Optional Reduction definition

Optional Reduction means the election of the Seller to reduce the Total Aggregate Capital by directing the Collection Agent and the Purchasers to terminate temporarily the reinvestment of Collections.
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Optional Reduction or "OPTIONAL REDUCTIONS" (as the context may require) means any or all permanent reductions in the Line of Credit pursuant to SECTION 2.6.
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Optional Reduction shall have the have the meaning ascribed thereto in Section 1.1 hereof.
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Examples of Optional Reduction in a sentence

  • Such notice shall be irrevocable as to the amount and date of such Revolving Credit Optional Reduction.

  • Any Revolving Credit Optional Reduction shall be made to each Lender's Revolving Credit Commitment in accordance with its Pro Rata Share of such Revolving Credit Optional Reduction.

  • After each such Revolving Credit Optional Reduction, the Revolving Credit Unused Line Fee provided for in Section 2.1.10 hereof and the Early Termination Fee, if any, provided for in Section 2.1.11 shall be calculated with respect to the Revolving Credit Committed Amount as so reduced.

  • Termination and Optional Reduction of Commitments..................................

  • Section 2.1. General Description of Facilities 27 Section 2.2. Revolving Loans 27 Section 2.3. Procedure for Revolving Borrowings 27 Section 2.4. Swingline Commitment 28 Section 2.5. Procedure for Swingline Loans 28 Section 2.6. Term A Loan Commitments 29 Section 2.7. Funding of Borrowings 30 Section 2.8. Interest Elections 30 Section 2.9. Optional Reduction and Termination of Commitments 31 Section 2.10.

  • After each such Revolving Credit Optional Reduction, the Revolving Credit Unused Line Fee provided for in Section 2.1.12 (Revolving Credit Unused Line Fee) and the Early Termination Fee provided for in Section 2.1.13 (Early Termination Fee) shall be calculated with respect to the Revolving Credit Committed Amount as so reduced.

  • THE COMMITMENTS AND CREDIT EXTENSIONS 27 2.01 Commitments 27 2.02 Borrowings, Conversions and Continuations of Revolving Loans 28 2.03 Letters of Credit 30 2.04 Prepayments 38 2.05 Optional Reduction or Termination of Commitments 39 2.06 Repayment of Loans 39 2.07 Interest 39 2.08 Fees 40 2.09 Computation of Interest and Fees 41 2.10 Evidence of Debt 41 2.11 Payments Generally 42 2.12 Sharing of Payments 44 2.13 Swingline Commitment 45 2.14 Procedure for Swingline Borrowing; Etc.

  • After each such Revolving Credit Optional Reduction, the Revolving Credit Unused Line Fee provided for in Section 2.1.11 (Revolving Credit Unused Line Fees) and the Early Termination Fee provided for in Section 2.1.12 (Early Termination Fee) shall be calculated with respect to the Revolving Credit Committed Amount as so reduced.

  • No Revolving Credit Optional Reduction shall be permitted if, after giving effect to such reduction, the then outstanding principal balance of the Revolving Loan and any and all then Outstanding Letter of Credit Obligations exceeds the Total Revolving Credit Committed Amount as so reduced.

  • Construction Change Directive (CCD): a document used to implement changes in the construction work where, for whatever reason, the District and Contractor may or may not have reached agreement upon the proposed changes in contract sum orcontract time, and where changes in the work need to be implemented expeditiously in order to avoid a delay in the project.

Related to Optional Reduction

  • Aggregate Reduction has the meaning specified in Section 1.3.

  • Salary Reduction means the amount by which the Participant's Compensation is reduced and applied by the Employer under this Plan to pay for one or more of the Benefits, as permitted for the applicable Component, before any applicable state and/or federal taxes have been deducted from the Participant's Compensation (i.e., on a pre-tax basis).

  • 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 16.20(A), immediately upon the abandonment or termination of the applicable agreement, (ii) with respect to a Potential Change in Control occurring pursuant to Section 16.20(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 16.20(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.

  • Base Pay means Executive’s annual base salary rate as in effect from time to time.

