Reduction of Board Sample Clauses

Reduction of Board. To the extent that either Board Group loses the right to designate Directors pursuant to the provisions of Section 1.1(b), the Board will take such action so as to reduce the size of the Board.
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Reduction of Board. When employees are receiving wages of seven hundred and fifty dollars ($750.00) or less per week, upon the request of the Local Union, the Employer shall lay off the necessary number of employees so that the balance of the employees can earn seven hundred and fifty dollars ($750.00) or more per week. This shall be based on two (2) previous consecutive weeks. Not more than twenty-five percent (25%) of the seniority board are to be laid off at any time unless there is a major decline in business, then the Local Union and the Employer shall decide the number of employees to be laid off, consistent with good business practices, so that the employees remaining can earn a wage of seven hundred and fifty dollars ($750.00) or more per week. The above is not to be construed as imposing a limitation on earnings. If the Local Union and the Employer do not agree on the number of employees to be laid off under the above procedure, this disagreement shall be considered a grievance and shall be submitted to the appropriate Area Committee which shall render a decision. After the appropriate Area Committee, renders a decision favorable to the Union, or is unable to reach a decision, if the Employer still refuses to cut the board, then in such case the Union shall have the right to strike notwithstanding any provision in this Part II to the contrary and the Employer shall be obligated to pay all employees under this Part II for all time lost.
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Reduction of Board. (Applicable to Truckaway) When employees are receiving wages of seven hundred fifty dollars ($750) or less per week, upon the request of the Local Union, the Employer shall lay off the necessary number of employees so that the balance of the employees can earn seven hundred fifty dollars ($750) or more per week. This shall be based on two (2) previous consecutive weeks. Not more than twenty-five percent (25%) of the seniority board are to be laid off at any time unless there is a major decline in business, then the Local Union and the Employer shall decide the number of employees to be laid off, consistent with good business practices, so that the employees remaining can earn a wage of seven hundred fifty dollars ($750) or more per week. The above is not to be construed as imposing a limitation on earnings. If the Local Union and the Employer do not agree on the number of employees to be laid off under the above procedure, this disagree- Article 38 ment shall be considered a grievance and shall be submitted to the Joint City Committee which shall render a decision. In the event the Joint City Committee cannot reach a decision or there is no Joint City Committee available, a telegram setting forth the facts shall be sent to the Chairman of the Automobile Transporters Central Joint Area Committee who shall render a final decision. After the Joint City Committee, or the Joint Chairperson of the Au- tomobile Transporters Central Joint Area Committee, renders a de- cision favorable to the Union, or are unable to reach a decision, if the Employer still refuses to cut the board, then in such case the Union shall have the right to strike notwithstanding any provision in this Agreement to the contrary and the Employer shall be obli- gated to pay all employees under this Agreement for all time lost.
Sample 1
Reduction of Board. The Union reserves the right to have the Company cut the yard seniority board when the average weekly earnings fall to two hundred twenty-five dollars ($225.00) or less. The Union’s request to the Company shall be made in writing.
Sample 1

Related to Reduction of Board

  • Optional Reduction and Termination of Commitments (a) Unless previously terminated, all Revolving Commitments, Swingline Commitments and LC Commitments shall terminate on the Revolving Commitment Termination Date.

  • Reduction or Termination of Commitments Unless previously terminated, the Commitments shall terminate on the Revolving Commitment Termination Date. The Borrower shall have the right, upon not less than two Business Days’ written notice to the Administrative Agent, to terminate the Commitments or, from time to time, reduce the amount of the Commitments; provided, however, that the Borrower shall not terminate or reduce any Commitment if, after giving effect to any concurrent repayment of the Loans in accordance with Section 2.07 and Section 2.08, the total Credit Exposure of the Lenders would exceed the sum of total Commitments. Any reduction shall be accompanied by prepayment of the Loans to the extent, if any, that the total Credit Exposure of the Lenders then outstanding exceeds the sum of the total Commitments as then reduced. Any termination of the Commitments shall be accompanied by prepayment in full of the Loans then outstanding and the payment of any unpaid fees then accrued hereunder. Upon receipt of such notice, the Administrative Agent shall promptly notify each Lender thereof. Any partial reduction shall be in an amount of $5,000,000 or a whole multiple thereof and shall reduce permanently the total amount of the Commitments, together with a corresponding reduction in the aggregate amount of each Lender’s applicable Commitment. The Commitments, once terminated or reduced, may not be reinstated. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their Commitments (except for in connection with the termination of this Agreement as to any Lender pursuant to Section 10.15).

  • Termination and Reduction of Commitments (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.

  • Voluntary Termination or Reduction of Commitments The Company may, upon not less than five Business Days' prior notice to the Agents, terminate the Commitments, or permanently reduce the Commitments by an aggregate minimum amount of $100,000 or any multiple of $50,000 in excess thereof; unless, after giving effect thereto and to any prepayments of Loans made on the effective date thereof, the then-outstanding principal amount of the Loans would exceed the amount of the combined Commitments then in effect. Once reduced in accordance with this Section, the Commitments may not be increased. Any reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. All accrued commitment fees to, but not including the effective date of any reduction or termination of Commitments, shall be paid on the effective date of such reduction or termination.

  • Increased Costs and Reduction of Return (a) If any Lender determines that due to either (i) the introduction of or any change in the interpretation of any law or regulation or (ii) the compliance by that Lender with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining any LIBOR Rate Loans, then the Borrowers shall be liable for, and shall from time to time, upon demand (with a copy of such demand to be sent to the Agent), pay to the Agent for the account of such Lender, additional amounts as are sufficient to compensate such Lender for such increased costs.

  • Termination or Reduction of Commitment Borrower may, upon notice to Lender, terminate the Commitment, or from time to time permanently reduce the Commitment; provided that (i) any such notice shall be received by Lender not later than 12:00 p.m. five (5) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000 or any whole multiple of $10,000 in excess thereof, (iii) Borrower shall not terminate or reduce the Commitment if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Commitment, and (iv) if, after giving effect to any reduction of the Commitment or the L/C Sublimit exceeds the amount of the Commitment, the L/C Sublimit shall be automatically reduced by the amount of such excess. All fees accrued until the effective date of any termination of the Commitment shall be paid on the effective date of such termination.

  • Termination and Reduction of the Commitments (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.

  • Termination or Reduction of Commitments The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrower shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments, and (iv) if, after giving effect to any reduction of the Aggregate Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate 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 Commitments. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination.

  • Optional Termination or Reduction of Commitment The Borrowers on behalf of the applicable Funds shall have the right upon at least three business days prior written notice to CAPCO, to terminate or reduce the unused portion of the Commitment. Any such reduction of the Commitment shall be in the amount of U.S. $5,000,000 or any larger integral multiple of U.S. $1,000,000 (EXCEPT that any reduction may be in the aggregate amount of the unused Commitment). Accrued fees with respect to the terminated Commitment shall be payable to CAPCO on the effective date of such termination.

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