twenty-eight (28) weeks in a fifty-two (52) week period) or emergency leave (currently a maximum of three (3) unpaid sick leave days for personal illness, three (3) unpaid family responsibility leave days for family member illness or other urgent matters, and two (2) unpaid bereavement leave days per year). It is understood that the obligation of the Employer to pay its share of the health and welfare benefits while an employee is on WSIB shall continue only so long as the employment relationship continues or thirty months, whichever occurs first unless prohibited by legislation. For purposes of this provision, it is understood and agreed that any absence under Article 14.01 shall be considered a leave with pay. (g) It is understood that an employee who chooses to continue benefits under (a), (b) or (f) above shall provide the Employer with payment for the amount required on or before the first day of the month in which payment is due. (h) Notwithstanding 11.10 (e), when an employee is on an educational leave under Article 11.03 above, she will continue to accumulate seniority for up to one (1) academic year. The employee will have the option of remaining in the benefits plans provided she pays the total cost of such benefit premiums subject to clause (a) above. Seniority for part-time will be based on average hours over the last twenty-six (26) weeks prior to Leave of Absence. (i) In cases of absences for pregnancy and parental leave under the Employment Standards Act, seniority and service shall accrue for the duration of the leave and the Employer will maintain its share of the insured benefit premiums provided the employee issues a cheque to the Employer covering her portion of the premiums each month in advance. The Union and the Employer agree to abide by the Human Rights Code.

  • Effect of Agreement Nothing herein contained shall be deemed to require to the Trust to take any action contrary to its Declaration of Trust or its By-Laws or any applicable law, regulation or order to which it is subject or by which it is bound, or to relieve or deprive the Trustees of the Trust of their responsibility for and control of the conduct of the business and affairs of the Trust.

  • Effect of Withdrawal The Company shall not be dissolved by the dissolution or other event of withdrawal of a Member if any Member remains to carry on the business of the Company.

  • Limitation on Claims No claim seeking an adjustment in the billing for any service, transaction, or charge under this Agreement, including any of the appendices, schedules or attachments to this Agreement, may be asserted with respect to a week or month, if more than one year has elapsed (a) since the first date upon which an invoice was rendered for that week or month, or (b) since the date upon which a changed or modified invoice was rendered for that week or month. The Party responsible for issuing an invoice may not, of its own initiative, issue a changed or modified invoice if more than one year has elapsed since the first date upon which an invoice was rendered for a week or month. A changed or modified invoice may be issued more than one year after the first date upon which an invoice was rendered for a week or month in order to correct for or address a timely-raised claim seeking an adjustment in the billing for any service, transaction, or charge under this Agreement.

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