Reduction in Claim Sample Clauses

Reduction in Claim. Any Indemnity Payment by any Party under this Section 2.1 shall be (i) reduced to take into account the amount of any Tax Benefit to the Indemnitee resulting from the Liability so indemnified or reimbursed and (ii) increased so that the amount of such payment, reduced by the amount of all Income Taxes payable with respect to the receipt thereof (but taking into account all correlative Tax Benefits resulting from the payment of such Income Taxes), shall equal the amount of the payment which the Indemnitee receiving such payment would otherwise be entitled to receive pursuant to this Agreement. For purposes of this Section 2.1(e), the amount of any Tax Benefit and any Income Taxes shall be calculated on the basis that the Indemnitee is subject to the highest marginal regular statutory Income Tax rate, has sufficient taxable income to permit the realization or receipt of any relevant Tax Benefit at the earliest possible time and is not subject to the alternative minimum tax.
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Related to Reduction in Claim

  • REDUCTION IN WORK FORCE (1) In the event of a reduction in the work force, regular full-time and regular part-time employees shall be laid off in reverse order of seniority, provided that there are available employees with greater seniority who are qualified and have the ability to do the work of the employees laid off. The Employer shall give regular employees written notice of layoff or normal pay for that period in lieu of notice as follows: i) One (1) weeks’ notice after three (3) consecutive months of employment, ii) Two (2) weeks’ notice after twelve (12) consecutive months of employment, iii) Three (3) weeks’ notice after three (3) consecutive years, plus one additional week for each additional year of employment to a maximum of eight (8) weeks. iv) Employees shall be entitled to Group Termination notice/pay pursuant to Section 64 of the Employment Standards Act. (2) Laid-off regular employees shall retain their seniority and perquisites accumulated up to the time of layoff, for a period of one (1) year and shall be rehired, if the employee possesses the capability of performing the duties of the vacant job on the basis of the posting procedure. If a laid-off employee is not recalled to work within twelve (12) calendar months of layoff, such employee may be terminated by written notification at the expiration of the twelve (12) calendar month period. Laid-off employees failing to report for work of an ongoing nature within seven (7) days of the date of receipt of notification by registered mail shall be considered to have abandoned their right to employment. Employees required to give two (2) weeks' notice to another Employer shall be deemed to be in compliance with the seven (7) day provision. (3) Where a notice of displacement or layoff actually results in a layoff and prior to the layoff becoming effective, two (2) copies of such notice shall be sent to the Secretary-Treasurer of the Local.

  • REDUCTION IN FORCE A. In any reduction in the bargaining unit as a result of budgetary actions or curriculum and/or administrative organization, every effort will be made to transfer affected teachers to other similar positions within the school system where vacancies exist and for which the affected teachers are certified. B. If no similar positions are available, rehired retirees, provisionally certificated teachers and non- tenured teachers in the subjects and/or grade levels affected will be laid off or separated from the active employment rolls prior to tenured teachers in the same subjects and/or grade levels. If it becomes necessary to lay off tenured teachers, they shall be laid off in the inverse order of their seniority. An appropriate seniority list will be made available for inspection when a tenured teacher has been laid off and disputes a seniority ranking. The seniority list will be developed from the last date of employment and furnished to the Association. If there is a tie, the affected teachers will have seniority calculated as defined in Article I, Section B.7. Teachers on an unpaid leave of absence shall retain accrued seniority. Teachers on military leave, Association leave and on layoff shall continue to accrue seniority during that time. A countywide list of all certificated personnel employed as of July 1 of each year shall be compiled and available upon request of FCTA. The list will indicate name, date of first employment, date of current employment and department and location code. C. Teachers on layoff shall be placed on a priority recall list in accordance with their seniority. The teachers shall be recalled as vacancies become available in accordance with their position on the list and their certification for said vacancies. D. When vacancies become available, the teacher will be notified of the vacancy by phone and email sent to the last known address. The teacher so notified shall notify the responsible administrator, in writing, in not more than ten (10) days after receipt of notification of the vacancy as to whether or not the position will be accepted. The teacher may decline the first offer of employment. If the teacher declines the second offer of a position, reemployment rights shall be forfeited. All teachers shall remain on the priority recall list for a maximum of three (3) years. E. While a layoff continues, no new teachers shall be hired except in those unique circumstances where (a) there are no teachers on the priority recall list qualified to fill the vacancy or (b) all qualified teachers on the priority recall list decline the offer to fill the vacancy. F. Any layoff due to reduction in force shall not be subject to any dismissal procedure required elsewhere in this Agreement. G. Teachers recalled under these provisions shall have restored to them all previously accrued sick leave and personal leave. H. The Board and the Association recognize that appropriate governmental agencies that have jurisdiction may promulgate rulings and/or regulations that may impact this Article. If such rulings or regulations cause any provisions to be in conflict, the parties shall meet within ten (10) days for the purpose of renegotiating only the provision(s) held to be contrary.

