Reporting and Reclassification Clause Samples

The Reporting and Reclassification clause establishes the procedures and requirements for disclosing information and updating the classification of items, transactions, or accounts within an agreement. Typically, this clause outlines how and when parties must report relevant changes or events, and under what circumstances reclassification is necessary, such as when an asset changes status or a transaction is re-categorized for accounting or regulatory purposes. Its core function is to ensure transparency and accuracy in record-keeping, thereby reducing the risk of miscommunication or misrepresentation between parties.
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Reporting and Reclassification. (a) Upon the request of Vanguard from time to time, the Company will submit to Vanguard a report for each share class listing (i) each Account that beneficially owns each share class through the Company or an underlying intermediary, and (ii) the amount of each Vanguard Fund’s share class held by the Company or the underlying intermediary for each such Account (in dollars and shares). This information will be provided separately for each Vanguard Fund, each share class of each Vanguard Fund, and each account maintained by the Company. (b) All information received from the reporting required under this exhibit will be kept confidential by Vanguard, will not be disclosed to any unaffiliated third party and will be used solely for purposes of monitoring compliance with the eligibility requirements of the multi-share class program. (i) Subject to the provisions of subsection (ii) below, if an Account holding a particular share class no longer meets the required investment minimum, no longer satisfies Vanguard’s criteria for aggregation, or otherwise becomes ineligible to hold such share class, then the Company will promptly direct Vanguard to reclassify the appropriate amount of assets from the ineligible share class to a share class that the Account is eligible to hold, if available, within the Company’s Vanguard accounts. In addition, Vanguard may, without direction from the Company, reclassify the appropriate amount of assets from any share class that an Account is no longer eligible to hold to a share class that the Account is eligible to hold, if available and as appropriate, within the Company’s Vanguard accounts, or exercise any other rights set forth in the applicable Vanguard Fund’s then-current prospectus and the Vanguard Funds’ then-effective Multiple Class Plan, with respect to a Plan holding a specific share class. (ii) Without limiting any rights of Vanguard or the Vanguard Funds under this Agreement or otherwise, in any case where an Account holding a particular share class no longer meets the required investment minimum, no longer satisfies Vanguard’s criteria for aggregation, or otherwise becomes ineligible to hold such share class (including to the extent any of the foregoing occur as a result of changes to the eligibility requirements set forth herein), Vanguard agrees to, in connection with any resulting reclassification requirement, consider all information that may be provided by the Company concerning circumstances particular to the Acco...
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Related to Reporting and Reclassification

  • 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.

  • Mergers and Reclassifications If after the date hereof the Company shall enter into any Reorganization (as hereinafter defined), then, as a condition of such Reorganization, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall thereafter have the right to purchase, at a total price not to exceed that payable upon the exercise of this Warrant in full, the kind and amount of shares of stock and other securities and property receivable upon such Reorganization by a holder of the number of shares of Common Stock which might have been purchased by the Holder immediately prior to such Reorganization, and in any such case appropriate provisions shall be made with respect to the rights and interest of the Holder to the end that the provisions hereof (including without limitation, provisions for the adjustment of the Purchase Price and the number of shares issuable hereunder) shall thereafter be applicable in relation to any shares of stock or other securities and property thereafter deliverable upon exercise hereof. For the purposes of this Section 9, the term "Reorganization" shall include without limitation any reclassification, capital reorganization or change of the Common Stock (other than as a result of a subdivision, combination or stock dividend provided for in Section 8 hereof), or any consolidation of the Company with, or merger of the Company into, another corporation or other business organization (other than a merger in which the Company is the surviving corporation and which does not result in any reclassification or change of the outstanding Common Stock), or any sale or conveyance to another corporation or other business organization of all or substantially all of the assets of the Company.

  • 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, Reorganization and Consolidation In case of any reclassification, capital reorganization, or change in the Common Stock of the Company (other than as a result of a subdivision, combination, or stock dividend provided for in Section 6(a) above), then, as a condition of such reclassification, reorganization, or change, lawful provision shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the holder of this Warrant, so that the holder of this Warrant shall have the right at any time prior to the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and property receivable in connection with such reclassification, reorganization, or change by a holder of the same number of Shares as were purchasable by the holder of this Warrant immediately prior to such reclassification, reorganization, or change. In any such case appropriate provisions shall be made with respect to the rights and interest of the holder of this Warrant so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities and property deliverable upon exercise hereof, and appropriate adjustments shall be made to the purchase price per share payable hereunder, provided the aggregate purchase price shall remain the same.

  • Reclassification of Position An employee shall not have her salary reduced by reason of a change in the classification of her position that is caused other than by the employee herself.