Reserve Reduction definition

Reserve Reduction means, subject to such amount being applied on or before the Option Date in repayment of the principal amount outstanding under the Facility Agreement, the credit balance on the Retention Account.
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Examples of Reserve Reduction in a sentence

  • The Plan, as further amended and restated, including to extend the term of the Plan and to effectuate the Share Reserve Reduction, was approved by the Company’s Board of Directors on April 12, 2021, effective upon approval of the amended and restated plan by stockholders on June 22, 2021 (the “2021 Amendment Date”).

  • The Rent Reserve may be fully released to Tenant if the Rent Reserve Reduction Conditions are maintained for four consecutive years.

  • If L▇▇▇▇▇ notifies Lessor that it does not dispute any of the information included in the submitted Form Lease Supplement, or if Lessee does not respond to Lessor’s submitted Form Lease Supplement before the expiration of the Lease Supplement Review Period, such submitted Form Lease Supplement shall be accepted by the Parties as the Reserve Reduction Lease Supplement.

  • The Rent Reserve may be decreased to two months Base Rent if the Rent Reserve Reduction Conditions as defined in Section 11.2 35 are maintained for two consecutive years.

  • On the effective date of such Reserve Reduction Lease Supplement, such Reserve Reduction Lease Supplement shall automatically update this Lease Agreement and be binding on the Parties.

  • Lender also agreed that it would further reduce the Reserve Amount provided that Borrowers comply with certain requirements set forth in Section 4.2(a) of the Forbearance Agreement (the "Reserve Reduction Trigger Events").

  • Borrowers have failed to comply with the Reserve Reduction Trigger Events.

  • Subject to adjustment under Section 4.6 and the Share Reserve Reduction, the total number of Common Shares reserved and available for distribution pursuant to Awards under the Plan shall be 115,500,000 Class A Common Shares.

  • The Rent Reserve may be further decreased to one month Base Rent if the Rent Reserve Reduction Conditions are maintained for three consecutive years.

  • Notwithstanding Borrowers' failure to comply with the Reserve Reduction Trigger Events, Borrowers have requested that Lender reduce the Reserve Amount to $150,000.