Step Advancement (Increment) Funding Priorities Sample Clauses

Step Advancement (Increment) Funding Priorities. Except for tenure promotions and education attainment, the College agrees to advance individual eligible faculty members from step to step on the salary schedule by increments for which individual faculty members qualify based upon availability of funds as legislatively authorized and funded, and as prescribed and allocated by the State Board. Local funds may also be used for increment advancement subject to bargaining and ratification by the Federation and Board. For education of the 2020-2023 CBA, funds authorized to be used for step advancement (increments) will focus on equity and compression. Funds shall be applied to affect advancement according to the following priority order: 1. Funding for the 2021-22 academic year will address faculty salary compression 2. Subsequent academic years under this contract: Funding and distribution priority will be determined by the Federation servicing on the Labor Management Committee (LMC) and will be dependent upon funding levels. The prioritization system will be based on seniority, consideration of other funding sources, and equity, in accordance with State Law.
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Related to Step Advancement (Increment) Funding Priorities

  • Incremental Loans Any Incremental Term Loans or Incremental Revolving Commitments effected through the establishment of one or more new term loans or new revolving credit commitments, as applicable, made on an Incremental Facility Closing Date (other than a Loan Increase) shall be designated a separate Class of Incremental Term Loans or Incremental Revolving Commitments, as applicable, for all purposes of this Agreement. On any Incremental Facility Closing Date on which any Incremental Term Commitments of any Class are effected (including through any Term Loan Increase), subject to the satisfaction of the terms and conditions in this Section 2.14, (i) each Incremental Term Lender of such Class shall make a Loan to the Borrower (an “Incremental Term Loan”) in an amount equal to its Incremental Term Commitment of such Class and (ii) each Incremental Term Lender of such Class shall become a Lender hereunder with respect to the Incremental Term Commitment of such Class and the Incremental Term Loans of such Class made pursuant thereto. On any Incremental Facility Closing Date on which any Incremental Revolving Commitments of any Class are effected through the establishment of one or more new revolving credit commitments (including through any Revolving Commitment Increase), subject to the satisfaction of the terms and conditions in this Section 2.14, (i) each Incremental Revolving Lender of such Class shall make its Commitment available to the Borrower (when borrowed, an “Incremental Revolving Loan” and collectively with any Incremental Term Loan, an “Incremental Loan”) in an amount equal to its Incremental Revolving Commitment of such Class and (ii) each Incremental Revolving Lender of such Class shall become a Lender hereunder with respect to the Incremental Revolving Commitment of such Class and the Incremental Revolving Loans of such Class made pursuant thereto.

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