Potential Reduction Sample Clauses

Potential Reduction. If any portion of the Severance Benefits or any other payment under this Agreement, or under any other agreement with, or plan of the Company or its subsidiaries or affiliates, including, without limitation, any stock option or similar right, or the lapse or termination of any restriction on or vesting or exercisability of any of the foregoing (in the aggregate, “Total Payments”) would constitute an “excess parachute payment” within the meaning of Section 280G of the Code and but for this Section, would be subject to the excise tax imposed by Section 4999 of the Code, then such Total Payments shall be either (i) delivered in full, or (ii) delivered as to the maximum extent which would result in no portion of such Total Payments being subject to excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999 or similar state or local law, results in the receipt by the Executive on an after-tax basis, of the greatest amount of Total Payments, notwithstanding that all or some portion of such Total Payments may be taxable under Section 4999 of the Code.
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Potential Reduction. The percent described above will be reduced by the same percentage if and to the extent the State narrows or eliminates the present "grandfathering" of District salary funding. The resulting percent will then constitute the State Percent Increase.
Potential Reduction. Notwithstanding the foregoing, if at the end of the first seventeen (17) months of the Lease Term (a) no Event of Default then exists, and (b) there has been no monetary Event of Default during such seventeen (17)-month period, then, upon the written request of Tenant, the face amount of the Letter of Credit may be reduced to $280,000.00, and immediately upon delivery to Landlord of a satisfactory replacement Letter of Credit in such reduced face amount but meeting all of the other requirements of this Exhibit “M,” the then existing Letter of Credit will be deemed canceled and shall be returned to Tenant. Furthermore, if at the end of the first twenty-nine (29) months of the Lease Term (a) no Event of Default then exists, and (b) there has been no monetary Event of Default during such twenty-nine (29)-month period, then, upon the written request of Tenant, the face amount of the Letter of Credit may be reduced to $210,000.00, and immediately upon delivery to Landlord of a satisfactory replacement Letter of Credit in such reduced face amount but meeting all of the other requirements of this Exhibit “M,” the then existing Letter of Credit will be deemed canceled and shall be returned to Tenant. Furthermore, if at the end of the first forty-one (41) months of the Lease Term (a) no Event of Default then exists, and (b) there has been no monetary Event of Default during such forty-one (41)-month period, then, upon the written request of Tenant, the face amount of the Letter of Credit may be reduced to $140,000.00, and immediately upon delivery to Landlord of a satisfactory replacement Letter of Credit in such reduced face amount but meeting all of the other requirements of this Exhibit “M,” the then existing Letter of Credit will be deemed canceled and shall be returned to Tenant. Furthermore, if at the end of the first fifty-three (53) months of the Lease Term (a) no Event of Default then exists and (b) there has been no monetary Event of Default during such fifty-three (53)-month period, then, upon the written request of Tenant, the face amount of the Letter of Credit may be reduced to $70,000.00, and immediately upon delivery to Landlord of a satisfactory replacement Letter of Credit in such reduced face amount but meeting all of the other requirements of this Exhibit “M,” the then existing Letter of Credit will be deemed canceled and shall be returned to Tenant. For purposes of this Section 9, “monetary Event of Default” shall mean late payment of Rent. IRR...
Potential Reduction. Notwithstanding any of the foregoing, provided Tenant is not then in Default, and has made timely and complete payments of Rent for each of the preceding twelve (12) months, then the Security Deposit shall be reduced by $533,000 each year (but in any event, not below $601,000), provided that the first possible reduction thereof shall in no event occur prior to the date that is thirteen (13) months from the first day of the first month immediately following the Commencement Date. If the Security Deposit is in the form of a Letter of Credit which is not self-reducing, then Tenant may (but shall not be required to) deliver to Landlord (i) in cooperation with Landlord, an endorsement to the Letter of Credit evidencing such reduction or (ii) a replacement letter of credit in the applicable reduced amount (in the same form as the Letter of Credit).
Potential Reduction. If as of the first year anniversary of the Commencement Date and as of each anniversary of the Commencement Date thereafter (each a “Potential Reduction Date”), no default under the Lease by Tenant has occurred at any time, Tenant may reduce the amount of the Security Deposit (each a “Reduction”) by $144,556.25 (i.e., reduce to $1,011,893.75 at the beginning of month 13 of the Lease Term, to $867,337,50 at the beginning of month 25 of the Lease Term, etc.). In no event shall the Security Deposit be further reduced to an amount below $0.00. If the Security Deposit is in the form of a Letter of Credit, such Reduction(s) shall be effected either by Tenant exchanging a replacement Letter of Credit meeting the requirements of this Section 6 in the reduced amount for the existing Letter of Credit, or by the issuing bank delivering an amendment to the Letter of Credit reducing the amount thereof (but which does not otherwise amend or modify same), which Landlord shall promptly countersign or authorize in writing if required by the issuing bank. In the event the Security Deposit is in cash, such Reduction(s) shall be effected by Landlord applying the amount of the applicable Reduction to the Base Rent next coming due after the applicable Potential Reduction Date. Upon such Reduction(s), the term “Security Deposit,” as used herein, shall automatically be deemed to refer only to the amount being held by Landlord as a Security Deposit after such Reduction(s).

