Reclassification Down Sample Clauses

The "Reclassification Down" clause defines the process and conditions under which an asset, liability, or financial instrument is moved to a lower classification category, typically reflecting a change in its risk profile or credit quality. In practice, this clause outlines the specific triggers—such as a downgrade in credit rating or a deterioration in financial performance—that would require the reclassification, and details the procedural steps for updating records and disclosures. Its core function is to ensure transparency and accuracy in financial reporting by mandating timely adjustments when the status of an item changes, thereby helping stakeholders assess risk and make informed decisions.
Reclassification Down. (a) Reclassification downward is a change in the classification of a position by reducing it to a lower classification. (b) The Agency shall, sixty (60) calendar days in advance of a reclassification downward of any position, notify the employee in writing of the action, including the specific reasons, and the HRSD Position Description used for the action, which shall be signed by the Appointing Authority. (c) If an employee is reclassified downward and his/her rate of pay is above the maximum of the new classification, his/her rate of pay will remain the same until a rate in the salary range of the new classification exceeds it, at which time the employee’s salary shall be adjusted to that step. If the employee’s rate of pay is the same as a salary step in the new classification, the employee’s salary shall be maintained at the same rate in the lower range. If the employee’s rate of pay is within the new salary range but not at a corresponding salary step, the employee’s salary shall be maintained at the current rate until the next eligibility date. At the employee’s next eligibility date, if qualified, the employee shall be granted a salary rate increase of one (1) full step within the new salary range plus that amount that his/her current salary rate is below the next higher rate in the salary range. This increase shall not exceed the highest step in the new salary range.
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Reclassification Down. (a) Reclassification downward is a change in the classification of a position by reducing it to a lower classification. (b) The Agency shall, sixty (60) calendar days in advance of a reclassification downward of any position, notify the employee in writing of the action, including the specific reasons, and the Chief Human Resource Office Position Description used for the action, which shall be signed by the Appointing Authority. (c) If an employee is reclassified downward and their rate of pay is above the maximum of the new classification, their rate of pay will remain the same until a rate in the salary range of the new classification exceeds it, at which time the employee’s salary shall be adjusted to that step. If the employee’s rate of pay is the same as a salary step in the new classification, the employee’s salary shall be maintained at the same rate in the lower range.
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Reclassification Down. (a) Reclassification downward is a change in the classification of a position by reducing it to a lower classification and does not include “demotions” under Article 22.3. (b) LCOG shall, sixty (60) calendar days in advance of a reclassification downward of any position, notify the employee in writing of the action, including the specific reasons and the position description used for the action. (c) If an employee is reclassified downward and their rate of pay is above the maximum of the new classification, their rate of pay will remain the same until a rate in the salary range of the new classification exceeds it, at which time the employee’s salary shall be adjusted to that step. If the employee’s rate of pay is the same as a salary step in the new classification, the employee’s salary shall be maintained at the same rate in the lower range. If the employee’s rate of pay is within the new salary range but not at a corresponding salary step (i.e.: between steps), the employee’s salary shall be maintained at the next whole step within the new salary range.
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Reclassification Down. Reclassification downward is a change in the classification of a position by reducing it to a lower classification.
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Related to Reclassification Down

  • 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 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.

  • Recapitalization or Reclassification If the Company shall at any time effect a recapitalization, reclassification or other similar transaction of such character that the shares of Common Stock shall be changed into or become exchangeable for a larger or smaller number of shares, then upon the effective date thereof, the number of shares of Common Stock which Holder shall be entitled to purchase upon Exercise of this Warrant shall be increased or decreased, as the case may be, in direct proportion to the increase or decrease in the number of shares of Common Stock by reason of such recapitalization, reclassification or similar transaction, and the Exercise Price shall be, in the case of an increase in the number of shares, proportionally decreased and, in the case of decrease in the number of shares, proportionally increased. The Company shall give Holder the same notice it provides to holders of Common Stock of any transaction described in this Section 5(b).

  • Reclassification of Shares If the Company at any time shall, by combination, reclassification, exchange or subdivision of securities or otherwise, change any of the securities as to which purchase rights under this Warrant Agreement exist into the same or a different number of securities of any other class or classes, this Warrant Agreement 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 which were subject to the purchase rights under this Warrant Agreement immediately prior to such combination, reclassification, exchange, subdivision or other change.

  • Reclassifications A reclassification of the Common Stock (other than any such reclassification in connection with a merger or consolidation to which Section 9(e) applies) into shares of any other class of stock shall be deemed: (i) a distribution by the Company to the holders of its Common Stock of such shares of such other class of stock for the purposes and within the meaning of this Section 9; and (ii) if the outstanding shares of Common Stock shall be changed into a larger or smaller number of shares of Common Stock as part of such reclassification, such change shall be deemed a subdivision or combination, as the case may be, of the outstanding shares of Common Stock for the purposes and within the meaning of Section 9(b).