Permanent Reduction definition

Permanent Reduction any voluntary reduction by the Borrower of revolving credit commitments under a Bank Credit Facility to an aggregate amount which is less than the average daily outstanding principal amount of revolving credit loans under such Bank Credit Facility during the six month period preceding the date of such reduction.

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Permanent Reduction means any or all of the following: (i) the permanent repayment or prepayment of outstanding Loan principal, Letter of Credit reimbursement obligations or bankers acceptances under any Credit Document (and the concurrent termination or reduction of any related commitments), (ii) a Letter of Credit Collateralization and (iii) in the case of a Permanent Reduction consisting of an application of Net Cash Proceeds of Senior Debt Collateral, (A) a Notes Escrow Delivery and (B) an Unfunded Commitment Reduction.

Permanent Reduction has the meaning set forth in Section 3.12(b) hereof.

Examples of Permanent Reduction in a sentence

• Following such Permanent Reduction, the VFN Holders shall only be required to fund increases in the VFN Principal Balance up to such reduced Maximum VFN Principal Balance.

• No Voluntary Permanent Reduction or Mandatory Commitment Reductions shall relieve or otherwise defer the making of each Scheduled Reduction on each Reduction Date.

• For purposes of the Subordination Agreement, and to induce FBR to consent to this Amendment, the Bank confirms that any Mandatory Permanent Reduction or Voluntary Permanent Reduction as defined above shall constitute a "Permanent Reduction" as contemplated by Section 3 of the Subordination Agreement.

• In the event of a Permanent Reduction of Hours or Program Closure, non-probationary employees being laid off will receive seven (7) calendar days’ notice by personal contact, telephone call, or written communication prior to being laid off.

• Any Holder of Notes will automatically be deemed to have irrevocably waived its right to claim or receive, and will not have any rights against the Company or the Trustee with respect to, repayment of, the Permanent Reduction Amount, irrespective of whether such amounts have become due and payable prior to the date on which the Write-Down Event shall have occurred.

• The Commitment and the obligation of such Purchaser to make a Purchase hereunder shall not have terminated pursuant to Section 9.02 (Consequences of an Event of Default) or pursuant to Section 2.06 (Permanent Reduction and Termination of Available Commitment).

• Any Write-Down Notice will be accompanied by an Officers’ Certificate stating that a Write-Down Event has occurred, specifying the Reduction Date, which shall be the Business Day following the occurrence of the Write-Down Event, setting out the method of calculation of the Permanent Reduction Amount and indicating the amounts of principal, interest and any other amounts due comprising the Permanent Reduction Amount.

• Each mandatory prepayment on account of principal of and interest on the Term Loans pursuant to Section 2.12 shall be applied first, ratably to the remaining installments thereof and then to repay Loans outstanding under the Revolving Facility (not in Permanent Reduction of the Revolving Commitment).

• The Authority shall pay to the Purchasers a Reduction Fee or Termination Fee, as applicable, in connection with each permanent reduction or termination of the Available Commitment pursuant to Section 2.06 (Permanent Reduction and Termination of Available Commitment) prior to the Commitment Expiration Date, in an amount equal to the Reduction Fee or Termination Fee, as applicable, payable on the date of such termination or each such reduction.

• General Provisions Reduced Workload Temporary Workload Reduction Permanent Reduction Office Space Parking Professional Process Orientation of New Faculty Professional Development ARTICLE SALARIES Salary Scale Salary Schedule Salary Rate Guided Course Contracts Payment of Salaries.

More Definitions of Permanent Reduction

Permanent Reduction of an Investor Party’s Equity Interest shall be deemed to have occurred with respect to a specified percentage of such Investor Party’s Equity Interest following the delivery by such Investor Party of a written notice to the other parties hereto that such Investor Party agrees not to acquire Beneficial Ownership of additional Equity Securities within the one year period following such notice (which notice shall be delivered by the applicable Investor Party promptly following the good faith determination by such Investor Party that it intends not to make any such acquisitions); provided, however, that once any Investor Party has an Equity Interest equal to or less than 5%, such Investor Party will be deemed to have Permanently Reduced its Equity Interest to 5%.

Permanent Reduction means, in connection with a permanent reduction ------------------- of the principal balance of a Mortgage Loan referred to in clause (i) of the definition of Limited Guaranty Draw Asset, the amount of the reduction of the principal balance of such loan.

Permanent Reduction means, in respect of a Reference Obligation, the amount, in the relevant currency, of any permanent commitment reductions and permanent repayments of principal effected in respect of such Reference Obligation.