Related to Potential Reduction

  • PERSONNEL REDUCTION 1. When the District deems a reduction in force is necessary, it shall provide notification to the Union no later than notification is provided to the affected employees. Meetings with the Union for discussion of the effects of the proposed reduction will be scheduled upon request. Reductions shall be accomplished in accordance with the following provisions: A. Requests shall be made for volunteers in the affected classifications within the division. Management reserves the right to reject volunteers based on business needs. B. Any employee subject to layoff can accept and/or request a voluntary demotion to a lower classification that they are qualified to fill providing a position vacancy exists. C. Temporary positions within the affected classification, within the division, shall first be eliminated. D. Probationary employees in the affected classification, within the division, shall be subject to layoff before layoff of regular full-time employees. E. Part time employees in the affected classification, within the division, shall be subject to layoff before regular full-time employees. 2. The determination regarding a layoff of regular full-time employees shall be based on the following criteria applied to the affected division(s): A. Seniority within the classification. B. In the event two (2) or more employees have the same classification seniority, District seniority will be used. C. In the event two or more employees have the same seniority, in the classification and within the district, active discipline history will be considered. In the event no discipline is documented, the last four digits of the social security number will be used retaining the employee with the highest number. D. An employee subject to layoff can move back to the most recently held vacant position within the classification series within the division. If the position is held by another employee, the person with the most classification series seniority retains the position. E. An employee subject to layoff can move back to the most recently held vacant position. If the position is held by another employee, the person with the most District seniority retains the position. F. An employee subject to layoff that moves into a lower paid position will receive a minimum 5% reduction in pay, not to exceed the top of the lower position pay scale. 3. Employees laid off under this collective bargaining agreement shall receive at least six (6) weeks' notice, payment in lieu of notice, or any combination of notice and payment. A copy of this notice will be provided to the Union. 4. Reduction in Force Appeal Committee A. Concurrent with the announcement of a reduction in force, an appeals committee will be formed. The Union and the District will each select two (2) representatives who in turn will select a fifth member who shall serve as the chairperson of the committee. B. Employees subject to reduction in force may, within five (5) working days of receipt of notice, request an appeal in writing to the Union and/or HR Director to review the facts related to their individual concerns related to the process. C. Within ten (10) working days of receipt of the appeal, the committee shall review, investigate, and receive statements from the appealing employee, the division director, and/or any other relevant persons as determined by the committee. The committee will serve as an advisory committee to the Chief Health Officer and recommend action as they may agree upon. The committee shall submit a statement of findings to the Chief Health Officer within ten (10) working days of the review. The committee shall also state a recommended action upon a majority vote of the committee members. D. The Chief Health Officer shall review the committee's report and issue a decision that either accepts or rejects the recommendation or, at his/her discretion, directs the implementation of some other action. The decision of the Chief Health Officer is final and binding.

  • Financial Reductions Notwithstanding any other provision of this Agreement, and at the discretion of the Funder, the HSP may be subject to a financial reduction in any of the following circumstances: its CAPS is received after the due date; its CAPS is incomplete; the quarterly performance reports are not provided when due; or financial or clinical data requirements are late, incomplete or inaccurate, where the errors or delay were not as a result of Funder actions or inaction or the actions or inactions of persons acting on behalf of the Funder. If assessed, the financial reduction will be as follows: if received within 7 Days after the due date, incomplete or inaccurate, the financial penalty will be the greater of (1) a reduction of 0.02 percent (0.02%) of the Funding; or (2) two hundred and fifty dollars ($250.00); and for every full or partial week of non-compliance thereafter, the rate will be one half of the initial reduction.

