Intent of Provisions a. The parties to the agreement accept:
i. that change is necessary and that they have a mutual interest in ensuring an efficient and effective workplace;
ii. that all parties to the agreement have an important contribution to make to achieving any necessary changes; and
iii. that the employer has the right to manage, organise and make final decisions on the operation and policies of the University.
b. The parties to this agreement recognise the serious consequences that the loss of employment can have on individual employees and seek to minimise the consequences by means of the following provisions. The principal aim of these provisions will be to place as many surplus staff as possible in alternative positions within the University. All employees who are on parental leave, absence due to illness, study leave, leave without pay or accident compensation are entitled to all of the following provisions.
Intent of Provisions. Notwithstanding any provision to the contrary, if any event occurs as to which, in the opinion of the Board of Directors of the Company, the other provisions of this Section 7 are not strictly applicable or if strictly applicable, would not fairly protect the rights of the Holders' Warrant in accordance with the essential intent and principles of such provisions, then such Board of Directors shall appoint a firm of independent certified public accountants (which may be the regular auditors of the Company) which shall give its opinion upon the adjustment, if any, on a basis consistent with such essential intent and principles, necessary to preserve, without dilution, the rights of the Holders. Upon receipt of such opinion by the Board of Directors of the Company, the Company shall forthwith make the adjustments described therein
Intent of Provisions. The employer recognises the serious consequences that the loss of employment can have on individual advisers and seeks to minimise those consequences by means of these provisions. The provisions of this section relate to advisers who are affected by a restructuring situation as defined in 6.3 below. The provisions will apply to all advisers who for all intents and purposes have an ongoing expectation of employment.
Intent of Provisions. The Employer recognises the serious consequences that the loss of employment can have on individual employees and seeks to minimise those consequences by means of these provisions.
Intent of Provisions. If any event occurs as to which, in the opinion of the Board of Directors of the Company, the other provisions of this Section 2 are not strictly applicable or if strictly applicable, would not fairly protect the rights of the holders of the Warrants in accordance with the essential intent and principles of such provisions, then such Board of Directors shall appoint a firm of independent certified public accountants (which may be the regular auditors of the Company) of recognized national standing, which shall give their opinion upon the adjustment, if any, on a basis consistent with such essential intent and principles, necessary to preserve, without dilution, the rights of the holders of Warrants. Upon receipt of such opinion by the Board of Directors of the Company, the Company shall forthwith make the adjustments described therein; provided, however, that no such adjustment pursuant to this
Intent of Provisions. If any event occurs as to which, in the opinion of the Board of Directors of the Company, the other provisions of this Section 2 are not strictly applicable or if strictly applicable, would not fairly protect the rights of the holders of the Warrants in accordance with the essential intent and principles of such provisions, then such Board of Directors shall appoint a firm of independent certified public accountants (which may be the regular auditors of the Company) of recognized national standing, which shall give their opinion upon the adjustment, if any, on a basis consistent with such essential intent and principles, necessary to preserve, without dilution, the rights of the holders of Warrants. Upon receipt of such opinion by the Board of Directors of the Company, the Company shall forthwith make the adjustments described therein; provided, however, that no such adjustment pursuant to this Section 2(f) shall have the effect of increasing the Exercise Price as otherwise determined pursuant to the other provisions of this Section 2 except in the event of a combination of shares of the type contemplated in Section 2(b) and then in no event to an amount larger than the Exercise Price as adjusted pursuant to Section 2(b).
Intent of Provisions. It is the intent of the provisions of -------------------- paragraphs 1 through 6 above that Managing Member be put in the same economic position as it would have been if, at all times from the inception of its Memberships in the Company through the date of repayment (or prepayment) of the Existing Loan in its entirety, the Escrow Loan Documents (i) did not require additional payments to be made to the Loan Escrow Account, (ii) did not require payment of Contingent Equity, (iii) did not prohibit payments from cash flow to pay amounts payable under the Management Agreement and the Purchased Services Agreement and (iv) did require that payments be made each month on the Existing Loan equal to interest accruing at 8.5% per annum on the outstanding. balance, as of date of Managing Member's admission to the Company, of principal and deferred interest on the Existing Loan (and that, accordingly, the balance of principal and deferred interest on the Existing Loan did not decrease between Managing Member's admission to the Company and the date on which the Existing Loan is repaid (or prepaid) in its entirety). The provisions of paragraphs I through 6 above shall be deemed to operate, and shall be construed in accordance with, such intent.
Intent of Provisions. The employer recognises the serious consequences that a loss of employment can have on the individual employee and seeks to minimise those consequences by means of these provisions. Both parties recognise that the economic conditions in which the College operates may make reduction in salary expenditure essential for the continued viability of the College and the continued employment of staff.
