Further Reduction Sample Clauses
The "Further Reduction" clause allows for the adjustment or decrease of certain obligations, amounts, or liabilities specified in an agreement. In practice, this clause may apply to financial obligations, such as reducing the amount owed if certain conditions are met, or to performance requirements, such as lessening deliverables if circumstances change. Its core function is to provide flexibility and ensure that the contract remains fair and manageable if the original terms become excessive or unnecessary due to changing circumstances.
Further Reduction. If the University is unable to accomplish the necessary task by attrition, the University shall select the area(s) of reduction. The University may reassign staff members affected by the reduction to open positions provided that if the staff member is assigned to a position with a lower pay rate, the staff member's rate before assignment is maintained for nine
Further Reduction. If the University is unable to accomplish the necessary task by attrition, the University shall select the area(s) of reduction and communicate with the affected staff member(s). Non-probationary staff members will be given a minimum of 10 business days’ notice prior to reduction in force. If 10 business days’ notice cannot be given, severance pay will be provided in lieu of notice for each workday lost during the 10 business day period. Each affected staff member shall notify the Human Resources office in writing within 10 business days prior to the effective layoff date, their decision to elect one of the following:
A. Reassignment to any open job in a similar or lower classification level for which they meet the required qualifications of the position description. If the staff member is assigned to a position with a lower pay rate, the staff member’s rate before assignment is maintained for nine months, after which they will go to the rate of the job assigned; or,
B. Bump into the position of the least senior person in the same or any lower classification level (having less seniority than the staff member bumping) provided they bump within the same full-time or part-time status and will be paid the rate of the job effective with the reassignment, provided the staff member meet the required qualifications of the position description. Due to the specialized nature of the position, this bumping provision does not apply to the Dispatcher position; or,
C. Elect a voluntary layoff. Failure to notify the Human Resources office within 10 business days prior to the effective layoff date will default to option C. Full-time staff members shall not be required to accept assignment to part-time positions. Non- academic year staff members shall not be required to accept assignment to academic year positions. Academic year staff members shall not be required to accept assignment to positions that are not academic year positions. Academic year staff members who are bumped or are in a position that is affected by a reduction may only bump into other academic year positions (in addition to choices A. and C. above).
Further Reduction. The face amount of the Letter of Credit may be reduced to One Million Six Hundred Thirty-Five Thousand Dollars ($1,635,000) on the eighth (8th) anniversary of the Rent Commencement Date, so long as (i) Tenant is not in default under the Lease on such date, and (ii) Tenant is not in Chronic Default under this Lease on such date. In addition, the face amount of the Letter of Credit may be reduced to an amount equal to one month's Base Rent when Tenant can establish to Landlord's reasonable satisfaction that Tenant has achieved annual net income of at least Fifty Million Dollars ($50,000,000), as reflected in audited financial statements (which include an unqualified certification by a licensed certified public accountant reasonably acceptable to Landlord), for either (x) three consecutive years, or (y) three out of four consecutive years.
Further Reduction. The Indemnification Threshold shall also be reduced by any amount included in the $9.2 million that ▇▇▇▇▇▇▇▇▇, Castle Holdings and their affiliates claim are owed which are determined not to be due or owing. Purchaser shall provide Sellers with prior written notice of the amount of such payment and the claim of such liability.
Further Reduction. 3.1 In consideration for the Company and the Liquidators making the Early Repayment, the Funders agree to further reduce the amount of their claims against the Company and/or the Liquidator in relation to the repayment of the Funding by the amounts listed at Schedule 1 to this Deed (being the approximate inter company balances owed to the Company by various other companies within the same group, such amounts being agreed between the parties to this Deed for the purposes of the calculation in this clause) (the "INTER COMPANY ASSETS").
3.2 The parties to this Deed agree that, should any amounts be recovered by the Company in respect of the Inter Company Assets then the amount of any such realisations actually received by the Company shall be deducted from the Inter Company Asset value as shown on Schedule 1 to this Deed and the new value of the Inter Company Assets shall be used in the calculation referred to in clause 3.1 above. For the avoidance of doubt, whilst neither the Company nor the Liquidators shall be under any duty to claim or pursue a claim for payment of any of the Inter Company Assets, this Deed shall not constitute any waiver of the rights (if any) of the Company and/ or the Liquidators to pursue any such claims.
Further Reduction. 55 (d) Substitution of Cash Collateral. . . . . . . . . . . . . . . . . . 56