Prior Reduction Sample Clauses

The Prior Reduction clause establishes that any reductions, discounts, or adjustments applied to an obligation or amount before the current agreement are recognized and factored into the current terms. In practice, this means that if a party has already received a reduction in fees, liabilities, or other amounts due under a previous arrangement, those reductions will be acknowledged and not duplicated in the present contract. This clause ensures that parties do not benefit from multiple reductions for the same obligation, thereby preventing double-counting and maintaining fairness in the calculation of amounts owed.
Prior Reduction. For purposes of this Section 5, in the event that any compensation, rights or benefits (or the methods of calculating the same) to which the Executive was entitled prior to the date of termination of employment were at any time within one (1) year prior to the date of termination reduced or terminated without his express written consent, then that item of compensation, right or benefit (or the method of calculating the same) to which the Executive is entitled under this Section shall be the compensation, right, benefit or method in effect prior to such reduction. Notwithstanding anything to the contrary contained herein, no provision hereof shall result in any actual additional vesting or benefits within any plan qualified under Section 401 of the Internal Revenue Code of 1986, as amended.
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Related to Prior Reduction

  • Staff Reduction 15.01 Both parties recognize that job security should increase in proportion to length of service. Teachers shall be laid-off in reverse order of seniority in accordance with the following priority: a. Firstly, term contract teachers; b. Secondly, probationary contract teachers, in reverse order of seniority; c. Permanent contract teachers, in reverse order of seniority; Provided the retained more senior teacher has, in the judgement of the Board, the appropriate qualifications and experience for the work to be assigned. 15.02 When it is necessary to invoke staff reduction, the Board shall first give priority, to the extent it considers practical, to natural attrition, including encouragement of full year unpaid leaves of absence. a. Staff reductions shall not be invoked to release teachers liable to dismissal for cause. b. Teachers directly affected by staff reduction policy shall be informed by the Board as soon as a final decision is made. c. The Board shall provide an appropriate letter of reference for any laid-off teacher whose contract is not renewed because of staff reduction. d. The Board shall maintain a Re-employment List of all laid-off teachers formerly employed in the system who remain unemployed because of staff reduction. It shall be the duty of the teacher to advise the Board of all changes in address. Failure to do so shall constitute a waiver on the part of the teacher for the opportunity to be recalled, during the time the address is inaccurate. e. A teacher on the Re-employment List shall notify the Board on or before February 1st that she/he wishes to remain on said List. Upon failure to do so, the name of such teacher shall be automatically removed from the List. f. Upon the Board being satisfied that a teacher on the Re- employment List is employed as a teacher on a full year contract with another school board in a vacant position, the name of such teacher shall be automatically removed from the List.

  • Fee Reduction The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.15%, as a percentage of the Fund’s average daily net assets.

  • WORKFORCE REDUCTION SECTION 1 Layoffs (A) When employees are to be laid off, the state shall implement such layoff in the following manner: (1) The competitive area within which layoffs will be affected shall be defined as statewide within the DHSMV. (2) Layoff shall be by occupational level within the Florida Highway Patrol bargaining unit. (3) An employee who has not attained permanent status in his current position may be laid off without applying the provision for retention rights. (4) No employee with permanent status in his current position shall be laid off while an employee who does not hold permanent status in his current position is serving in that broadband level unless the permanent employee does not elect to exercise his retention rights or does not meet the selective competition criteria. (5) All employees who have permanent status in their current position shall be ranked on a layoff list based on the total retention points derived as follows: (a) Length of service retention points shall be based on one point for each month of continuous service in a Career Service position. 1. An employee who resigns from one Career Service position to accept employment in another Career Service position is not considered to have a break in service. 2. An employee who has been laid off and is reemployed within one year from the date of the layoff, shall not be considered to have a break in service. 3. Moving from Career Service to Selected Exempt Service or Senior Management Service and back to Career Service does not constitute a break in service unless the employee’s break in service is more than 31 calendar days. Only time spent in the Career Service can be counted in calculating retention points. (b) Retention points deducted for performance not meeting performance standards or work expectations defined for the position shall be based on the five years immediately prior to the DHSMV’s established cutoff date. Five points shall be deducted for each month an employee has a rating below performance expectations. (6) The layoff list shall be prepared by totaling retention points. Employees eligible for veterans’ preference pursuant to section 295.07(1)(a) or (b), F.S., shall have fifteen percent added to their total retention points, those eligible pursuant to section 295.07(1)(c), (d), or (e), F.S., shall have ten percent added to their total retention points, and those eligible pursuant to section 295.071(1)(f), or (g), F.S., shall have five percent added to their total retention points. (7) The employee with the highest total retention points is placed at the top of the list, and the employee with the lowest retention points is placed at the bottom of the list. (8) The employee at the top of the list shall bump the employee at the bottom of the list. The next highest employee on the list and the remaining employees shall be handled in the same manner until the total number of filled positions in the broadband level to be abolished is complete. (9) Should two or more employees have the same combined total of retention points, the order of layoff shall be determined by giving preference for retention in the following sequence: (a) The employee with the longest service in the affected broadband level. (b) The employee with the longest continuous service in the Career Service. (c) The employee who is entitled to veterans’ preference pursuant to section 295.07(1), F.S. (10) An employee who has permanent status in his current position and is to be laid off shall be given at least 14 calendar days’ notice of such layoff or two weeks’ pay or a combination of days of notice and pay. Any payment will be made at the employee’s current hourly base rate of pay. The notice of layoff shall be in writing and sent to the employee by certified mail, return receipt requested. Within seven calendar days after receiving the notice of layoff, the employee shall have the right to request, in writing, a reassignment, lateral action, or demotion within the competitive area in lieu of layoff to a position in a broadband level within the bargaining unit in which the employee held permanent status, or to a position at the level of or below the current level in the bargaining unit, in which the employee held permanent status. Such request must be in writing and reassignment or demotion cannot be effected to a higher broadband level. (11) An employee’s request for reassignment, lateral action, or demotion shall be granted unless it would cause the layoff of another employee who possesses a greater total of retention points. (12) An employee adversely affected as a result of another employee having a greater number of retention points shall have the same right of reassignment, lateral action, or demotion under the procedure as provided in this section. (13) If an employee requests a reassignment, lateral action, or demotion in lieu of layoff, the same formula and criteria for establishing retention points shall be used as prescribed in this section. (B) If there is to be a layoff of employees the state shall take all reasonable steps to place any adversely affected employees in existing vacancies for which they are qualified. (C) If work performed by employees in this unit is to be performed by non-state employees, the state agrees to encourage the employing entity to consider any adversely affected unit employees for employment in its organization if the state has been unable to place the employees in other positions within the Career Service System.

  • Automatic Reduction Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class B Certificates or otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.

  • Commitment Reduction The Borrower 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 $100,000,000 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. Without limiting subsection (b) below, any Commitment reduced or terminated pursuant to this subsection (a) may not be reinstated.