Restructures Clause Samples

A 'Restructures' clause defines the terms and procedures for modifying the structure of an agreement or the obligations of the parties involved, typically in response to significant changes in circumstances. This clause may outline how parties can renegotiate payment schedules, adjust deliverables, or alter timelines if certain triggering events occur, such as financial hardship or regulatory changes. Its core practical function is to provide a clear, agreed-upon process for adapting the contract to unforeseen developments, thereby reducing uncertainty and potential disputes.
Restructures. The Association recognizes that the Medical Center has the right to decide whether the restructuring of nursing positions within a unit or units is warranted, and the Medical Center recognizes that the Association has the right to bargain, upon request, regarding the impact of such a decision.
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Restructures. If You are a party to a transaction (or related series of transactions) involving a merger, consolidation or other corporate reorganization where You do not survive the transaction(s), the transaction(s) shall also be deemed a prohibited transfer.
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Restructures. 15.1 Where a decision has been made to restructure a work area and positions have been identified as surplus to requirements, the employer shall transfer staff to vacant positions within the work area that are of the same classification and salary. The provisions of Clause 7 shall not apply in the case of employees transferred to vacant positions under the provisions of this Clause.
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Restructures. In the event of a merger of two or more units into a single unit or a restructuring of an existing department or unit, the employer will determine the number of regular full‐ time and regular part time FTEs by shift required for the new or restructured department or unit. Prior to determining the schedule, the employer will meet with the employees of the affected department(s) or unit(s) to discuss the reconfiguration of the FTEs in the department(s) or unit(s) and the new work schedules. Employees within a classification may bid for the same shifts / same hours they had prior to the restructuring, based on seniority, providing skill, competence, and ability are considered substantially equal in the opinion of the employer. If through this bid process an employee is unable to retain the same shift / same hours he / she had prior to the restructuring, he / she may bump to other shifts within the employee’s classification based on seniority, providing skill, competence and ability are considered equal in the opinion of the employer.
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Restructures. If any capital reorganization, reclassification, consolidation, merger or sale of all or substantially all of COVR's assets is effected in a way that holders of shares of Common Stock are entitled to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for such Common Stock, Holder will have the right, prior to consummation of such transaction, to acquire and receive (in lieu of or in addition to what Holder would have received upon exercise of such holder's stock option), such securities or assets as may be issued or payable with respect to the exchange for the number of shares of Common Stock immediately theretofore acquirable and receivable upon exercise of such holder's Option had such exchange not taken place.
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Related to Restructures

  • Restructure Merge or consolidate itself or any of its Subsidiaries with any other Person, or restructure, reorganize or completely or partially liquidate or dissolve it or any of its Subsidiaries.

  • Restructuring 24.1 In the event that all or part of the work undertaken by the employee will be affected by the employer entering into an arrangement whereby a new employer will undertake the work currently undertaken by the employee, the employer will meet with the employee, providing information about the proposed arrangement and an opportunity for the employee to comment on the proposal, and will consider and respond to their comments. The employee has the right to seek the advice of their union or to have the union act on their behalf. 24.2 The employer will negotiate with the new employer, including whether the affected employees will transfer to the new employer on the same terms and conditions, and will include in the agreement reached with the new employer a requirement that the employee be offered a position with the new employer at the same or similar terms of employment. 24.3 Where the employee either chooses not to transfer to the new employer, or is not offered employment by the new employer, the employer will activate the staff surplus provisions of this agreement.

  • Divestitures Except to the extent prohibited by applicable Laws, if any BTC Recipient relinquishes Control of all or part of a business unit, or a particular function or facility of any BTC Recipient after the Effective Date (each, a “Divested Entity”), then at the request of such BTC Recipient, State Street will continue to provide the Services, including Disengagement Assistance to such Divested Entity for a period of time BTC requests, which period will not extend beyond the earlier to occur of: (a) 24 months after such entity becomes a Divested Entity; or (b) the end of the period during which State Street is required to provide Disengagement Assistance under this Agreement, at the rates and in accordance with the terms and conditions set forth in the applicable Service Modules; provided, that, such Divested Entity agrees in writing with State Street to abide by the terms and conditions of the applicable Service Module and any applicable provisions of this Agreement. The applicable BTC Recipient shall remain primarily liable for the obligations of the Divested Entity under the applicable Service Modules.

  • Restructuring Transactions On the Effective Date, the Debtor, Newco, GP, Finance Co and Merger Co shall enter into the Consensual Transaction described in Section 3 of the Implementation Plan attached to the Transaction Support Agreement as Exhibit B. On the later of the Effective Date and the Merger Date, the Debtor and Merger Co will enter into a merger agreement under which the Debtor will merge with Merger Co, and following the merger, the Debtor will be the surviving and successor entity. The actions to implement this Plan and the Implementation Plan may include, in accordance with the consent rights in the Transaction Support Agreement: (a) the execution and delivery of appropriate agreements or other documents of merger, amalgamation, consolidation, restructuring, conversion, disposition, transfer, arrangement, continuance, dissolution, sale, purchase, or liquidation containing terms that are consistent with the terms of the Plan and the Transaction Support Agreement and that satisfy the applicable requirements of applicable law and any other terms to which the applicable Entities may agree; (b) the execution and delivery of appropriate instruments of transfer, assignment, assumption, or delegation of any asset, property, right, liability, debt, or obligation on terms consistent with the terms of the Plan and the Transaction Support Agreement and having other terms for which the applicable parties agree; (c) the filing of appropriate certificates or articles of incorporation, reincorporation, merger, consolidation, conversion, amalgamation, arrangement, continuance, or dissolution pursuant to applicable state or provincial law; (d) the execution and delivery of contracts or agreements, including, without limitation, transition services agreements, employment agreements, or such other agreements as may be deemed reasonably necessary to effectuate the Plan in accordance with the Transaction Support Agreement; and (e) all other actions that the applicable Entities determine to be necessary, including making filings or recordings that may be required by applicable law in connection with the Plan.

  • Divestiture If Grantee’s employment with the Company or a Subsidiary terminates as the result of a divestiture, then the Common Shares covered by this Agreement and any Deferred Cash Dividends then accumulated with respect thereto shall become nonforfeitable in accordance with the terms and conditions of Section 1(a) as if Grantee had remained in the continuous employ of the Company or a Subsidiary from the Date of Grant until the fifth anniversary of the Date of Grant or the occurrence of a circumstance referenced in Section 2(a) or 2(b), whichever occurs first. For the purposes of this Agreement, the term “divestiture” shall mean a permanent disposition to a Person other than the Company or any Subsidiary of a plant or other facility or property at which Grantee performs a majority of Grantee’s services whether such disposition is effected by means of a sale of assets, a sale of Subsidiary stock or otherwise.