Fee Reduction The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.15%, as a percentage of the Fund’s average daily net assets.
WORKFORCE REDUCTION SECTION 1 Layoffs
(A) When employees are to be laid off as defined in the F.S., the state shall implement such layoff in the following manner:
(1) The competitive area for the bargaining unit shall be statewide unless the Department and PBA agree otherwise.
(2) Layoff shall be by class or occupational level within the Security Services Bargaining Unit.
(3) An employee who has not attained permanent status in his current position may be laid off without applying the provision for retention rights.
(4) No employee with permanent status in his current position shall be laid off while an employee who does not hold permanent status in his current position is serving in that class or level unless the permanent employee does not elect to exercise his retention rights or does not meet the selective competition criteria.
(5) All employees who have permanent status in their current positions shall be ranked on a layoff list for the affected class or level based on the total retention points derived as follows:
(a) Length of service retention points shall be based on one point for each month of continuous service in a Career Service position.
1. An employee who resigns from one Career Service position to accept employment in another Career Service position is not considered to have a break in service.
2. An employee who has been laid off and is reemployed within one year from the date of the layoff shall not be considered to have a break in service.
3. Moving from Career Service to Selected Exempt Service or Senior Management Service and back to Career Service does not constitute a break in service unless the employee’s break in service is more than 31 calendar days. Only time spent in the Career Service is counted in calculating retention points.
(b) Retention points deducted for performance not meeting performance standards or work expectations defined for the position shall be based on the five years immediately prior to the agency’s established cutoff date. Five points shall be deducted for each month an employee has a rating below performance expectations.
(6) The layoff list shall be prepared by totaling retention points. Employees eligible for veterans’ preference pursuant to section 295.07(1)(a) or (b), F.S., shall have 15 percent added to their total retention points, those eligible pursuant to section 295.07(1)(c), (d), or (e), F.S., shall have 10 percent added to their total retention points, and those eligible pursuant to section 295.071(1)(f), or (g), F.S., shall have five percent added to their total retention points.
(7) The employee with the highest total retention points is placed at the top of the list, and the employee with the lowest retention points is placed at the bottom of the list.
(8) The employee at the top of the list shall bump the employee at the bottom of the list. The next highest employee on the list and the remaining employees shall be handled in the same manner until the total number of filled positions in the class to be abolished is complete.
(9) Should two or more employees have the same combined total of retention points, the order of layoff shall be determined by giving preference for retention in the following sequence:
(a) The employee with the longest service in the affected class.
(b) The employee with the longest continuous service in the Career Service.
(c) The employee who is entitled to veterans’ preference pursuant to section 295.07(1), F.S.
(10) An employee who has permanent status in his current position and is to be laid off shall be given at least 14 calendar days’ notice of such layoff or two weeks’ pay, or a combination of days of notice and pay. Any payment will be made at the employee’s current hourly base rate of pay. The notice of layoff shall be in writing and sent to the employee by certified mail, return receipt requested. Within seven calendar days after receiving the notice of layoff, the employee shall have the right to request, in writing, a lateral action, reassignment, or demotion within the competitive area in lieu of layoff to a position in a class within the bargaining unit in which the employee held permanent status, or to a position in a class at the level of or below the class in the bargaining unit in which the employee held permanent status.
(11) An employee’s request for lateral action, reassignment, or demotion shall be granted unless it would cause the layoff of another employee who possesses a greater total of retention points.
(12) An employee adversely affected as a result of another employee having a greater number of retention points shall have the same right of lateral action, reassignment or demotion under the same procedure as provided in this section.
(13) If an employee requests a lateral action, reassignment, or demotion in lieu of layoff, the same formula and criteria for establishing retention points for that class shall be used as prescribed in this section.
(B) If there is to be a layoff of employees, the state shall take all reasonable steps to place any adversely affected employees in existing vacancies for which they are qualified.
(C) If work performed by employees in this unit is to be performed by non-state employees, the state agrees to encourage the employing entity to consider any adversely affected unit employees for employment in its organization if the state has been unable to place the employees in other positions within the State Personnel System.
Staff Reduction 11.1 When a reduction within the District is needed, the affected employee(s) and the Association will be notified as to which position(s) will be eliminated or reduced at least fourteen (14) calendar days prior to the reduction.
