Process of Reclassification Sample Clauses

The Process of Reclassification clause defines the procedures and criteria for changing the classification or status of an asset, liability, or other item within a contract or agreement. Typically, this clause outlines the circumstances under which reclassification may occur, the steps required to initiate and approve the change, and any documentation or notifications that must be provided. For example, it may apply when a financial asset is moved from one accounting category to another due to a change in its use or risk profile. The core function of this clause is to ensure transparency and consistency in how reclassifications are handled, thereby reducing confusion and potential disputes between parties.
Process of Reclassification. 17.2.1 Either an employee, CSEA, or District management may initiate a request for a reclassification. This request must be made in writing to the District Office employee identified in charge of classified personnel between January 15 through March 1. A copy must be sent at the same time to the Superintendent and CSEA. 17.2.2 The Superintendent or designee will convene a Reclassification Committee comprised of the Assistant Superintendent of Business Services, the CSEA President or designee, and one appointee each of CSEA and the District. The Committee will convene between March 1 and May 1 and will complete its work by May 1 of each year. 17.2.3 The Committee will make decisions by vote of all members, with three favorable votes necessary to effectuate a decision. Release time will be provided for the CSEA representatives. If a Committee member works in a position or classification that is being studied, the member will be temporarily replaced by another by the appointing group. 17.2.4 Following the study, the Committee will make one of the following recommendations to the negotiating parties: • That the duties are consistent with the current classification description, and the request for a range change is not warranted; • That the duties are consistent with a higher classification, and either the job must be placed in a higher classification, or the employee must conform the current duties to those listed in the job description; • That the duties are inconsistent with any existing job description, and the position either should be reclassified with new duties and job description, or the current job description must be retained with some modification in the duties; • That the duties are similar to another classification within the same salary range, and the positions should be merged or consolidated.
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Related to Process of Reclassification

  • Reclassification, etc If the Borrower at any time shall, by reclassification or otherwise, change the Common Stock into the same or a different number of securities of any class or classes, this Note, as to the unpaid principal portion thereof and accrued interest thereon, shall thereafter be deemed to evidence the right to purchase an adjusted number of such securities and kind of securities as would have been issuable as the result of such change with respect to the Common Stock immediately prior to such reclassification or other change.

  • Reclassification Procedure a. A completed Position Description Form and written explanation for a proposed reclassification request shall be submitted to the Agency Personnel Office. b. Agency shall review and verify the duties assigned to the position. Within thirty (30) days after receipt of reclassification request, the Agency shall notify the Union of its findings. If the findings indicate reclassification, the Agency shall decide to seek approval if necessary or remove duties.

  • Classification and Reclassification It is understood and agreed that any Lien, sale, lease or other disposition of assets, Dividend, Indebtedness, Investment, Affiliate transaction or prepayment of Indebtedness need not be permitted solely by reference to one category of permitted Lien, sale, lease or other disposition of assets, Dividend, Indebtedness, Investment, Affiliate transaction or prepayment of Indebtedness under Sections 10.01, 10.02, 10.03, 10.04, 10.05, 10.06 and 10.07(a), respectively, but may instead be permitted in part under any combination thereof (it being understood that Lead Borrower may utilize amounts under any category that is subject to any financial ratio or test, including the Consolidated First Lien Net Leverage Ratio, Consolidated Fixed Charge Coverage Ratio, Consolidated Secured Leverage Ratio or Consolidated Total Net Leverage Ratio, prior to amounts under any other category). For purposes of determining compliance at any time with Sections 10.01 and 10.04, in the event that any Lien or Indebtedness meets the criteria of more than one of the categories of transactions or items permitted pursuant to any clause of such Sections 10.01 and 10.04, Lead Borrower, in its sole discretion, may, from time to time, classify or reclassify such transaction or item (or portion thereof) and will only be required to include the amount and type of such transaction (or portion thereof) in any one category. Reclassifications of any utilization of the Incremental Amount shall occur automatically to the extent set forth in the definition thereof.

  • Reclassification If the Company, by reclassification of securities or otherwise, shall change any of the securities as to which purchase rights under this Warrant exist into the same or a different number of securities of any other class or classes, this Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities that were subject to the purchase rights under this Warrant immediately prior to such reclassification or other change, and the Purchase Price therefor shall be appropriately adjusted, all subject to further adjustment as provided in this Section 4. No adjustment shall be made pursuant to this Section 4.3 upon any conversion or redemption of the Common Stock which is the subject of Section 4.5.

  • Reclassification, Exchange or Substitution Upon any reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of this Warrant, the number and kind of securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. Such an event shall include any automatic conversion of the outstanding or issuable securities of the Company of the same class or series as the Shares to common stock pursuant to the terms of the Company's Articles of Incorporation upon the closing of a registered public offering of the Company's common stock. The Company or its successor shall promptly issue to Holder a new Warrant for such new securities or other property. The new Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other events.