Cost Reduction Plan Sample Clauses

Cost Reduction Plan. Borrowers shall at all times continue to comply with the provisions of the 2015 cost reduction plan approved by the board of directors of Empeiria (and a copy of which has been delivered to Agent on or prior to the date hereof). Borrowers shall promptly notify Agent of any modifications to such 2015 cost reduction plan which are subsequently approved by the board of directors of Empeiria.
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Cost Reduction Plan. The Parties shall meet from time to time, but no less than [***] annually, to seek initiatives to improve quality of the Product and/or to reduce material, labor and other costs, and the Parties shall work reasonably after such meeting to implement such initiatives. For each such initiative, the following shall be subject to mutual agreement: the capital and expense to implement the initiative, the Party to provide funds for such capital and expense, the expected cost savings to result, and an equitable sharing of the cost and other benefits from the initiative after recoupment of the funds provided for the initiative (which sharing shall take into account a reasonable return on investment for the party providing the funds to implement such initiative).
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Cost Reduction Plan. The Borrower shall consult with the Control Agent and the other Lenders to develop a definitive plan (the “Cost Reduction Plan”), pursuant to documentation acceptable to the Majority Lenders in their sole discretion, by which the Borrower will undertake to significantly reduce its operating expenditures in a manner approved by the other Credit Parties. Toward that end, as a condition to the effectiveness of this Agreement, the Borrower shall have delivered to the Control Agent and the other Lenders a final copy of the Cost Reduction Plan in form and substance acceptable to the Control Agent and the other Lenders on or before the date of execution of this Agreement. The terms of the Cost Reduction Plan shall be incorporated into this Agreement as though set forth herein in full, and the failure to comply with the terms thereof shall constitute a default under this Agreement and an Event of Default under the Credit Agreement and the other Loan Documents. Any reduction in operating expenditures under the Cost Reduction Plan shall be reflected in an amended Budgeted Cash Flow in form and substance acceptable to the Majority Lenders in accordance with the Section 4(b) hereof. The Credit Parties acknowledge that the Cost Reduction Plan is necessary to salvage the value of the Borrower’s business and its assets and, absent such a Cost Reduction Plan, the Credit Parties would be unable to provide the Control Agent and the other Lenders with adequate protection of the Collateral.
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Cost Reduction Plan. Should Hikma Manufacture or the Parties desire to Manufacture the Product in a batch size larger than [***], the Parties shall meet to seek initiatives to improve quality of the Product and/or to reduce material, labor and other costs, and the Parties shall work to implement such initiatives and work to reduce the Purchase Price, which shall be as set forth in an amendment agreed to by the Parties. For each such initiative, the following shall be subject to mutual agreement: the capital and expense to implement the initiative, the Party to provide funds for such capital and expense, and the expected cost savings to result.
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Cost Reduction Plan. During the term of this Agreement, SUPPLIER will review cost structures with VA LINUX [*].
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Cost Reduction Plan. Borrowers shall at all times continue to comply with the provisions of the cost reduction plan approved by the board of directors of IDE Holdings Corp., which shall be in form and substance satisfactory to Agent and Lenders. Borrowers shall promptly notify Agent of any modifications to such cost reduction plan which are subsequently approved by the board of directors of IDE Holdings Corp.
Sample 1
Cost Reduction Plan. Borrowers shall at all times comply in all respects with the provisions of the cost reduction plan approved by the board of directors of Empeiria, which shall be in form and substance satisfactory to Agent and Lenders (it being agreed that the cost reduction plan delivere to Agent and included in the board resolutions of the Borrowers attached to the Secretary’s Certificate delivered pursuant to Section 2.01(b) hereof is satisfactory to Agent and Lenders).
Sample 1
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Cost Reduction Plan. Borrowers shall at all times comply in all respects with with the provisions of the cost reduction plan approved by the board of directors of IDE Holdings Corp. which shall be in form and substance satisfactory to Agent and Lenders (it being agreed that the cost reduction plan included in the board resolutions of the Borrowers attached to the Secretary’s Certificate delivered pursuant to Section 2.01(b) hereof is satisfactory to Agent and Lenders).
Sample 1

Related to Cost Reduction Plan

  • Commitment Reduction The Borrowers shall have the right, upon at least two Business Days’ notice to the Administrative Agent, to terminate in whole or, upon same day notice, from time to time to permanently reduce ratably in part the unused portion of the Commitments; provided that each partial reduction shall be in the aggregate amount of $5,000,000 or in an integral multiple of $1,000,000 in excess thereof; provided, further, that the Commitments may not be reduced to an amount that is less than the aggregate Stated Amount of outstanding Letters of Credit. Subject to the foregoing, any reduction of the Commitments to an amount below $200,000,000 shall also result in a reduction of the L/C Commitment Amount to the extent of such deficit (with automatic reductions in the amount of each L/C Fronting Bank Commitment ratably in proportion to the amount of such reduction of the L/C Commitment Amount). Each such notice of termination or reduction shall be irrevocable; provided, further, that, if, after giving effect to any reduction of the Commitments, any Borrower Sublimit exceeds the amount of the aggregate Commitments, such sublimit shall be automatically reduced by the amount of such excess. Without limiting subsection (b) below, any Commitment reduced or terminated pursuant to this subsection (a) may not be reinstated.

