COMI Shift Clause Samples

A COMI Shift clause defines the conditions and procedures under which a party may change its Center of Main Interests (COMI), typically in the context of cross-border insolvency or restructuring. This clause outlines the steps required for a valid COMI shift, such as providing notice to counterparties or obtaining consent, and may specify limitations on when or how often such a shift can occur. Its core practical function is to manage and clarify the legal and jurisdictional implications of a party relocating its main business operations, thereby reducing uncertainty and potential disputes over applicable insolvency laws.
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COMI Shift. Ensure that its centre of main interest (as that term is used in Article 3(1) of the Regulation) of each Loan Party incorporated in the European Union is situated in its respective jurisdiction of incorporation or formation.
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Related to COMI Shift

  • Hour Shift A twelve (12) hour tour shall be inclusive of a total of forty-five (45) minutes of unpaid meal time and a total of forty-five (45) minutes paid relief periods.

  • Afternoon Shift (i) Afternoon Shift is any shift where the normal ceasing time is later than 6.00 p.m. but not later than midnight. (ii) The additional loading for ordinary hours only shall be twenty-five percent (25%) of the all purpose rate applying to the Employees' classification.

  • Safety Shoes 3901 Employees who are required to wear steel-toed safety shoes will receive $200 toward the purchase and/or replacement of these shoes in the first quarter of each year. Any employee out on an authorized leave shall receive payment within thirty days of their return to paid duty. New employees who are required to wear steel- toed safety shoes will receive $200 toward the purchase of shoes in their first paycheck; for employees hired on or after December 1, he/she shall not receive an additional $200 in the first quarter.

  • Split Shift Except as provided otherwise in paragraph B., below, any employee required to work a split shift shall be paid at a rate of five percent over and above his/her regular biweekly or hourly rate of pay for the entire shift so worked. For purposes of this paragraph “split shift” is defined as any daily tour of duty divided into two work periods of time and taking more than nine and one-half consecutive hours to complete. Individual employees may waive this premium payment.

  • Work Shift The hours an employee is scheduled to work each workday in a workweek.