Elimination Options Clause Samples

The Elimination Options clause defines the procedures and choices available for removing certain elements, parties, or obligations from an agreement. Typically, this clause outlines the specific conditions under which elimination can occur, such as non-performance, mutual agreement, or the occurrence of predefined events. For example, it may allow a party to be excluded from a project if they fail to meet milestones or permit the removal of a product from a supply list if it becomes obsolete. The core function of this clause is to provide flexibility and clarity in managing changes to the agreement, ensuring that parties have a structured way to address issues or adapt to evolving circumstances.
Elimination Options. An employee who qualifies under section 1 above may elect one of the following options: (1) Recall and seniority retention as per Article XVII - Seniority, or (2) Severance allowance as per section 5 below. Such employee must elect his option within thirty (30) days of notification that their loss of employment is permanent. If Option (2) is selected, the employee will be deemed to have terminated effective the last day worked. Where a temporary curtailment becomes permanent, severance eligibility will be determined by the status of the employee at the time of the temporary curtailment.
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Elimination Options. An employee who qualifies under Section I above may elect one of the following options: (I) Recall and seniority retention as per Article Seniority, or
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Elimination Options. An employee who qualifies under section 1 above may elect one of the following options: (1) Recall and seniority retention as per Article XVII - Seniority, or (2) Severance allowance as per section 5 below.
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Elimination Options. An employee who qualifiesunder (a)abovemay elect one of the following options: Recall and seniority retention as per Section Seniority or Severance allowance as per (e)below. Such an employee must elect his options within thirty (30) days of notification that his loss of employment is perma- nent. If Option is selected, the employee will be deemed to have terminated, effective the last day worked. Where a temporary curtailment becomes permanent, ▇▇▇▇▇▇▇▇▇ ▇▇▇- gibility will be determined by the status of the employee at the time of the temporary curtailment. Severance Allowance Severance Allowance will be calculated by one of the two fol- lowing methods based on the last period of continuous service, it being the choice of the affected employee as to which of such methods of calculation is used. Years of Employment Severance Allowance or of earnings 1st Ten Years SubsequentYears MAXIMUM SEVERANCE ALLOWANCE Weeks Hours Computed on the basis of forty (40) straight time hours at the employee’s regular rate. For employees with a minimum of one (1)year’s employ- ment during their last period of continuous service, sever- ance allowance shall not be less than four weeks’ pay The severance allowance will not be more than the employee would normally receive if he remained at work at forty (40) hours per week to his normal retirement date. At the time of separation,the employee shall have the option of receiving his severance allowance on termination, or he may elect to have his severance allowance held in abeyance for up to one year from the date of termination.He may apply in writing at any time during the year, at which time his full severance ▇▇- ▇▇▇▇▇▇▇ will be paid forthwith. There will be no payment under this clause if the employee has already qualified for severance payment under Section Job Security or Section -PermanentPlant Closure.
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Related to Elimination Options

  • Termination Option The Mortgages Trustee (as trustee for the Beneficiaries) and Funding may, upon a breach by the relevant Account Bank of its obligations under this Agreement, any Issuer Bank Account Agreement, the Funding Guaranteed Investment Contract, the Mortgages Trustee Guaranteed Investment Contract, the Cash Management Agreement, any Issuer Cash Management Agreement or the Servicing Agreement (for the avoidance of doubt, to the extent that the relevant Account Bank is party to the relevant agreement) by giving one month's prior written notice to the relevant Account Bank (with a copy to the Security Trustee), terminate the appointment of such Account Bank, provided that: (a) such termination shall not be effective until a replacement financial institution or institutions (in each case (A) whose short-term, unsubordinated, unguaranteed and unsecured debt obligations are rated at least P-1 by Moody's, (B) whose unsubordinated, unguaranteed and unsecured debt obligations are rated at least A-1 short-term and A long-term (or, if such institution has no short-term rating from S&P, at least A+ long-term) by S&P and (C) whose short-term and long-term “Issuer Default Ratings” are at least F1 and A (respectively), by Fitch) shall have entered into an agreement in form and substance similar to this Agreement; and (b) such termination would not adversely affect the then current ratings of the Rated Notes. The Cash Manager, the Mortgages Trustee and Funding shall use reasonable endeavours to agree such terms with such a replacement financial institution or institutions within 60 calendar days of the date of the notice. In the event of such termination the relevant Account Bank shall assist the other parties hereto to effect an orderly transition of the banking arrangements documented hereby and the Mortgages Trustee and Funding shall reimburse the relevant Account Bank for its reasonable costs and any amounts in respect of Irrecoverable VAT thereon (including reasonable costs and expenses) incurred during the period of, and until completion of, such transition. Account Bank A shall have no obligation to find a replacement financial institution and shall not be liable for any cost, expenses or fees of any person in respect of the appointment of any replacement financial institution.