  • Increased Costs and Reduction of Return (a) If any Lender determines that due to either (i) the introduction of or any change in the interpretation of any law or regulation or (ii) the compliance by that Lender with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining any LIBOR Rate Loans, then the Borrower shall be liable for, and shall from time to time, upon demand (with a copy of such demand to be sent to the Agent), pay to the Agent for the account of such Lender, additional amounts as are sufficient to compensate such Lender for such increased costs.

  • Application of Commitment Reductions; Payment of Fees The Administrative Agent will promptly notify the Appropriate Lenders of any termination or reduction of unused portions of the Letter of Credit Sublimit or the Swing Line Sublimit or the unused Commitments of any Class under this Section 2.06. Upon any reduction of unused Commitments of any Class, the Commitment of each Lender of such Class shall be reduced by such Lender’s Pro Rata Share of the amount by which such Commitments are reduced (other than the termination of the Commitment of any Lender as provided in Section 3.07). All commitment fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination.

  • Payment and Year-End Adjustment Amounts accrued pursuant to this Agreement shall be payable to the Adviser as of the last day of each month. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

  • Performance Adjustment One-twelfth of the annual Performance Adjustment Rate will be applied to the average of the net assets of the Portfolio (computed in the manner set forth in the Fund's Declaration of Trust or other organizational document) determined as of the close of business on each business day throughout the month and the performance period.

  • Collection Allocation Mechanism On the CAM Exchange Date, (a) the Commitments shall automatically and without further act be terminated as provided in Article VII, (b) each Lender shall become obligated to fund, within one Business Day, all participations in outstanding Swingline Loans held by it (it being agreed that the CAM Exchange shall not result in a reallocation of such funding obligations, but only of the funded participations resulting therefrom) and (c) the Lenders shall automatically and without further act be deemed to have made reciprocal purchases of interests in the Designated Obligations such that, in lieu of the interests of each Lender in the particular Designated Obligations that it shall own as of such date and immediately prior to the CAM Exchange, such Lender shall own an interest equal to such Lender’s CAM Percentage in each Designated Obligation. Each Lender, each person acquiring a participation from any Lender as contemplated by Section 11.04 and each Borrower hereby consents and agrees to the CAM Exchange. Each Borrower and each Lender agrees from time to time to execute and deliver to the Administrative Agent all such promissory notes and other instruments and documents as the Administrative Agent shall reasonably request to evidence and confirm the respective interests and obligations of the Lenders after giving effect to the CAM Exchange, and each Lender agrees to surrender any promissory notes originally received by it hereunder to the Administrative Agent against delivery of any promissory notes so executed and delivered; provided that the failure of any Borrower to execute or deliver or of any Lender to accept any such promissory note, instrument or document shall not affect the validity or effectiveness of the CAM Exchange. As a result of the CAM Exchange, on and after the CAM Exchange Date, each payment received by the Administrative Agent pursuant to any Loan Document in respect of the Designated Obligations shall be distributed to the Lenders pro rata in accordance with their respective CAM Percentages (to be redetermined as of each such date of payment or distribution to the extent required by the next paragraph), but giving effect to assignments after the CAM Exchange Date, it being understood that nothing herein shall be construed to prohibit the assignment of a proportionate part of all an assigning Lender’s rights and obligations in respect of a single Class of Commitments or Loans. In the event that, after the CAM Exchange, the aggregate amount of the Designated Obligations shall change as a result of the making of an LC Disbursement of either Tranche by an Issuing Bank that is not reimbursed by the applicable Borrower, then (a) each Lender of such Tranche shall, in accordance with Section 2.05(d), promptly purchase from the applicable Issuing Bank a participation in such LC Disbursement in the amount of such Lender’s Tranche One Percentage or Tranche Two Percentage, as the case may be, of such LC Disbursement (without giving effect to the CAM Exchange), (b) the Administrative Agent shall redetermine the CAM Percentages after giving effect to such LC Disbursement and the purchase of participations therein by the applicable Lenders, and the Lenders shall automatically and without further act be deemed to have made reciprocal purchases of interests in the Designated Obligations such that each Lender shall own an interest equal to such Lender’s CAM Percentage in each of the Designated Obligations and (c) in the event distributions shall have been made in accordance with the preceding paragraph, the Lenders shall make such payments to one another as shall be necessary in order that the amounts received by them shall be equal to the amounts they would have received had each LC Disbursement been outstanding immediately prior to the CAM Exchange. Each such redetermination shall be binding on each of the Lenders and their successors and assigns and shall be conclusive absent manifest error.

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