Reduced Clause Samples

A "Reduced" clause establishes that certain obligations, payments, or liabilities under an agreement will be decreased under specified circumstances. For example, this clause might apply if a party only partially performs its duties, or if an event occurs that lessens the value or scope of what is being provided. By clearly defining when and how reductions apply, the clause helps ensure fairness and predictability, preventing disputes over the appropriate adjustment of obligations or payments.
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Reduced. A reduced appointment is one in which the academic staff member works on a year-round basis at less than full time, for some part of each year at full time, or for some part of each year at less than full time.
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Reduced. In the event of a reduced settlement of a claim, the amount payable by Connecticut General will be Connecticut General's share of the reinsurance amount payable for the benefit less that proportion of the reduction in settlement which the amount of benefit reinsured at the date of claim bears to the total amount at risk for the benefit under the policy at the time of the claim.
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Reduced. Reduced responsibility is a reduction in the normal overall workload of a faculty member agreed upon between the University and the member. It does not include a reduction in some components of a faculty member's workload based upon an increase in other components where the member's overall workload remains a normal one.
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Reduced. Subject to Section 1.5(b)(ii), the Purchase Price will be reduced, in the event the number of Billing Units is less than 208,000, by the product of (A) $58.41 per unit, multiplied by (B) the difference between 208,000 and the actual number of Billing Units.
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Related to Reduced

  • 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.

  • REDUCTION IN STAFF A. If the Board shall determine that it is necessary to decrease the number of tenured faculty employed by the Board or to discontinue or reduce some particular type of teaching service or program, written notice of honorable dismissal and the reason for dismissal shall be given to all affected faculty members and the Union by personal service or by certified mail, and as required by law. In such instances, the Board shall first terminate non-tenured faculty members who are in the affected areas(s) prior to terminating any tenured faculty so involved. If feasible, prior to the Board taking action to honorably dismiss a tenured faculty member, the appropriate Vice President or designee and ▇▇▇▇ shall meet with the affected faculty member and his/her Union representative to provide notice of the recommended reduction action. B. If tenured faculty must be affected, all such honorable dismissals shall be in inverse order to the number of years of continuous full-time service to the College as a faculty member. A list called the “Seniority List for Reduction in Staff” shall be compiled and posted annually on the Intranet by February 1 of each year by the administration. Such list shall show the number of years of continuous service for each tenured faculty position by academic discipline and the rank of each tenured faculty member. The use of the “Seniority List for Reduction in Staff” shall be strictly limited in that it shall only be appropriate and applicable to matters pertaining to reduction in staff. Periods of leaves of absence shall not be deemed to interrupt continuous service, but any period of leave for which advancement on the salary schedule is not granted shall not be included in the years of service. Tenured faculty members on leave of absence at the time a reduction of staff is effectuated shall be treated no differently than other faculty members. If the number of years of service are the same, the selecting of the tenured faculty member(s) to be affected shall be within the discretion of the Board. Should a faculty member desire to be listed as qualified to teach in a discipline/department outside of his/her primary discipline for purposes of the annual “Seniority List for Reduction in Staff”, he/she shall submit a written request as set forth in Article 39 of this Agreement by November 1 of each academic year to the appropriate division ▇▇▇▇. The division ▇▇▇▇ has thirty (30) calendar days from receipt of the faculty member’s request to determine whether the faculty member meets the minimum qualifications for placement on the “Seniority List for Reduction in Staff” and to notify the faculty member accordingly. If the division ▇▇▇▇ denies the faculty member’s request, a reason shall be provided to the faculty member in writing. The faculty member has ten (10) calendar days to request review of the denial by the Vice President for Educational Affairs, who will make the College’s final determination as described in Article 39 of the Agreement. The final determination shall be issued within ten (10) calendar days from receipt of the faculty member’s request. If deemed qualified for another academic discipline/department, the faculty member’s placement will be effective with the College’s next posting of the “Seniority List for Reduction in Staff”. If a reduction in staff is deemed necessary, the College will rely upon the most current “Seniority List for Reduction in Staff” for purposes of determining a faculty member’s qualifications to teach at the time the reduction is effectuated. The timelines included herein may be extended by mutual agreement of the Union and the College. C. Tenured faculty members in an affected teaching service or program shall not be released if part-time and/or overload assignments in the affected area are being maintained which would constitute a full-time load for which the released faculty member is fully qualified to teach and which can be reasonably scheduled. If the Board shall determine to restore an affected teaching service or program which necessitates an increase in full-time faculty (i.e., when course offerings, enrollments, or student needs for at least one academic year are sufficient in the affected area so as to justify the employment of a full-time faculty member) or to restore individual faculty positions in any affected area, prior to the beginning of the third academic year following the year the faculty member(s) was honorably dismissed, the Union shall be notified. Such added position(s) shall be first offered to qualified faculty member(s) released in inverse-order to the order of honorable dismissal. Such offer shall be sent by certified mail to the faculty member's last known mailing address. If the notified faculty member(s) accepts the restored position(s), there will be no loss in tenure status. If the faculty member does not respond affirmatively by certified mail within ten (10) calendar days of receipt of such offer of reemployment, the Board's obligations hereunder shall be terminated. D. In situations where a faculty member is hired in one department and subsequently moved or deemed qualified to teach in another department, the faculty member will be listed in both departments provided they are qualified to teach pursuant to Article 39.