  • Appraisal Reduction Event With respect to any Serviced Loan, the earliest of (i) the date on which such Serviced Loan becomes a Modified Asset, (ii) the date on which such Serviced Loan is 60 days or more delinquent in respect of any Monthly Payment, which does not include a Balloon Payment, (iii) solely in the case of a delinquent Balloon Payment, (A) the date occurring 60 days after the date on which such Balloon Payment was due (except as described in the immediately following clause (B)) or (B) if the related Mortgagor has delivered to the Master Servicer (who shall promptly deliver a copy thereof to the Special Servicer) or the Special Servicer (who shall promptly deliver a copy thereof to the Master Servicer) a refinancing commitment acceptable to the Special Servicer prior to the date 60 days after the Balloon Payment was due, the date occurring 120 days after the date on which the Balloon Payment was due (or such shorter period beyond the date on which that Balloon Payment was due during which the refinancing is scheduled to occur), (iv) the date on which the related Mortgaged Property has become an REO Property, (v) a receiver or similar official is appointed and continues for 60 days in such capacity in respect of the related Mortgaged Property, (vi) 60 days after the related Mortgagor is subject to a bankruptcy, insolvency or similar proceedings, which, in the case of an involuntary bankruptcy, insolvency or similar proceeding, is not dismissed within those 60 days, or (vii) the date on which such Serviced Loan remains outstanding five (5) years following any extension of its maturity date pursuant to Section 3.24 of this Agreement. If an Appraisal Reduction Event occurs with respect to any Serviced Mortgage Loan that is part of a Serviced Loan Combination, then an Appraisal Reduction Event shall be deemed to have occurred with respect to the related Serviced Companion Loan(s). If an Appraisal Reduction Event occurs with respect to any Serviced Companion Loan that is part of a Serviced Loan Combination, then an Appraisal Reduction Event shall be deemed to have occurred with respect to the related Serviced Mortgage Loan and any other Serviced Companion Loan(s) included as part of that Serviced Loan Combination. No Appraisal Reduction Event may occur at any time when the aggregate Certificate Balance of all Classes of Principal Balance Certificates (other than the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB Certificates) has been reduced to zero. The Special Servicer shall notify the Master Servicer and the Master Servicer shall notify the Special Servicer, as applicable, promptly upon the occurrence of any of the foregoing events.

  • Appraisal Reduction Amount shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

  • Monthly salary means the portion of a member’s annual compensation which is paid to him or her per month.

  • Base Compensation means the amount equal to the sum of (i) the greater of Executive’s then-current Annual Base Salary or Executive’s Annual Base Salary as of the date one day prior to the Change in Control, and (ii) the Average Incentive Bonus.

  • Salary Reduction Agreement means an agreement between a dis- trict and an employee to reduce the employee’s salary for the pur- pose of making direct contributions to or purchases of a qualified investment product. Art. 6228a-5, Sec. 4(5), Tex. Rev. Civ. Stat.

  • Reduction Date has the meaning set forth in Section 20.1B.

  • Potential Change in Control means the occurrence of any of the following events:

  • Termination Base Salary means that amount equal to Executive’s annual base salary with the Company at the rate in effect immediately prior to the Change of Control or, if a greater amount, Executive’s annual base salary at the rate in effect at any time thereafter.

  • Proposed Reduction Date has the meaning set forth in Section 1.3.

  • Base Salary shall have the meaning set forth in Section 3(a) hereof.

  • Salary as defined in Section 3.1(a).

  • Compensation Accrued at Termination means the following:

  • Reduction Event means any of the following:

  • Potential Change of Control means any public announcement or statement by the Issuer, or by any actual or potential bidder(s) relating to any potential Change of Control of the Issuer.

  • Increase Amount is defined in Section 2.3(a).

  • Monthly Base Salary means 1/12th of the greater of (i) Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control Termination or a Covered Termination, as applicable, or (ii) in the case of a Change in Control Termination, Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control.

  • Total Compensation means the cash and noncash dollar value earned by the executive during the Contractor’s preceding fiscal year and includes the following (for more information see 17 CFR 229.402(c)(2)):