Displacement option Clause Samples

A displacement option clause allows one party to replace or substitute a specified party, asset, or obligation under a contract with another, typically under certain conditions. In practice, this might enable a lender to transfer a loan to a different borrower, or permit a service provider to assign their duties to another qualified entity if needed. The core function of this clause is to provide flexibility and continuity in contractual relationships, ensuring that obligations can still be fulfilled even if the original party is unable or unwilling to perform.
Displacement option. An individual who is displaced and who is not offered a comparable vacant position shall be subject to the following provisions: 1. The individual has the right to displace the least senior employee in the same classification in a position of equivalent or lesser FTE on the individual’s current shift. 2. If no such position on the individual’s current shift is available, then the individual has the right to displace the senior employee in the same classification in a position of equivalent or lesser FTE on another shift. 3. If no such position is available in the classification, then the individual may displace the least senior employee in the bargaining unit in a classification the employee has held at Sacred Heart Medical Center, provided they maintain the skill, competence and ability to perform the duties required.
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Displacement option. An individual who is displaced and who is not offered a comparable vacant position shall be subject to the following provisions: 8.5.1 The individual has the right to displace the least senior employee in the same classification in a position of equivalent or lesser FTE on the individual’s current shift. 8.5.2 If no such position on the individual’s current shift is available, then the individual has the right to displace the least senior employee in the same classification in a position of equivalent or lesser FTE on another shift. Equivalent FTE shall be defined as within .25 FTE of the employee’s current position.
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Displacement option. An individual who is displaced and who is not offered a comparable vacant position shall be subject to the following provisions:
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Displacement option. The Employee shall be offered the option to displace the Employee with the least possible seniority in the same or lesser position category and same classification in the College. (i) An Employee who accepts a displacement shall be paid in accordance with the classification level and position category of the position into which the Employee displaces; and (i) The Employee shall not be eligible to have the Employee’s name on the Reinstatement List; and (ii) The Employee shall not be eligible for severance.
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Displacement option. An individual who is displaced and who is not offered a comparable vacant position shall be subject to the following provisions: 1. The individual has the right to displace the least senior employee in the same classification on the individual’s current shift in a position of equivalent FTE. The employee must have the appropriate skills mix and qualifications to perform the essential functions of the assignment they are to assume, with reasonable training that will not negatively impact patient care. 2. If no such position on the individual’s current shift is available, then the individual has the right to displace the least senior employee in the same classification on another in a position of equivalent FTE. The employee must have the appropriate skills mix and qualifications to perform the essential functions of the assignment they are to assume, with reasonable training that will not negatively impact patient care.
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Displacement option. An individual who is displaced and who is not offered a comparable vacant position shall be subject to the following provisions: 1. The individual has the right to displace the least senior employee in the same classification on the individual’s current shift within their department. The employee must have the appropriate skills mix and qualifications to perform the essential functions of the assignment they are to assume, with reasonable training that will not negatively impact patient care. 2. If no such position on the individual’s current shift is available, then the individual has the right to displace the least senior employee in the same classification on another shift within their department. The employee must have the appropriate skills mix and qualifications to perform the essential functions of the assignment they are to assume, with reasonable training that will not negatively impact patient care.
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Displacement option. An employee who is subject to layoff may elect to displace the least senior bargaining unit employee in the same or lesser paying classification, provided that he or she has the skill, competence and ability in the opinion of the Employer to perform the duties required in the lesser paying classification.
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Displacement option. An indiVidual who is displaced and who is not offered a comparable Vacant position shall be subject to the following proVisions: 1. The indiVidual has the right to displace the least senior employee in the same classification in a position of equiValent or lesser FTE on the indiVidual’s current shift. DRAFT 2. If no such position on the indiVidual’s current shift is aVailable, then the indiVidual has the right to displace the senior employee in the same classification in a position of equiValent or lesser FTE on another shift. 3. If no such position is aVailable in the classification, then the indiVidual may displace the least senior employee in the bargaining unit in a classification the employee has held at Sacred Heart Medical Center, proVided they maintain the skill, competence and ability to perform the duties required.
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Related to Displacement option

