Primary Reduction Clause Samples

The Primary Reduction clause establishes the conditions under which a party's obligations or liabilities are reduced, typically in response to a specific event or fulfillment of certain criteria. In practice, this clause might apply to the reduction of payment amounts, debt, or other contractual duties if a triggering event occurs, such as partial performance or the receipt of a third-party payment. Its core function is to ensure that parties are not held to the original full extent of their obligations when circumstances justify a proportional decrease, thereby allocating risk and providing fairness in changing situations.
Primary Reduction. Any requirement to force a Reduction shall take place in reverse order of seniority, with the following exceptions: i) A senior Pilot holding an Awarded Position wherein there is a requirement for a Reduction, may take the displacement of the most senior Displaced Pilot in the same Position to any Position in the system that the most senior Displaced Pilot’s seniority would entitle him to hold in accordance with the more senior Pilot’s ESPB. This more senior Pilot shall not hold a reinstatement right to his current awarded Position. The provisions of Section 21-4 (INVOLUNTARY MOVE) shall apply.
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Primary Reduction. Any requirement to force a Reduction will take place in reverse order of seniority, with the following exceptions, where a Pilot who has been reduced is able to increase his Status as a result of the Reduction: In this case Pilots in order of seniority in that Status and Base would be allowed to bid for the Reduction that would have increased the originally reduced Pilots Status. However, the Pilot exercising the above option can only bid into the that the originally reduced Pilot could have held. The Pilot will displace according to his standing bid on file as of the closing date of the primary Reduction bulletin subject only to any qualifications as to the minimum number of Positions below him at the time of the Reduction assignment.
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Primary Reduction. Any requirement to force a Reduction shall take place in reverse order of seniority, with the following exceptions:
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Primary Reduction. Any requirement to force a reduction will take place in reverse order of seniority. The pilot will displace according to his standing bid on file as of the closing date of the primary reduction bulletin subject only to any qualifications as to the minimum number of POSITIONS below him at the time of the reduction assignment.
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Related to Primary Reduction

  • Salary Reduction A reduction in pay from one step to another, which is not below the minimum rate established for the position by the salary plan. A copy of the notice of reduction shall be sent promptly to the City Manager Department for inclusion in the employee's official personnel file.

  • Voluntary Reduction The Borrower shall have the right at any time and from time to time, upon at least five (5) Business Days prior written notice to the Administrative Agent, to permanently reduce, without premium or penalty, (i) the entire Revolving Credit Commitment at any time or (ii) portions of the Revolving Credit Commitment, from time to time, in an aggregate principal amount not less than $3,000,000 or any whole multiple of $1,000,000 in excess thereof. Any reduction of the Revolving Credit Commitment shall be applied to the Revolving Credit Commitment of each Revolving Credit Lender according to its Revolving Credit Commitment Percentage. All Commitment Fees accrued until the effective date of any termination of the Revolving Credit Commitment shall be paid on the effective date of such termination.

  • Voluntary Reductions The Borrower shall have the right to terminate or permanently reduce the unused portion of the Revolving Committed Amount at any time or from time to time upon not less than five (5) Business Days’ prior written notice to the Administrative Agent (which shall notify the Lenders thereof as soon as practicable) of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction which shall be in a minimum amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof and shall be irrevocable and effective upon receipt by the Administrative Agent; provided that no such reduction or termination shall be permitted if after giving effect thereto, and to any prepayments of the Revolving Loans made on the effective date thereof, the sum of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations would exceed the Revolving Committed Amount then in effect.

  • Mandatory Reduction At the close of business on the Termination Date, the aggregate Commitments shall be automatically and permanently reduced, on a pro rata basis, by an amount equal to the amount by which the aggregate Commitments immediately prior to giving effect to such reduction exceed the aggregate unpaid principal amount of the Committed Advances then outstanding.

  • Mandatory Reductions If after giving effect to any reduction or termination of Revolving Commitments under this Section 2.06, the Letter of Credit Sublimit or the Swing Line Sublimit exceed the Aggregate Revolving Commitments at such time, the Letter of Credit Sublimit or the Swing Line Sublimit, as the case may be, shall be automatically reduced by the amount of such excess.