Seniority and Ranking Sample Clauses

Seniority and Ranking. Definition – Seniority shall mean continuous length of service with the employer in the Regular job classifications covered by this Agreement. Definition – Continuous Service shall mean the period of time that begins with the employee's date of hire. If continuous service is terminated by any of the reasons listed below, continuous service shall commence with the employee's most recent rehire date. An employee's continuous service is terminated if he/she:  Voluntarily quits, or  Is discharged for just cause, or  Has not worked for a period of six months, or  Fails to return from an approved leave of absence, or  Fails to call or show for a scheduled shift. Failure to call or show up for a scheduled shift occurs when an employee does not contact their supervisor in person, or fails to leave a message on the Employee Sick Call Line and doesn't report to work. The first failure to call or show for a scheduled shift will result in a suspension notice. A second failure to call or show for a scheduled shift, within a rolling 365 day period, will result in termination. Definition – Regular employees shall be those employees who hold seniority in their primary job classification on the regular lists and who will have full availability for work at MHC Culinary Group. The employer will determine the number of regular positions that will be available in each job classification and may adjust the number of regular positions from time to time based on business conditions. Definition – Ranked employees shall be those employees who hold a ranking in their primary job classification on the ranking lists and who will have consistent availability for work at MHC Culinary Group. Definition – Ranking shall mean employees who when activated shall hold a ranking based upon the call-in guidelines set forth below. Definition – On-Call employees shall be those employees who work on an intermittent or casual basis for MHC Culinary Group based upon the call-in guidelines set forth below.
Sample 1
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Seniority and Ranking. The Company represents that pursuant to Amendment No. 1 dated March 22, 2007 to the Exchange Agreement dated January 29, 2007, between the Company and PRF (together the “Exchange Agreement”), the face amount of the principal obligation evidenced by this Note is senior to the obligations owed by the Company to PRF as set forth in the Exchange Agreement. The Company has not heretofore and will not hereafter incur any other obligation which will rank senior or pari-passu to the obligation evidenced by this Note, other than notes of like-kind in the aggregate principal amount of $2,500,000, inclusive of this Note. The Company has advised the Payee that (x) the obligation evidenced by this Note, (y) the Company's obligations incurred with respect to such additional notes and (z) the obligations owed by the Company for an aggregate of $2,500,000 borrowed or that may be borrowed by the Company from October 2006 through April 2007, all of which such obligations owed by the Company are evidenced by notes substantially similar to this note, are or will be ranked pari-passu as to repayment by the Company. Both the Payee and the Company agree to the above modification of Section 3 of the Note as provided in this Allonge Modification. Dated: March 23, 2007 Ortec International, Inc. By: Print Name: Title: By: Print Name: Title: The undersigned, Xxxx Royalty Fund, L.P., hereby acknowledges that the note to which the foregoing is an allonge constitutes part of the $2,500,000 bridge financing capital referred to in the Exchange Agreement and shall be entitled to the priority liquidation preference in accordance with Section 8 of the Exchange Agreement referred to. XXXX ROYALTY FUND, L.P. (formerly known as Xxxx Capital Royalty Acquisition Fund, L.P.) By: Xxxx Capital Management, LLC, its General Partner By: Xxxx Capital Advisors, L.L.C. its Manager By: ____________________________________ Print Name: Title:
Sample 1
Seniority and Ranking. This Note shall rank senior to the Company’s currently issued and outstanding indebtedness and equity securities; provided, however, this Note shall rank pari-passu with respect to certain other promissory bridge notes of the Company of like tenor herewith (the “Other Notes”), in an aggregate principal amount not to exceed $1,500,000, inclusive of this Note (this Note together with the Other Notes shall be referred to as the “Notes”). The Company may not issue any new indebtedness (other than qualified drawdowns, if any, of the Company’s existing credit line with U.S. Bank) while the Notes are outstanding.
Sample 1