11.2 When a reduction within the District is needed, the Board will determine which position(s) will be eliminated or reduced. An employee whose position will be eliminated or reduced shall have the right to displace an employee in his/her present job classification or another job classification in accordance with the following:
a. The laid off or reduced employee has greater seniority than the employee to be displaced.
b. The laid off or reduced employee had an equal or greater number of hours in his/her regular schedule than the employee to be displaced.
c. The laid off or reduced employee presently has the necessary qualifications to perform the work.
d. The laid off or reduced employee elects to exercise his/her displacement rights within five (5) working days of notification of his/her layoff or reduction. An employee displaced under this section is also entitled to displacement rights under this section.
11.3 When filling vacancies which occur after a reduction in staff, laid off bargaining unit members who have been released less than two (2) years, shall be recalled in the order of seniority, with the most senior member being recalled first to any position for which he/she is qualified. Effective July 1, 1991, newly hired bargaining unit members shall be subject to recall for two (2) years. If the employee fails to report to work within ten (10) working days from the receipt of the recall notice via certified or registered mail, that person shall be considered a voluntary terminated employee. However, if an employee is recalled to a position of lesser hours, he/she shall have the option to refuse the position and shall not be removed from the recall list as a result of this action.
11.4 An employee may elect to accept layoff rather than exercise his/her bumping rights.
11.5 For the purposes of this agreement, qualified shall be defined as capable of skillfully and efficiently performing the job duties as summarized in the job description in a competent manner with minimal instruction. The District reserves the right to test employees as needed. Qualified includes the following:
a. Any licenses, certification and training necessary to perform the job, and
b. demonstrated skills and merits. The most senior qualified employee shall be selected, excepting that a less senior candidate may be selected if he/she has greatly superior training and skills. The burden of proof of greatly superior training and skills shall be on the Board.
Price Reduction Notwithstanding any other provision set forth in this Warrant, at any time and from time to time during the period that this Warrant is exercisable, the Company in its sole discretion may reduce the Purchase Price or extend the period during which this Warrant is exercisable.
Royalty Reduction If Licensed Product is royalty-bearing only on account of Section 4.3(b)(ii), then the royalty rates set forth in Section 4.3(a) with respect to Net Sales attributable to Licensed Product will be reduced by [***].
Commitment Reduction The Borrowers shall have the right, upon at least two Business Days’ notice to the Administrative Agent, to terminate in whole or, upon same day notice, from time to time to permanently reduce ratably in part the unused portion of the Commitments; provided that each partial reduction shall be in the aggregate amount of $5,000,000 or in an integral multiple of $1,000,000 in excess thereof; provided, further, that the Commitments may not be reduced to an amount that is less than the aggregate Stated Amount of outstanding Letters of Credit. Subject to the foregoing, any reduction of the Commitments to an amount below $200,000,000 shall also result in a reduction of the L/C Commitment Amount to the extent of such deficit (with automatic reductions in the amount of each L/C Fronting Bank Commitment ratably in proportion to the amount of such reduction of the L/C Commitment Amount). Each such notice of termination or reduction shall be irrevocable; provided, further, that, if, after giving effect to any reduction of the Commitments, any Borrower Sublimit exceeds the amount of the aggregate Commitments, such sublimit shall be automatically reduced by the amount of such excess. Without limiting subsection (b) below, any Commitment reduced or terminated pursuant to this subsection (a) may not be reinstated.
