Permanent Reduction. The principal amount of the Debt is reduced to $138,500 and all the Bank's claims for principal in excess of such amount or for interest or charges accrued to the date hereof are extinguished.
Permanent Reduction a. Permanent reduction shall be defined as a reduction of hours, reduction in force, or the elimination of an employee’s position in excess of thirty (30) days. When the Employer determines that a reduction in hours or position is necessary, the decision will be made and communicated to the Union through a notice of intent in writing, a minimum of sixty (60) days prior to implementation. This notice shall include the number and description of the affected positions and the reasons for the reduction. The parties shall meet, if the Union so requests, to discuss the reduction and explore alternatives, including a work share agreement to be mutually agreed upon by the employees in the affected patient care area or outpatient facility. However, the Employer retains the final right to determine the nature of the layoff.
Permanent Reduction. In the event a permanent reduction of any positions in the bargaining unit becomes necessary, the City agrees that:
Permanent Reduction. Once reduced in accordance with this Section, the Revolving Commitments may not be increased. Any reduction of the Revolving Loan Commitments shall be applied to each Revolving Lender according to its Revolving Percentage.
Permanent Reduction. Upon the prepayment of Revolving Loans pursuant to this Section 4.01(b), the Revolving Credit Commitments, automatically and permanently, shall be reduced by the amount of such prepayment.
Permanent Reduction a. Permanent reduction shall be defined as a reduction of hours, reduction in force, or the elimination of an employee’s position in excess of thirty
Permanent Reduction. Amounts prepaid under the Term Loan pursuant to this SECTION 2.07(f) may not be reborrowed and will constitute a permanent reduction in the Term Loan Commitment. Each prepayment shall be accompanied by any amount required to be paid pursuant to SECTION 4.05 hereof.
Permanent Reduction. 30 (b) Temporary Increase or Reduction..............................................30 Section 2.9 Manner of Payment..........................................................................31 Section 2.10 Proration of Payments.....................................................................32 Section 2.11 Fees......................................................................................33
Permanent Reduction. The Borrower may without penalty at any time simultaneously terminate or permanently reduce the Program Limit and the Commitments, dollar for dollar, by giving the Agent, the Atlantic Agent, the Lyon Agent and the Lenders at least thirty (30) days' prior written notice to such effect; PROVIDED, HOWEVER, that any such reduction shall reduce each of the Program Limit and Commitments in an amount which is equal to $5,000,000 or an integral multiple of $1,000,000 in excess thereof. On or prior to the effective date of such reduction in the Program Limit and Commitments, the Borrower shall make a repayment or prepayment of the Loans outstanding, plus accrued interest on such Loans, such that after giving effect to such repayment or prepayment and the reduction in the Program Limit and the Commitments, (a) the Outstanding Credit does not exceed the Program Limit or the Commitments, (b) the Outstanding Credit does not exceed the aggregate Borrowing Base for all outstanding Loans and (c) the outstanding principal amount of any Loan does not exceed the Borrowing Base for such Loan.
Permanent Reduction. Effective as of January 15, 1999 and pursuant to the Sixth Amendment and the Seventh Amendment, the principal amount of the Loan and Maximum Revolving Loan Commitment was increased from $15,000,000.00 to an amount not to exceed $25,000,000.00 until the Interim Maturity Date on which date, without further notice or demand (a) Borrower shall pay amounts necessary to reduce the outstanding principal balance of the Loan to $15,000,000.00 or less, and (b) the Maximum Revolving Loan Commitment shall be permanently reduced to an amount not to exceed $15,000,000.00 (the "Mandatory Permanent Reduction"). In addition to (but not to the exclusion of) the circumstances comprising the Interim Maturity Date which result in the Mandatory Permanent Reduction, the Maximum Revolving Loan Commitment shall also be automatically and permanently reduced to an amount not to exceed $15,000,000.00 on a date and time certain which date and time certain shall occur contemporaneous with Borrower's repayment of the outstanding principal balance of the Loan to an amount that is $15,000,000.00 or less at any time and for any reason whatsoever (the "Voluntary Permanent Reduction"). Notwithstanding the foregoing, in the event the Interim Maturity Date is the same date as the Maturity Date, the outstanding principal balance of the Loan together with any accrued but unpaid interest thereon and any other costs or amounts owed to the Bank hereunder, excluding (for purposes of this Paragraph 3 only) the aggregate amount of LC Reserves outstanding on the Maturity Date, shall be due and paid in full on such date. On the LC Maturity Date, the aggregate amount of Loan Advances made as a result of LC Drawings together with any accrued but unpaid interest thereon and any other costs or amounts remaining owed to the Bank hereunder shall be due and paid in full on such date. As of the date of this Amendment, the provisions of this paragraph are intended to supersede and replace the provisions of Paragraph 5 of the Sixth Amendment and Paragraph 3 of the Seventh Amendment.