Related to Seniority and Ranking

  • Priority and Liens (a) Each of the Borrower and each Guarantor hereby covenants, represents and warrants that, upon entry of the Interim Order, the Obligations of the Borrower and such Guarantor hereunder and under the Loan Documents: (i) pursuant to section 364(c)(1) of the Bankruptcy Code, shall at all times constitute an allowed Superpriority Claim; (ii) pursuant to section 364(c)(2) of the Bankruptcy Code, shall at all times be secured by a perfected first priority Lien on all unencumbered tangible and intangible property of the Borrower and such Guarantor and on all cash maintained in the L/C Cash Collateral Account and any investments of the funds contained therein, including any such property that is subject to valid and perfected Liens in existence on the Petition Date, which Liens are thereafter released or otherwise extinguished in connection with the satisfaction of the obligations secured by such Liens (excluding any avoidance actions under the Bankruptcy Code or the proceeds therefrom); (iii) pursuant to section 364(c)(3) of the Bankruptcy Code, shall be secured by a perfected Lien upon all real, personal and mixed property of the Borrower and such Guarantor that is subject to valid and perfected Liens in existence on the Petition Date, junior to such valid and perfected Liens (other than Liens securing the Pre-Petition Secured Indebtedness) and (iv) pursuant to section 364(d)(1), shall be secured by a perfected priming Lien upon all tangible and intangible property of the Borrower and such Guarantor that presently secure the Pre-Petition Secured Indebtedness; provided that the foregoing shall be subject in all respects to the Carve-Out. Each of the Borrower and each Guarantor hereby covenants, represents and warrants that, upon entry of the Final Order, the Obligations of the Borrower and such Guarantor hereunder and under the Loan Documents: (i) pursuant to section 364(c)(1) of the Bankruptcy Code, shall at all times constitute an allowed Superpriority Claim; (ii) pursuant to section 364(c)(2) of the Bankruptcy Code, shall at all times be secured by a perfected first priority Lien on all unencumbered tangible and intangible property of the Borrower and such Guarantor and on all cash maintained in the L/C Cash Collateral Account and any investments of the funds contained therein, including any such property that is subject to valid and perfected Liens in existence on the Petition Date, which Liens are thereafter released or otherwise extinguished in connection with the satisfaction of the obligations secured by such Liens (excluding any avoidance actions under the Bankruptcy Code (but including the proceeds therefrom)); (iii) pursuant to section 364(c)(3) of the Bankruptcy Code, shall be secured by a perfected Lien upon all real, personal and mixed property of the Borrower and such Guarantor that is subject to valid and perfected Liens in existence on the Petition Date, junior to such valid and perfected Liens (other than Liens securing the Unrolled Pre-Petition Secured Indebtedness), and (iv) pursuant to section 364(d)(1), shall be secured by a perfected priming Lien upon all tangible and intangible property of the Borrower and such Guarantor that secure the Unrolled Pre-Petition Secured Indebtedness; provided that the foregoing shall be subject in all respects to the Carve-Out.

  • Security and Financial Indebtedness (a) No Security or Quasi-Security exists over all or any of the present or future assets of any member of the Group other than as permitted by this Agreement.

  • Priority of Liens (a) Notwithstanding (i) the date, time, method, manner, or order of grant, attachment, or perfection of, or any defect or deficiency in, or failure to perfect, any Liens granted to the ABL Secured Parties in respect of all or any portion of the Collateral or any Liens granted to the Term Secured Parties in respect of all or any portion of the Collateral and regardless of how any such Lien was acquired (whether by grant, statute, operation of law, subrogation or otherwise), (ii) the order or time of filing or recordation of any document or instrument for perfecting the Liens in favor of the ABL Agent for the benefit of the ABL Secured Parties or any Term Agent for the benefit of the Term Secured Parties in any Collateral, (iii) any provision of the Uniform Commercial Code, Debtor Relief Laws or any other applicable law, or of the ABL Documents or the Term Documents, (iv) whether the ABL Agent or any Term Agent, in each case, either directly or through agents, holds possession of, or has control over, all or any part of the Collateral, (v) the date on which the ABL Obligations or the Term Obligations are advanced or made available to the Loan Parties, or (vi) any failure of the ABL Agent or any Term Agent to perfect its Lien in the Collateral, the subordination of any Lien on the Collateral securing any ABL Obligations or Term Obligations, as applicable, to any Lien securing any other obligation of any Borrower or Term Guarantor, or the avoidance, invalidation or lapse of any Lien on the Collateral securing any ABL Obligations or Term Obligations, the ABL Agent, on behalf of itself and the ABL Secured Parties, and each Term Agent, on behalf of itself and the applicable Term Secured Parties, hereby agree that the following priorities apply to the Liens upon and right to payment from Proceeds of the ABL Priority Collateral and the Term Priority Collateral:

  • Priority Debt The Company will not permit Priority Debt to exceed 15% of Consolidated Total Assets (as of the end of the Company’s then most recently completed fiscal quarter) at any time.

  • Senior Secured Leverage Ratio The Borrower will not permit the Senior Secured Leverage Ratio as of the end of any Fiscal Quarter ending after the Closing Date and occurring during any period set forth below to be greater than the ratio set forth opposite such period: Senior Secured Period Leverage Ratio ------ -------------- Closing Date to 3.10:1 3/31/98 4/1/98 to 6/30/98 3.00:1 7/1/98 to 9/30/98 2.85:1 10/1/98 and thereafter 2.75:1

  • Priority and Return of Capital No Member shall have priority over any other Member, either as to the return of Capital Contributions or as to Net Profits, Net Losses or Distributions. This Section shall not apply to loans (as distinguished from Capital Contributions), which a Member has made to the Company.

  • Consolidated Senior Secured Leverage Ratio Upon and after the consummation of a Qualified Notes Offering, permit the Consolidated Senior Secured Leverage Ratio as of the end of any fiscal quarter of the US Borrower (beginning with the fiscal quarter ended September 30, 2018) to be greater than (A) during a Specified Acquisition Period, 4.00 to 1.00, and (B) at all other times, 3.50 to 1.00.

  • Priority of Lien Transfer Agent consents to the granting of the security interest in the Pledged Shares. Transfer Agent will not agree with any third party that Transfer Agent will comply with instructions concerning the Pledged Shares originated by such third party without the prior written consent of Secured Party and Debtor.

  • Valid First Lien The Mortgage is a valid, subsisting and enforceable first lien on the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to:

  • Priority Indebtedness The Company will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Priority Indebtedness other than:

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