Increased Costs and Reduced Return (a) If any Lender, any Agent or the L/C Issuer shall have determined that any Change in Law shall (i) subject such Agent, such Lender or the L/C Issuer, or any Person controlling such Agent, such Lender or the L/C Issuer to any tax, duty or other charge with respect to this Agreement or any Loan made by such Agent or such Lender or any Letter of Credit issued by the L/C Issuer, or change the basis of taxation of payments to such Agent, such Lender or the L/C Issuer or any Person controlling such Agent, such Lender or the L/C Issuer of any amounts payable hereunder (except for Indemnified Taxes and Excluded Taxes), (ii) impose, modify or deem applicable any reserve, special deposit or similar requirement against any Loan, any Letter of Credit or against assets of or held by, or deposits with or for the account of, or credit extended by, such Agent, such Lender or the L/C Issuer or any Person controlling such Agent, such Lender or the L/C Issuer or (iii) impose on such Agent, such Lender or the L/C Issuer or any Person controlling such Agent, such Lender or the L/C Issuer any other condition regarding this Agreement or any Loan or Letter of Credit, and the result of any event referred to in clauses (i), (ii) or (iii) above shall be to increase the cost to such Agent, such Lender or the L/C Issuer of making any Loan, issuing, guaranteeing or participating in any Letter of Credit, or agreeing to make any Loan or issue, guaranty or participate in any Letter of Credit, or to reduce any amount received or receivable by such Agent, such Lender or the L/C Issuer hereunder, then, upon demand by such Agent, such Lender or the L/C Issuer, the Borrowers shall pay to such Agent, such Lender or the L/C Issuer such additional amounts as will compensate such Agent, such Lender or the L/C Issuer for such increased costs or reductions in amount; provided, however, that notwithstanding anything to the contrary in this Section 2.10(a), it shall be a condition to a Lender’s or L/C Issuer’s exercise of its rights, if any, under this Section 2.10(a) that such Lender or L/C Issuer shall generally be exercising similar rights with respect to borrowers under similar agreements.
(b) If any Agent, any Lender or the L/C Issuer shall have determined that any Change in Law either (i) affects or would affect the amount of capital required or expected to be maintained by such Agent, such Lender or the L/C Issuer or any Person controlling such Agent, such Lender or the L/C Issuer, and such Agent, such Lender or the L/C Issuer determines that the amount of such capital is increased as a direct or indirect consequence of any Loans made or maintained, Letters of Credit issued or any guaranty or participation with respect thereto, such Agent’s, such Lender’s or the L/C Issuer’s or such other controlling Person’s other obligations hereunder, or (ii) has or would have the effect of reducing the rate of return on such Agent’s, such Lender’s or the L/C Issuer’s such other controlling Person’s capital to a level below that which such Agent, such Lender or the L/C Issuer or such controlling Person could have achieved but for such circumstances as a consequence of any Loans made or maintained, Letters of Credit issued, or any guaranty or participation with respect thereto or any agreement to make Loans, to issue Letters of Credit or such Agent’s, such Lender’s or the L/C Issuer’s or such other controlling Person’s other obligations hereunder (in each case, taking into consideration, such Agent’s, such Lender’s or the L/C Issuer’s or such other controlling Person’s policies with respect to capital adequacy), then, upon demand by such Agent, such Lender or the L/C Issuer, the Borrowers shall pay to such Agent, such Lender or the L/C Issuer from time to time such additional amounts as will compensate such Agent, such Lender or the L/C Issuer for such cost of maintaining such increased capital or such reduction in the rate of return on such Agent’s, such Lender’s or the L/C Issuer’s or such other controlling Person’s capital; provided, however, that notwithstanding anything to the contrary in this Section 2.10(b), it shall be a condition to a Lender’s or L/C Issuer’s exercise of its rights, if any, under this Section 2.10(b) that such Lender or L/C Issuer shall generally be exercising similar rights with respect to borrowers under similar agreements.
(c) All amounts payable under this Section 2.10 shall bear interest from the date that is ten (10) days after the date of demand by any Agent, any Lender or the L/C Issuer until Payment in Full to such Agent, such Lender or the L/C Issuer at the Reference Rate. A certificate of such Agent, such Lender or the L/C Issuer claiming compensation under this Section 2.10, specifying the event herein above described and the nature of such event shall be submitted by such Agent, such Lender or the L/C Issuer to the Administrative Borrower, setting forth the additional amount due and an explanation of the calculation thereof, and such Agent’s, such Lender’s or the L/C Issuer’s reasons for invoking the provisions of this Section 2.10, and shall be final and conclusive absent manifest error.
(d) Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 2.10 shall not constitute a waiver of such Lender’s right to demand such compensation; provided, that the Borrowers shall not be required to compensate such Agent, such Lender or the L/C Issuer pursuant to this Section 2.10 for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Agent, Lender or L/C Issuer, as the case may be, notifies the Administrative Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Agent’s, Lender’s or L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180 days period referred to above shall be extended to include the period of retroactive effect thereof).