  • Reduction in Hours (a) Reduction in hours shall be based on seniority, providing that affected employees have the qualifications to perform the work that is available and that licensing standards can be maintained. (b) Any regular employee offered a reduction of hours shall have the right to choose layoff as per Article 13.3. (c) Any regular employee offered a reduction of hours shall be given two (2) weeks’ notice of the reduction.

  • Reduction in Purchase Price Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it in its sole discretion shall determine to be advisable in order that any consolidation or subdivision of the Preferred Shares, issuance wholly for cash of any of the Preferred Shares at less than the current market price, issuance wholly for cash of Preferred Shares or securities which by their terms are convertible into or exchangeable for Preferred Shares, dividends on Preferred Shares payable in Preferred Shares or issuance of rights, options or warrants referred to hereinabove in this Section 11, hereafter made by the Company to holders of its Preferred Shares shall not be taxable to such stockholders.

  • Reduction A. No regular employee or limited-term regular employee shall be reduced to a position in a lower class for reasons of unsatisfactory performance or physical disability except for reasonable cause. B. A written notice of such reduction stating specifically the cause of the reduction shall be given to the employee. C. In accordance with the provisions of Article X, an appeal of reduction for reasons of unsatisfactory performance or physical disability shall be initiated at the Step 2 of the grievance/appeal procedure; except for reductions imposed by the County Executive Officer which may be referred directly to arbitration.

  • 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.

