Reduction in Permanent Workforce definition

Reduction in Permanent Workforce means a reduction in the number of Borrower's Full-time Permanent Employees which, individually, or in the aggregate, results in a reduction of the greater of (a) 50 Full-time Permanent Employees or (b) 50% or more of the number of Full-time Permanent Employees on the date of the first reduction.
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Reduction in Permanent Workforce shall have the meaning assigned to such term in Section 4.10 hereof.
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Examples of Reduction in Permanent Workforce in a sentence

  • For the purposes hereof, "Reduction in Permanent Workforce" means a reduction in the number of Borrower's Full- Time Permanent Employees which, individually or in the aggregate, results in a reduction of the greater of (a) 600 Full-Time Permanent Employees or (b) 50% or more of the number of Full-Time Permanent Employees on the date of the first reduction.

  • Borrower shall notify Lender in writing, not less than ninety (90) days subsequent to a Reduction in Permanent Workforce.

  • Borrower shall notify Lender in writing, not less than ninety (90) days prior to the effective date of a Reduction in Permanent Workforce.

  • For the purposes hereof, "Reduction in Permanent Workforce" means a reduction in the number of Borrower's Full-time Permanent Employees which, individually, or in the aggregate, results in a reduction of the greater of (a) 50 Full-time Permanent Employees or (b) 50% or more of the number of Full-time Permanent Employees on the date of the first reduction.