  • Optional Reductions The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Revolving Commitments, or from time to time permanently reduce the Aggregate Revolving Commitments to an amount not less than the Outstanding Revolving Amount of Revolving Loans, Swing Line Loans and L/C Obligations; provided that (i) any such notice shall be received by the Administrative Agent not later than 1:00 p.m., five (5) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $2,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall not terminate or reduce (A) the Aggregate Revolving Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Aggregate Revolving Commitments, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Revolving Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, or (C) the Swing Line Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding Revolving Amount of Swing Line Loans would exceed the Swing Line Sublimit.

  • Potential Change in Control A “Potential Change in Control” shall exist during any period in which the circumstances described in paragraphs (a), (b), (c) or (d), below, exist (provided, however, that a Potential Change in Control shall cease to exist not later than the occurrence of a Change in Control): (a) The Company enters into an agreement, the consummation of which would result in the occurrence of a Change in Control, provided that a Potential Change in Control described in this paragraph (a) shall cease to exist upon the expiration or other termination of all such agreements; (b) Any Person (without regard to the exclusions set forth in subsections (i) through (iv) of such definition) publicly announces an intention to take or to consider taking actions the consummation of which would constitute a Change in Control; provided that a Potential Change in Control described in this paragraph (b) shall cease to exist upon the withdrawal of such intention, or upon a determination by the Board that there is no reasonable chance that such actions would be consummated; (c) Any Person becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 20% or more of either the then outstanding shares of common stock of the Company or the combined voting power of the Company’s then outstanding securities; (d) The Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control exists; provided that a Potential Change in Control described in this paragraph (d) shall cease to exist upon a determination by the Board that the reasons that gave rise to the resolution providing for the existence of a Potential Change in Control have expired or no longer exist.

  • WORKFORCE REDUCTION SECTION 1 Layoffs (A) When employees are to be laid off as defined in the F.S., the state shall implement such layoff in the following manner: (1) The competitive area for the bargaining unit shall be statewide unless the Department and PBA agree otherwise. (2) Layoff shall be by class or occupational level within the Security Services Bargaining Unit. (3) An employee who has not attained permanent status in his current position may be laid off without applying the provision for retention rights. (4) No employee with permanent status in his current position shall be laid off while an employee who does not hold permanent status in his current position is serving in that class or level unless the permanent employee does not elect to exercise his retention rights or does not meet the selective competition criteria. (5) All employees who have permanent status in their current positions shall be ranked on a layoff list for the affected class or level based on the total retention points derived as follows: (a) Length of service retention points shall be based on one point for each month of continuous service in a Career Service position. 1. An employee who resigns from one Career Service position to accept employment in another Career Service position is not considered to have a break in service. 2. An employee who has been laid off and is reemployed within one year from the date of the layoff shall not be considered to have a break in service. 3. Moving from Career Service to Selected Exempt Service or Senior Management Service and back to Career Service does not constitute a break in service unless the employee’s break in service is more than 31 calendar days. Only time spent in the Career Service is counted in calculating retention points. (b) Retention points deducted for performance not meeting performance standards or work expectations defined for the position shall be based on the five years immediately prior to the agency’s established cutoff date. Five points shall be deducted for each month an employee has a rating below performance expectations. (6) The layoff list shall be prepared by totaling retention points. Employees eligible for veterans’ preference pursuant to section 295.07(1)(a) or (b), F.S., shall have 15 percent added to their total retention points, those eligible pursuant to section 295.07(1)(c), (d), or (e), F.S., shall have 10 percent added to their total retention points, and those eligible pursuant to section 295.071(1)(f), or (g), F.S., shall have five percent added to their total retention points. (7) The employee with the highest total retention points is placed at the top of the list, and the employee with the lowest retention points is placed at the bottom of the list. (8) The employee at the top of the list shall bump the employee at the bottom of the list. The next highest employee on the list and the remaining employees shall be handled in the same manner until the total number of filled positions in the class to be abolished is complete. (9) Should two or more employees have the same combined total of retention points, the order of layoff shall be determined by giving preference for retention in the following sequence: (a) The employee with the longest service in the affected class. (b) The employee with the longest continuous service in the Career Service. (c) The employee who is entitled to veterans’ preference pursuant to section 295.07(1), F.S. (10) An employee who has permanent status in his current position and is to be laid off shall be given at least 14 calendar days’ notice of such layoff or two weeks’ pay, or a combination of days of notice and pay. Any payment will be made at the employee’s current hourly base rate of pay. The notice of layoff shall be in writing and sent to the employee by certified mail, return receipt requested. Within seven calendar days after receiving the notice of layoff, the employee shall have the right to request, in writing, a lateral action, reassignment, or demotion within the competitive area in lieu of layoff to a position in a class within the bargaining unit in which the employee held permanent status, or to a position in a class at the level of or below the class in the bargaining unit in which the employee held permanent status. (11) An employee’s request for lateral action, reassignment, or demotion shall be granted unless it would cause the layoff of another employee who possesses a greater total of retention points. (12) An employee adversely affected as a result of another employee having a greater number of retention points shall have the same right of lateral action, reassignment or demotion under the same procedure as provided in this section. (13) If an employee requests a lateral action, reassignment, or demotion in lieu of layoff, the same formula and criteria for establishing retention points for that class shall be used as prescribed in this section. (B) If there is to be a layoff of employees, the state shall take all reasonable steps to place any adversely affected employees in existing vacancies for which they are qualified. (C) If work performed by employees in this unit is to be performed by non-state employees, the state agrees to encourage the employing entity to consider any adversely affected unit employees for employment in its organization if the state has been unable to place the employees in other positions within the State Personnel System.