  • Decreases Seller shall provide Agent with an irrevocable prior written notice (a “Reduction Notice”) of any proposed reduction of the Aggregate Capital from Collections no later than three (3) Business Days prior to the proposed reduction date and Agent will promptly notify each Purchaser of such Reduction Notice after Agent’s receipt thereof. Such Reduction Notice shall designate (i) the date (the “Proposed Reduction Date”) upon which any such reduction of the Aggregate Capital shall occur (which date shall be a Settlement Date), and (ii) the amount of the Aggregate Capital to be reduced that shall be applied ratably to the aggregate Capital of the Conduits and the Financial Institutions in accordance with the amount of Capital (if any) owing to the Conduits (ratably to each Conduit, based on the ratio of such Conduit’s Capital at such time to the aggregate Capital of all the Conduits at such time), on the one hand, and the amount of Capital (if any) owing to the Financial Institutions (ratably to each Financial Institution, based on the ratio of such Financial Institution’s Capital at such time to the aggregate Capital of all of the Financial Institutions at such time), on the other hand (the “Aggregate Reduction”), without regard to any unpaid RPA Deferred Purchase Price. Only one (1) Reduction Notice shall be outstanding at any time. Concurrently with any reduction of the Aggregate Capital pursuant to this Section, Seller shall pay to the applicable Purchaser all Broken Funding Costs arising as a result of such reduction. No Aggregate Reduction will be made following the occurrence of the Amortization Date without the prior written consent of Agent.

  • 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.

  • Increase (a) The Company may by giving prior notice to the Agent by no later than the date falling 20 Business Days after the effective date of a cancellation of: (i) the Available Commitments of a Defaulting Lender in accordance with Clause 9.5 (Right of cancellation in relation to a Defaulting Lender); or (ii) the Commitments of a Lender in accordance with Clause 9.1 (Illegality), request that the Total Commitments be increased (and the Total Commitments shall be so increased) in an aggregate Base Currency Amount of up to the amount of the Available Commitments or Commitments so cancelled as follows: (iii) the increased Commitments will be assumed by one or more Lenders or other banks, financial institutions, trusts, funds or other entities (each an “Increase Lender”) selected by the Company (each of which shall not be an Investor Affiliate or a member of the Group) and which is further acceptable to the Agent (acting reasonably) and each of which confirms its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the increased Commitments which it is to assume, as if it had been an Original Lender; (iv) each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and the Increase Lender would have assumed and/or acquired had the Increase Lender been an Original Lender; (v) each Increase Lender shall become a Party as a “Lender” and any Increase Lender and each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Increase Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender; (vi) the Commitments of the other Lenders shall continue in full force and effect; and (vii) any increase in the Total Commitments shall take effect on the date specified by the Company in the notice referred to above or any later date on which the conditions set out in paragraph (b) below are satisfied. (b) An increase in the Total Commitments will only be effective on: (i) the execution by the Agent of an Increase Confirmation from the relevant Increase Lender; (ii) in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase: (A) the Increase Lender entering into the documentation required for it to accede as a party to the Intercreditor Agreement; and (B) the performance by the Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the assumption of the increased Commitments by that Increase Lender, the completion of which the Agent shall promptly notify to the Company and the Increase Lender. (c) Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective. (d) Unless the Agent otherwise agrees or the increased Commitment is assumed by an existing Lender, the Company shall, on the date upon which the increase takes effect, pay to the Agent (for its own account) a fee of £1,500 and the Company shall within three (3) Business Days of demand pay the Agent and the Security Agent the amount of all reasonable and documented costs and expenses (including legal fees) reasonably incurred by either of them and, in the case of the Security Agent, by any Receiver or Delegate in connection with any increase in Commitments under this Clause 2.2. (e) The Company may pay to the Increase Lender a fee in the amount and at the times agreed between the Company and the Increase Lender in a Fee Letter. (f) Clause 27.4 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in this Clause 2.2 in relation to an Increase Lender as if references in that Clause to: (i) an “Existing Lender” were references to all the Lenders immediately prior to the relevant increase; (ii) the “New Lender” were references to that “Increase Lender”; and (iii) a “re-transfer” and “re-assignment” were references to respectively a “transfer” and “assignment”.