Reduction in Interest Sample Clauses

Reduction in Interest. It is the intention of the Borrower and the Lender to conform strictly to the applicable laws of usury. All agreements and transactions between the Borrower and the Lender, whether now existing or hereafter arising, whether contained herein or in any other instrument, and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of the maturity hereof, prepayment, demand for prepayment or otherwise, shall the amount contracted for, charged or received by the Lender from the Borrower for the use, forbearance or detention of the principal EXHIBIT A TO LOAN AGREEMENT indebtedness or interest hereof, which remains unpaid from time to time, exceed the Maximum Lawful Amount. Any interest payable hereunder or under any other instrument relating to the Loan that is in excess of the Maximum Lawful Amount, shall be applied, in the event of acceleration of maturity, prepayment, demand for prepayment or otherwise, automatically, as of the date of such acceleration, prepayment, demand or otherwise, to a reduction of the principal indebtedness hereof and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of such principal, such excess shall be refunded to the Borrower. To the extent not prohibited by law, determination of the legal maximum rate of interest shall at all times be made by amortizing, prorating, allocating and spreading all interest at any time contracted for, charged or received from the Borrower in connection with the Loan in equal parts during the period of the full term of the Loan until repayment in full of the principal (including the period of renewal or extension hereof), so that the actual rate of interest on account of such indebtedness does not exceed the Maximum Lawful Rate.
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Reduction in Interest. Except for the Permitted Encumbrances or as disclosed in the Land Schedule, the Petroleum and Natural Gas Rights are not subject to reduction by virtue of the conversion or other alteration of the interest of, any third party claiming by, through or under any Vendor Party.
Sample 1
Reduction in Interest. Interest shall not accrue on Participants’ Loans from the date that Silver State filed for bankruptcy (February 4, 2008) to the earlier of (i) the final effective date of the Proposed Class Action Settlement, (ii) sixty (60) days after the date on which the court grants final approval of the Proposed Class Action Settlement or (iii) the date of Termination of the Proposed Class Action Settlement (the “Interest Re-Accrual Date”).
Sample 1
Reduction in Interest. Novartis and its Affiliates together do --------------------- not legally and beneficially own at least five percent (5%) of the issued and outstanding common stock of Heska.
Sample 1
Reduction in Interest. It is the intent of Bank and Borrower in the execution of this Note and all other instruments now or hereafter securing this Note to contract in strict compliance with applicable usury law. In furtherance thereof, Bank and Borrower stipulate and agree that none of the terms and provisions contained in this Note, or in any other instrument executed in connection herewith, shall ever be construed to create a contract to pay for the use, forbearance or detention of money, interest at a rate in excess of the Maximum Lawful Rate; neither Borrower nor any guarantors, endorsers or other parties now or hereafter becoming liable for payment of this Note shall ever be obligated or required to pay interest on this Note at a rate in excess of the Maximum Lawful Rate that may be lawfully charged under applicable law, and the provisions of this paragraph shall control over all other provisions of this Note and any other instruments now or hereafter executed in connection herewith which may be in apparent conflict herewith. Bank, including each holder of this Note, expressly disavows any intention to charge or collect excessive unearned interest or finance charges in the event the maturity of this Note is accelerated. If the maturity of this Note shall be accelerated for any reason or if the principal of this Note is paid prior to the end of the term of this Note, and as a result thereof the interest received for the actual period of existence of the Loan exceeds the amount of interest that would have accrued at the Maximum Lawful Rate, Bank or other holder of this Note shall, at its option, either refund to Borrower the amount of such excess or credit the amount of such excess against the Principal Amount and thereby shall render inapplicable any and all penalties of any kind provided by applicable law as a result of such excess interest. In the event that Bank or any other holder of this Note shall contract for, charge or receive any amounts and/or any other thing of value which are determined to constitute interest which would increase the effective interest rate on this Note to a rate in excess of that permitted to be charged by applicable law, all such sums determined to constitute interest in excess of the amount of interest at the lawful rate shall be, upon such determination, at the option of Bank or other holder of this Note, either immediately returned to Borrower or credited against the Principal Amount, in which event any and all penalties of any kind under a...
Sample 1

Related to Reduction in Interest

  • 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:

  • REDUCTION IN FORCE It is understood and agreed that in addition to the above designated and related duties, full-time professional staff shall participate fully in the activities of institutional councils and/or committees. The employment status of the Employee shall be as follows: Executive/Managerial Appointment , not subject to tenure. Professional/Managerial Appointment , not subject to tenure. Other conditions of Employment:

  • 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.

  • Distribution in Kind Notwithstanding the provisions of Section 18-605 of the Act, a member may receive distributions from the Company in any form other than cash, and may be compelled to accept a distribution of any asset in kind from the Company.

  • Reduction in Hours Any reduction in regularly assigned time shall be considered a layoff under the provisions of this Article.

  • 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 WORK FORCE 19.01 In the event of a reduction in the work force, regular employees shall be laid off in reverse order of seniority, provided that there are available employees with greater seniority who are qualified and willing to do the work of the employees laid off.

  • Allocation of Subordinate Reduction Amount to the Reference Tranches On each Payment Date prior to the Termination Date, after allocation of the Senior Reduction Amount and the Tranche Write-down Amount or Tranche Write-up Amount, if any, for such Payment Date as described above, the Subordinate Reduction Amount will be allocated to reduce the Class Notional Amount of each Class of Reference Tranche in the following order of priority, in each case until its Class Notional Amount is reduced to zero:

  • Reduction in Force and Recall In the event a RIF (reduction in force) is necessary, any employee who is laid off and is a member of the retirement plan may withdraw the employee's total contribution without forfeiture of the employee's vested portion of the City's contribution. The vested portion of the City's contribution must remain in the employee's account with the carrier of the retirement plan or roll that vested portion over into an authorized XXX plan.

  • Maximum Contribution The total amount you may contribute to an IRA for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,000 for 2019 and 2020, with possible cost- of-living adjustments each year thereafter. If you also maintain a Xxxx XXX (i.e., an IRA subject to the limits of Internal Revenue Code Section (IRC Sec.) 408A), the maximum contribution to your Traditional IRAs is reduced by any contributions you make to your Xxxx IRAs. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation.

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