  • Staff Reduction 11.1 When a reduction within the District is needed, the affected employee(s) and the Association will be notified as to which position(s) will be eliminated or reduced at least fourteen (14) calendar days prior to the reduction. 11.2 When a reduction within the District is needed, the Board will determine which position(s) will be eliminated or reduced. An employee whose position will be eliminated or reduced shall have the right to displace an employee in his/her present job classification or another job classification in accordance with the following: a. The laid off or reduced employee has greater seniority than the employee to be displaced. b. The laid off or reduced employee had an equal or greater number of hours in his/her regular schedule than the employee to be displaced. c. The laid off or reduced employee presently has the necessary qualifications to perform the work. d. The laid off or reduced employee elects to exercise his/her displacement rights within five (5) working days of notification of his/her layoff or reduction. An employee displaced under this section is also entitled to displacement rights under this section. 11.3 When filling vacancies which occur after a reduction in staff, laid off bargaining unit members who have been released less than two (2) years, shall be recalled in the order of seniority, with the most senior member being recalled first to any position for which he/she is qualified. Effective July 1, 1991, newly hired bargaining unit members shall be subject to recall for two (2) years. If the employee fails to report to work within ten (10) working days from the receipt of the recall notice via certified or registered mail, that person shall be considered a voluntary terminated employee. However, if an employee is recalled to a position of lesser hours, he/she shall have the option to refuse the position and shall not be removed from the recall list as a result of this action. 11.4 An employee may elect to accept layoff rather than exercise his/her bumping rights. 11.5 For the purposes of this agreement, qualified shall be defined as capable of skillfully and efficiently performing the job duties as summarized in the job description in a competent manner with minimal instruction. The District reserves the right to test employees as needed. Qualified includes the following: a. Any licenses, certification and training necessary to perform the job, and b. demonstrated skills and merits. The most senior qualified employee shall be selected, excepting that a less senior candidate may be selected if he/she has greatly superior training and skills. The burden of proof of greatly superior training and skills shall be on the Board.

  • Reduction of Compensation If the Firm fails to meet the submission date by less than thirty days for the draft report and/or working papers submitted to the Office of the State Auditor for review and approval or by less than thirty days from the completion date for the final reports and/or corrections to the working papers prescribed herein, the District may, with the consent of the Office of the State Auditor, reduce the agreed compensation by an amount not to exceed ten percent of the total contract price for the applicable fiscal year. If reports and/or corrections to the working papers are overdue by 30 days or more, the District may reduce, with the consent of the Office of the State Auditor, the agreed compensation by an amount not to exceed twenty percent of the total contract price for the Rev. 10/20 applicable fiscal year.

  • Voluntary Termination or Reduction The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments pursuant to this Section 2.06(b) shall be in an amount that is $5,000,000 or a larger multiple of $1,000,000 in excess thereof and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.08, the total Revolving Credit Exposures would exceed the total Commitments.

  • Demotion A demotion shall mean the transfer of an employee to a lower level position of less responsibility as well as salary.

  • Reduction A. No regular employee or limited-term regular employee shall be reduced to a position in a lower class for reasons of unsatisfactory performance or physical disability except for reasonable cause. B. A written notice of such reduction stating specifically the cause of the reduction shall be given to the employee. C. In accordance with the provisions of Article X, an appeal of reduction for reasons of unsatisfactory performance or physical disability shall be initiated at the Step 2 of the grievance/appeal procedure; except for reductions imposed by the County Executive Officer which may be referred directly to arbitration.

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