Individual guarantees Clause Samples
Individual guarantees. 1. Classification guarantee
a. to an employee who is younger than 55 and who, due to a lack of work over a longer period at a level corresponding to his/her grade, must be transferred to a lower level job, in which case classification into the next lower grade will follow.
b. if the employee’s job level is lowered because the employee’s contribution over a longer period does not meet the job requirements.
c. in case of measures such as: • the closure of a plant or business unit; • a significant and permanent change in the employee’s tasks; • a drastic reduction in the staffing levels of a plant or business unit; • another grading as a result of an organization wide function evaluation. In such instances the employer will make further arrangements in consultation with the organizations.
Individual guarantees. With regard to the respective Sold Shares, each Seller individually, and only with respect to himself/itself and his/its Sold Shares and not with respect to any other Seller or the Sold Shares of any other Seller, hereby guarantees to Purchaser, subject to the requirements and limitations provided in this Agreement, by way of an independent guarantee in accordance with Section 311 para. 1 BGB (selbständiges Garantieversprechen im Sinne von § 311 Abs. 1 BGB), and except as specifically disclosed otherwise in the disclosure letter attached hereto as Schedule 7.1 (the “Disclosure Letter”) with reference to the individual Section of the Agreement under which the disclosure shall be made, that the statements set forth hereinafter are correct, complete and accurate as of the Signing Date and the Closing Date (the guarantees made in this Section 7.1 hereinafter the “Individual Guarantees”):