Additional Reduction definition

Additional Reduction means the sum of (i) fifty percent (50%) of the proceeds of Borrower's "Pre-Petition Delinquent Accounts" (defined as Borrower's pre-petition date accounts receivable that are ninety days or more past invoice date as of April 10, 1998), plus (ii) sixty-five percent (65%) of the amount by which the Value of Borrower's ineligible inventory is less than $1,000,000.00. Notwithstanding anything in the Loan Agreement, fifty percent (50%) of the proceeds of the collection of Pre-Petition Delinquent Accounts shall be applied to the reduction of the Permitted Out-of-Formula Advance at the Bank's discretion. The Additional Reduction shall apply upon the occurrence of either: (a) June 27, 1998, or (b) the aggregate collection by Borrower of Borrower's Pre-Petition Delinquent Accounts in excess of $100,000.00 during the period June 15, 1998 through June 28, 1998. Any additional availability under the Line in excess of that set forth in the Budget may not be used by the Borrower for any cash disbursements other than the cash disbursements as set forth in the Budget, until the Bank and Borrower have agreed to a further reduction in the Permitted Out-of-Formula Advances beyond those set forth above.
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Additional Reduction means the sum of (i) fifty percent (50%) of the proceeds of Borrower's pre-petition date accounts receivable that are ninety days or more past invoice date as of April 10, 1998, plus (ii) sixty-five percent (65%) of the amount by which the Value of Borrower's ineligible inventory is less than $1,000,000.00. Notwithstanding anything in the Loan Agreement, fifty percent (50%) of the proceeds of the collection of pre-petition date accounts receivable that are ninety days or more past invoice date as of April 10, 1998 shall be applied to the reduction of the Permitted Out-of-Formula Advance at the Bank's discretion.
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Examples of Additional Reduction in a sentence

  • The parties agree that if Borrower receives any portion of the Additional Reduction Amount prior to any of the “Effective Dates” set forth in subsections (1) and (2) above, the corresponding “Reduced Loan Amounts” set forth in such subsections shall be further reduced by the aggregate Additional Reduction Amount received on or before such Effective Date.

  • In no event shall the total Additional Reduction Fee received by Payee exceed $1,000,000.00.

  • If Tenant fails to deliver to Landlord the Additional Reduction Fee on or before the 90th day following the following full execution of this Amendment, notwithstanding anything to the contrary contained in the Lease, such failure shall then be deemed a default by Tenant under the terms of the Lease without notice or opportunity to cure.

  • Schedule 1.57 shall be modified by substituting the following Schedule 1.57: PERMITTED OUT-OF-FORMULA ADVANCES Time Period Permitted Out-of-Formula Advances ----------- --------------------------------- From June 1, 1998 to and $2,181,000.00 less the Additional Reduction, including June 7, 1998 if any.

  • From June 19, 1998 to and $2,100,000.00 less the Additional Reduction including June 25, 1998 if any.

  • At Landlord’s option, this Amendment shall be of no force and effect unless and until accepted by the Guarantor of the Lease and of the Additional Reduction Fee Promissory Note, who by signing bellow shall agree that its Guaranty of Lease and Guaranty of Note, respectively, shall apply to the Lease and to the Additional Reduction Fee Promissory Note as each are amended herein, unless such requirement is waived by Landlord in writing.

  • If Tenant fails to so deliver to Landlord the Additional Reduction Fee on or before the 90th day following the following full execution of this Amendment, at Landlord's sole option, this Amendment shall be null and void and of no force and effect and the Term, the Base Rent and the Premises shall be as stated in the Lease, without giving effect to this Amendment.

  • From June 8, 1998 to and $2,156,000.00 less the Additional Reduction, including June 14, 1998 if any.

  • The Additional Reduction shall be applied to the Aggregate Canadian Term Loan and the Aggregate Revolving Loan, pro rata based upon the respective principal amounts of the Aggregate Canadian Term Loan and the Aggregate Revolving Loan Commitment at the time of such prepayment.

  • Concurrently with Tenant's execution and delivery to Landlord of this Amendment, Tenant shall execute and deliver to Landlord an original promissory note, in the form attached hereto as EXHIBIT E (the "Additional Reduction Fee Promissory Note"), the amount of which Promissory Note shall be an additional reduction fee (the "Additional Reduction Fee).

Related to Additional Reduction

  • extended reduction means a reduction under this scheme for which a person is eligible under Part 12 (extended reductions);

  • Aggregate Reduction has the meaning specified in Section 1.3.

  • Potential Change in Control Period shall commence upon the occurrence of a Potential Change in Control and shall lapse upon the occurrence of a Change in Control or, if earlier (i) with respect to a Potential Change in Control occurring pursuant to Section 18.15(A), immediately upon the abandonment or termination of the applicable agreement, (ii) with respect to a Potential Change in Control occurring pursuant to Section 18.15(B), immediately upon a public announcement by the applicable party that such party has abandoned its intention to take or consider taking actions which if consummated would result in a Change in Control or (iii) with respect to a Potential Change in Control occurring pursuant to Section 18.15(C) or (D), upon the one year anniversary of the occurrence of a Potential Change in Control (or such earlier date as may be determined by the Board).

  • Reduction means measures designed to reduce or eliminate human exposure to lead-based paint hazards through methods including interim controls and abatement.

  • extended reduction period means the period for which a person is in receipt of an extended reduction in accordance with paragraph 89, 96 or 101;