LAY-OFFS When a lack of work exists and it becomes necessary to reduce the work force, employees shall be selected as surplus in the inverse order of their seniority from the classification and shall be considered for placement to another job for which the employee is qualified to perform efficiently within a reasonable training period in the order of the following successive steps:
2.1 on vacancies in the employee's classification,
2.2 displace in the employee's classification another employee who has the shortest seniority and further provided that the surplus employee has more seniority than the employee to be displaced. If the employee is not thus placed, then
2.3 in the next lower classification and in the same manner in successively lower classifications.
2.4 A surplus employee who cannot be placed in accordance with the above shall be laid off. However, employees subjected to layoff shall not suffer any loss of seniority, provided the employee returns to work within a six (6) month period.
2.5 A surplus employee may elect to fill a vacancy in a lower classification or be laid off.
2.5.1 “Must hire” process
a. In the event that insufficient appropriated funding to work locations within the District results in the displacement of bargaining unit employees, the District will assign employees as “must hires.”
b. Employees will be offered placement in openings within their job title and classification nearest the location from which they were displaced. Seniority will determine priority in placement. The employee may choose an alternate vacancy in the event of multiple vacancies. A list of all job placements will be provided monthly to the Union. If there are no vacancies in the employee’s job title, the employee may choose to enter another job classification for which he/she is qualified to perform. In accordance with Article 15, paragraph 3, if there is a vacancy in a higher classification, the employee may apply in accordance with Article 12, paragraph 4.
c. When the District declares a “hiring freeze” to all outside personnel, all vacancies will be open to transfer until they are filled. Jobs will be posted for current employees. Once it has been determined that there is an internal “qualified” applicant, the vacancy will be filled in accordance with Article 12, paragraphs 3 and 4.
d. This section gives direction only to displaced employees by creating an end of month summary of job placements and establishing a process by which positions are offered.
Permissible Withdrawals The Servicer may make withdrawals from each related Custodial P&I Account solely for the following:
(a) remittances to the related Certificate Account;
(b) reimbursement to itself for advances which have been recovered by subsequent collections including late payments, Liquidation Proceeds or Insurance Proceeds, to the extent funds on deposit recovered by such subsequent collections relate to the Mortgage Loans as to which such advances were made;
(c) interest earnings on deposits to the related Custodial P&I Account, but only to the extent that such interest has been credited;
(d) removal of amounts deposited in error;
(e) removal of charges or other such amounts deposited on a temporary basis in the account;
(f) removal of Servicing Fees to the extent deposited therein; and
(g) termination of the account.
Hardship Withdrawals Hardship withdrawals, as provided for in paragraph 6.9 of the Basic Plan Document #04, [X] are [ ] are not permitted.
Allowance for Possible Loan Losses The allowance for possible loan or credit losses (the “Allowance”) shown on the consolidated balance sheets of each Subsidiary, as applicable, included in the most recent SEC Documents dated prior to the date of this Agreement was, as of the dates thereof, adequate (within the meaning of GAAP and applicable regulatory requirements or guidelines) to provide for all known, reasonably anticipated or probable losses relating to or inherent in the loan and lease portfolios (including accrued interest receivables) of such Subsidiary and other extensions of credit (including letters of credit and commitments to make loans or extend credit) by such Subsidiary as of the date thereof; provided, however, that there can be no assurance that future losses will not exceed the Allowance, or that additional provisions for loan losses will not be required in future periods, and provided, further, that it is understood that the Company’s determination of the Allowance is subject to review by the Company’s bank regulator, which can require the establishment of additional general or specific allowances.
Single Loan All Loans to Borrower and all of the other Obligations of Borrower arising under this Agreement and the other Loan Documents shall constitute one general obligation of Borrower secured, until the Termination Date, by all of the Collateral.
ANNUITY PAYMENTS Annuity Payments will commence on the Annuity Payment Date. Payments are made under the Annuity Payment Option selected (see Section 8.02).
Allowance for Loan Losses The Company's allowance for loan losses is, and shall be as of the Effective Date, in compliance with the Company's existing methodology for determining the adequacy of its allowance for loan losses as well as the standards established by applicable Governmental Authorities and the Financial Accounting Standards Board and is and shall be adequate under all such standards.
Rollover Contributions An amount which qualifies as a rollover contribution pursuant to the Federal Internal Revenue Code may be transferred to and paid under this contract as a contribution for a Participant. Prudential may require proof that the amount paid so qualifies.
CREDITS TO ACCOUNT Promptly after each purchase or sale of Securities by the Fund, the Fund shall deliver to Custodian a Certificate or Instructions, or with respect to a purchase or sale of a Security generally required to be settled on the same day the purchase or sale is made, Oral Instructions specifying all information Custodian may reasonably request to settle such purchase or sale. Custodian shall account for all purchases and sales of Securities on the actual settlement date unless otherwise agreed by Custodian,
Withdrawals The Owner may, upon Notice to LNY, withdraw a part of the surrender value of this Contract at any time prior to the earlier of: the Annuity Commencement Date, termination of this Contract upon payment of any Death Benefit, or surrender of this Contract. Withdrawals will be subject to the withdrawal and surrender requirements as shown on the Contract Specifications. A withdrawal will be effective on the Valuation Date that LNY receives Notice to withdraw. The Notice must specify from which Variable Subaccount and/or any Fixed Account the withdrawal will be made. If no allocation is specified, LNY will withdraw the amount requested on a pro-rata basis from each Variable Subaccount and/or any Fixed Account. Upon receipt of Notice of withdrawal, LNY will pay the amount of any withdrawal within the time period as required by the Securities and Exchange Commission unless the Suspension or Deferral of Payments or Transfers provision (Article 10) is in effect. Xxxxxxxxxxx will be accomplished at Accumulation Unit values as of the Valuation Date the Notice for withdrawal is received. A partial withdrawal will result in a proportional reduction in any Death Benefit payable under the Contract. Withdrawals from a Fixed Subaccount will be subject to an Interest Adjustment unless the withdrawal is effective on the Expiration Date of the Guaranteed Period. If a request for a withdrawal from a Fixed Subaccount is received during the 45 but not more than 75 day period immediately preceding the Expiration Date of that Guaranteed Period, the withdrawal will be effective as of the Expiration Date unless an immediate withdrawal is requested. If an immediate withdrawal is requested, the withdrawal will occur on the Valuation Date the Notice for a withdrawal is received. If a Notice for a withdrawal is received at any time other than during the 45 but not more than 75 day period, the withdrawal will be accomplished as of the Valuation Date the Notice for a withdrawal is received.