Seniority and Security. The Union and the Employer recognize that job security should increase in proportion to length of service in the bargaining unit. In the event of a layoff, an Employee about to be laid off may bump any Employee with less seniority, providing the Employee exercising this right is qualified for the position. Such bumping rights must be exercised within fifteen (15) working days of the Notice of Xxxxxx as defined in Article 18.02.
Seniority and Security. This Note ranks pari passu in right of payment with all other Notes now or hereafter issued in accordance with the Exchange Agreement and shall be senior in right of payment to all other Indebtedness of the Company and its subsidiaries, subject to the terms herein. The obligations of the Company under this Note are secured by certain assets of the Company pursuant to the Security Agreement, dated as of the date of the Exchange Agreement, between the Company and the Secured Parties (as defined therein).
Seniority and Security. The Obligations under this Note shall be senior and prior to any other indebtedness or obligations of the Borrower, are and shall continue to be secured to the extent and in the manner set forth in the Transaction Documents (including, without limitation, the Security Agreement and the Guaranty) on a continuing first priority basis and neither the Borrower nor the Guarantor shall incur, assume or be liable for any indebtedness for borrowed money or the deferred price of property or services, obligations evidenced by notes, bonds, debentures or other similar instruments or capitalized obligations in respect of any leasing or similar arrangement which would be classified as a capital lease on the balance sheet of such party in accordance with GAAP that is secured by a pari passu or senior lien to the security interest in the Collateral granted pursuant to the Transaction Documents, in each case, without the prior written consent of the Lender which consent shall be at the Lender’s sole discretion.
Seniority and Security. The Union and the Employer recognize that job security should increase in proportion to length of service in the bargaining unit. In the event of a layoff, Employees shall be laid off commencing with the most junior with respect to seniority as defined elsewhere in this agreement.
Seniority and Security. The Union and the Employer recognize that job security should increase in proportion to length of service in the bargaining unit. In the event of a layoff, an Employee about to be laid off may bump any Employee with less seniority, providing the Employee exercising this right is qualified or could be with training within 2 months for the position. Such bumping rights must be exercised within 15 working days of the Notice of Layoff as defined in Article 21.04. For the purpose of this section a hotline position shall be defined as: the amount of shifts a hotline worker holds on the hotline.
Seniority and Security