(e) The obligations of the Loan Parties under this Section 2.10 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Increased Costs and Reduction of Return (a) If any Lender determines that, due to either (i) the introduction of or any change in or in the interpretation of any law or regulation or (ii) the compliance by that Lender with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining any Offshore Rate Loan or participating in Letters of Credit, or, in the case of the Issuing Lender, any increase in the cost to the Issuing Lender of agreeing to issue, issuing or maintaining any Letter of Credit or of agreeing to make or making, funding or maintaining any unpaid drawing under any Letter of Credit, then the Company shall be liable for, and shall from time to time, upon demand (with a copy of such demand to be sent to the Administrative Agent), pay to the Administrative Agent for the account of such Lender, additional amounts as are sufficient to compensate such Lender for such increased costs.
(b) If any Lender shall have determined that (i) the introduction of any Capital Adequacy Regulation, (ii) any change in any Capital Adequacy Regulation, (iii) any change in the interpretation or administration of any Capital Adequacy Regulation by any central bank or other Governmental Authority charged with the interpretation or administration thereof, or (iv) compliance by the Lender (or its Lending Office) or any corporation controlling the Lender with any Capital Adequacy Regulation, affects or would affect the amount of capital required or expected to be maintained by the Lender or any corporation controlling the Lender and (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy and such Lender's desired return on capital) that the amount of such capital is increased as a consequence of its Commitments, loans, credits or obligations under this Agreement, then, upon demand of such Lender to the Company through the Administrative Agent, the Company shall pay to the Lender, from time to time as specified by the Lender, additional amounts sufficient to compensate the Lender (or such corporation) for such increase.
Automatic Reduction Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class B Certificates or otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.
PERSONNEL REDUCTION 1. When the District deems a reduction in force is necessary, it shall provide notification to the Union no later than notification is provided to the affected employees. Meetings with the Union for discussion of the effects of the proposed reduction will be scheduled upon request. Reductions shall be accomplished in accordance with the following provisions:
A. Requests shall be made for volunteers in the affected classifications within the division. Management reserves the right to reject volunteers based on business needs.
B. Any employee subject to layoff can accept and/or request a voluntary demotion to a lower classification that they are qualified to fill providing a position vacancy exists.
C. Temporary positions within the affected classification, within the division, shall first be eliminated.
D. Probationary employees in the affected classification, within the division, shall be subject to layoff before layoff of regular full-time employees.
E. Part time employees in the affected classification, within the division, shall be subject to layoff before regular full-time employees.
2. The determination regarding a layoff of regular full-time employees shall be based on the following criteria applied to the affected division(s):
A. Seniority within the classification.
B. In the event two (2) or more employees have the same classification seniority, District seniority will be used.
C. In the event two or more employees have the same seniority, in the classification and within the district, active discipline history will be considered. In the event no discipline is documented, the last four digits of the social security number will be used retaining the employee with the highest number.
D. An employee subject to layoff can move back to the most recently held vacant position within the classification series within the division. If the position is held by another employee, the person with the most classification series seniority retains the position.
E. An employee subject to layoff can move back to the most recently held vacant position. If the position is held by another employee, the person with the most District seniority retains the position.
F. An employee subject to layoff that moves into a lower paid position will receive a minimum 5% reduction in pay, not to exceed the top of the lower position pay scale.
3. Employees laid off under this collective bargaining agreement shall receive at least six (6) weeks' notice, payment in lieu of notice, or any combination of notice and payment. A copy of this notice will be provided to the Union.
4. Reduction in Force Appeal Committee
A. Concurrent with the announcement of a reduction in force, an appeals committee will be formed. The Union and the District will each select two (2) representatives who in turn will select a fifth member who shall serve as the chairperson of the committee.
B. Employees subject to reduction in force may, within five (5) working days of receipt of notice, request an appeal in writing to the Union and/or HR Director to review the facts related to their individual concerns related to the process.
C. Within ten (10) working days of receipt of the appeal, the committee shall review, investigate, and receive statements from the appealing employee, the division director, and/or any other relevant persons as determined by the committee. The committee will serve as an advisory committee to the Chief Health Officer and recommend action as they may agree upon. The committee shall submit a statement of findings to the Chief Health Officer within ten (10) working days of the review. The committee shall also state a recommended action upon a majority vote of the committee members.
D. The Chief Health Officer shall review the committee's report and issue a decision that either accepts or rejects the recommendation or, at his/her discretion, directs the implementation of some other action. The decision of the Chief Health Officer is final and binding.