  • REDUCTION IN FORCE (RIF 13.1 This Section 13 shall apply to all Covered Employees. 13.2 As provided in state law and Board policy, the Board may cancel the employment contracts of Covered Employees when there is a justifiable decrease in the number of covered employee positions as a result of a fiscal exigency or program change as determined by the Board. However, before any meeting of the Board at which the Board will consider a proposed resolution or decision that a fiscal exigency exists or a program change is to be made that may require the cancellation of the employment contract of one or more Covered Employees, the Superintendent shall convene a meeting of the Professional Council established pursuant to Section 7 above to consult regarding the nature and extent of the fiscal exigency or proposed program change, and regarding any plan then contemplated by the administration for reduction of covered employee positions. 13.3 If the Board decides that the number of covered employee positions is to be reduced, normal attrition, retirement, and resignations shall be considered prior to any cancellation of Covered Employee employment contracts. In the event that cancellation of Covered Employee employment contracts is necessary to achieve the reduction required by the Board, the following shall be considered as significant factors in determining which particular employment contracts will be recommended for cancellation: 13.3.1 The needs of the district. 13.3.2 The best interest of the students enrolled in the district. 13.3.3 Education, licensing endorsements and other professional qualifications. 13.3.4 Job performance over the previous three year period as measured using the criteria and standards set by the Board for evaluation of Teachers and Counselors in accordance with applicable state law and state board of education rules governing evaluation of licensed personnel. 13.4 The probationary or non-probationary status of a Covered Employee, and the seniority of a Covered Employee, shall also be considered as additional factors in determining which employment contracts will be recommended for cancellation as a result of the decrease in covered employee positions, except that such additional factors may be considered only after the consideration of the factors set forth in the Paragraph 13.3 above, and only if consideration of such additional factors is in the best interest of the students enrolled in the district. The parties agree that such additional factors shall be applied as follows: (1) as between Covered Employees in the same endorsement area for whom the factors set forth subparagraph 13.3.1 to 13.3.4, above are not determinative as to whose employment contract should be cancelled, the Probationary I Covered Employees should be cancelled first, Probationary II Covered Employees second, and Probationary III Covered Employees third, before the employment contracts of Non-probationary Status Covered Employees are cancelled; and (2) as between Non-probationary Status Covered Employees in the same licensed and endorsement area for whom the factors set forth subparagraph 13.3.1 to 13.3.4, above are not determinative as to whose employment contract should be cancelled, the employment contracts of Non-probationary Status Covered Employees will be cancelled in the inverse order of seniority. 13.5 Covered Employees who have been subject to a RIF shall have the right to be recalled to a covered employee position, for which they are qualified, within the District for one (1) year from the date of RIF. Covered Employees shall be recalled in reverse order of RIF and previously accrued benefits shall be restored. 13.6 Probationary Covered Employees whose contracts will be canceled during, instead of at the end of, a school year; and Non-probationary Status Covered Employees whose contracts will be canceled either during, or at the end of, a school year, shall have a right to a hearing on the propriety of such cancellation in accordance with Board policy and regulations. If such a hearing is desired, the Covered Employee will request it in writing to the Board or Superintendent within ten (10) days after being notified of the proposed contract cancellation. If a hearing is requested, the Board will appoint an impartial hearing officer, who will specify the procedural rules to apply at such hearing. At the hearing, the Covered Employee may be represented by a person of the Covered Employee’s choice.

  • Reduction of Total Commitment The Borrower shall have the right at ----------------------------- any time and from time to time upon five (5) Business Days prior written notice to the Agent to reduce by $2,500,000 or an integral multiple of $500,000 in excess thereof or terminate entirely the Total Commitment, whereupon the Commitments of the Banks shall be reduced pro rata in accordance with their --- ---- respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated. Promptly after receiving any notice of the Borrower delivered pursuant to this (S)2.3, the Agent will notify the Banks of the substance thereof. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Banks the full amount of any commitment fee then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

  • 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.

  • REDUCTION IN STAFF 15.1 Procedure According to provisions of Missouri Statute 168.124, the Board of Education may place on leave of absence as many teachers as necessary because of decrease in enrollment, school district reorganization, or financial conditions. Whenever the Board anticipates a reduction in teaching staff, the superintendent or his/her designee will notify the officials of the Association concerning the anticipated reduction in the teaching staff. A meeting between the Association officials and the superintendent or his/her designee will be scheduled for purposes of discussing the proposed reduction in staff within two weeks (2) following the above notification. Individual teachers will not be contacted prior to the above meeting. In placing teachers on leave, the Board shall be governed by the following provisions: a. Teachers placed on leave of absence as herein provided shall be considered to be on "unrequested leave of absence." b. Seniority for the purposes of this reduction shall be defined as continuous full-time, complete years of employment in the school district. Authorized leaves of absence shall not be considered interruptions in service. Seniority date shall be the date of Board approval of the teacher's initial contract with the district. A district-wide seniority list including all areas of certification for each teacher shall be established and kept current. (Definition of official hire date: The most recent uninterrupted continuous full-time employment as a teacher.) c. No permanent teacher shall be placed on unrequested leave of absence while probationary teachers are retained in positions for which a permanent teacher is certified. d. Permanent teachers shall be retained on the basis of merit and qualification. The following criteria will be used to determine merit and qualifications for the purpose of reduction in staff. 1. Educational placement on the salary schedule. 2. Areas of permanent certification. 3. Activities beyond the teaching contract. 4. Related teaching experience. 5. Effectiveness in the field or at the grade level. If one or more teachers are determined to have equal merit and qualifications, those teachers shall be ranked in order of seniority as defined in b., with the more senior teacher to be considered more meritorious and qualified.

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