Reduction in Security Sample Clauses

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.
Sample 1
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.
Sample 1
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.
Sample 1
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.
Sample 1

Related to Reduction in Security

  • REDUCTION IN STAFF 15.1 Procedure According to provisions of Missouri Statute 168.124, the Board of Education may place on leave of absence as many teachers as necessary because of decrease in enrollment, school district reorganization, or financial conditions. Whenever the Board anticipates a reduction in teaching staff, the superintendent or his/her designee will notify the officials of the Association concerning the anticipated reduction in the teaching staff. A meeting between the Association officials and the superintendent or his/her designee will be scheduled for purposes of discussing the proposed reduction in staff within two weeks (2) following the above notification. Individual teachers will not be contacted prior to the above meeting. In placing teachers on leave, the Board shall be governed by the following provisions: a. Teachers placed on leave of absence as herein provided shall be considered to be on "unrequested leave of absence." b. Seniority for the purposes of this reduction shall be defined as continuous full-time, complete years of employment in the school district. Authorized leaves of absence shall not be considered interruptions in service. Seniority date shall be the date of Board approval of the teacher's initial contract with the district. A district-wide seniority list including all areas of certification for each teacher shall be established and kept current. (Definition of official hire date: The most recent uninterrupted continuous full-time employment as a teacher.) c. No permanent teacher shall be placed on unrequested leave of absence while probationary teachers are retained in positions for which a permanent teacher is certified. d. Permanent teachers shall be retained on the basis of merit and qualification. The following criteria will be used to determine merit and qualifications for the purpose of reduction in staff. 1. Educational placement on the salary schedule. 2. Areas of permanent certification. 3. Activities beyond the teaching contract. 4. Related teaching experience. 5. Effectiveness in the field or at the grade level. If one or more teachers are determined to have equal merit and qualifications, those teachers shall be ranked in order of seniority as defined in b., with the more senior teacher to be considered more meritorious and qualified.

  • 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.

  • Reduction in scope of agreement for fault 19.1.1 If the Grantee does not comply with an obligation under this Agreement and the Commonwealth believes that the non‐compliance is incapable of remedy, or if the Grantee has failed to comply with a notice to remedy, the Commonwealth may by written notice reduce the scope of the Agreement. 19.1.2 The Grantee agrees, on receipt of the notice of reduction, to: (a) stop or reduce the performance of the Grantee’s obligations as specified in the notice; (b) take all available steps to minimise loss resulting from the reduction; (c) continue performing any part of the Activity or the Agreement not affected by the notice if requested to do so by the Commonwealth; (d) report on, and return any part of the Grant to the Commonwealth, or otherwise deal with the Grant, as directed by the Commonwealth. 19.1.3 In the event of reduction under clause 19.1.1, the amount of the Grant will be reduced in proportion to the reduction in the scope of the Agreement.

  • 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.

  • Termination or Reduction of Aggregate Revolving Commitments 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; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. three (3) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $500,000 or any whole multiple of $500,000 in excess thereof, (iii) the Borrower shall not terminate or reduce 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 and (iv) if, after giving effect to any reduction of the Aggregate Revolving Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Revolving Commitments, such sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Revolving Commitments. Any reduction of the Aggregate Revolving Commitments shall be applied to the Revolving Commitment of each Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination of the Aggregate Revolving Commitments shall be paid on the effective date of such termination. Notwithstanding anything herein to the contrary, the Borrower may rescind any notice of termination of Aggregate Revolving Commitments under this Section 2.06 if such termination would have resulted from the refinancing of all or a portion of the Loans, which refinancing shall not be consummated or shall otherwise be delayed.

  • Reallocation of Applicable Percentages to Reduce Fronting Exposure During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit or Swing Line Loans pursuant to Sections 2.03 and 2.04, the “Applicable Percentage” of each non-Defaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender; provided, that, (i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Default or Event of Default exists; and (ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall not exceed the positive difference, if any, of (1) the Commitment of that non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Committed Loans of that Lender.

  • Limitation on Aggregate Principal Amount The aggregate principal amount of the Notes shall not be limited. The Company shall not execute and the Trustee shall not authenticate or deliver Notes except as permitted by the terms of the Indenture.

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