  • Displacement Rights Regular classified employees in positions which have been eliminated or reduced in hours shall have the right to displace the least senior employee in their classification whose assignment most closely approximates their own hours per day and days per work year. If there is no least senior employee in the same classification employees may displace the least senior employee in the next lower classification in which they have served as either a probationary or permanent employee and have greater classification seniority than the least senior employees. In the event of an employee having the option of exercising their displacement rights, the following displacement procedure will clarify the language in 15.5 and be applied as the displacement procedure. The steps will be taken in numerical order. 15.5.1 An employee whose position is eliminated or reduced shall first be placed in a vacant position with an equal assignment in the same classification when compared with the employee’s current position. 15.5.2 If the previous option is unavailable, the employee shall be placed in a vacant position that has additional assigned time in the same classification when compared with the employee’s current position. 15.5.3 If the previous option is unavailable, the employee shall have the right to displace the least senior employee in the same classification whose assignment is equal in hours per day and days per work year. 15.5.4 If the previous option is unavailable, the employee shall have the right to displace the least senior of the less senior employees in their classification whose assignment most closely approximates the employee’s own hours per day and days per work year. This assignment may hold more hours or fewer hours than the employee’s current position. If there are two positions in option 4 above, whose hours equally approximate the employee’s current position, one with more hours and one with less, the employee will have the right to the position held by the least senior employee regardless of the number of hours of the position. 15.5.5 If the previous option results in the elimination of the employee’s current Health and Welfare benefits, as an alternative, the employee shall also have the option of bumping into an equal or lower classification, which they previously held as a classified employee, for the purpose of non-elimination of Health and Welfare benefits. The employee will repeat the sequence of options 1-4, outlined in this rule for equal or lower classification.

  • Over Allotment Option (a) For the purposes of covering any over-allotments in connection with the distribution and sale of the Closing Securities, the Representative is hereby granted an option (the “Over-Allotment Option”) to purchase, in the aggregate, up to _______ shares of Common Stock (the “Option Shares”) and Warrants to purchase up to ______ shares of Common Stock (the “Option Warrants” and, together with the Option Shares, the “Option Securities”) which may be purchased in any combination of Option Shares and/or Option Warrants at the Share Purchase Price and/or Warrant Purchase Price, respectively. (b) In connection with an exercise of the Over-Allotment Option, (a) the purchase price to be paid for the Option Shares is equal to the product of the Share Purchase Price multiplied by the number of Option Shares to be purchased, and (b) the purchase price to be paid for the Option Warrants is equal to the product of the Warrant Purchase Price multiplied by the number of Option Warrants to be purchased (the aggregate purchase price to be paid on an Option Closing Date, the “Option Closing Purchase Price”). (c) The Over-Allotment Option granted pursuant to this Section 2.2 may be exercised by the Representative as to all (at any time) or any part (from time to time) of the Option Securities within 45 days after the Execution Date. An Underwriter will not be under any obligation to purchase any Option Securities prior to the exercise of the Over-Allotment Option by the Representative. The Over-Allotment Option granted hereby may be exercised by the giving of oral notice to the Company from the Representative, which must be confirmed in writing by overnight mail or facsimile or other electronic transmission setting forth the number of Option Shares and/or Option Warrants to be purchased and the date and time for delivery of and payment for the Option Securities (each, an “Option Closing Date”), which will not be later than two (2) full Business Days after the date of the notice or such other time as shall be agreed upon by the Company and the Representative, at the offices of EGS or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. Each Option Closing Date will be as set forth in the notice. Upon exercise of the Over-Allotment Option, the Company will become obligated to convey to the Underwriters, and, subject to the terms and conditions set forth herein, the Underwriters will become obligated to purchase, the number of Option Shares and/or Option Warrants specified in such notice. The Representative may cancel the Over-Allotment Option at any time prior to the expiration of the Over-Allotment Option by written notice to the Company. On each Option Closing Date, if any, each Underwriter shall deliver or cause to be delivered to the Company, via wire transfer, immediately available funds equal to such Underwriter’s Option Closing Purchase Price and the Company shall deliver to, or as directed by, such Underwriter its respective Option Shares and the Company shall deliver the other items required pursuant to Section 2.3 deliverable at the Option Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.3 and 2.4, the Option Closing shall occur at the offices of EGS or such other location as the Company and Representative shall mutually agree.

  • Payment Options  Paper Invoice - Supplier submits a paper invoice to the organisation as standard for each purchase order received.  Embedded Purchase Card - This payment option allows the supplier to charge the cost of the goods/services provided to a VISA/MasterCard electronic Purchasing Card (ePC) belonging to a Contracting Authority. The supplier shall receive payment from VISA/MasterCard therefore negating the need to provide an invoice to the Contracting Authority.  Consolidated Electronic Invoice - Supplier submits a single invoice covering multiple purchase orders in an electronic file.  Self-Billing - Once the Goods Received Note (GRN) has been entered on PECOS P2P, a payment instruction is automatically sent to the Contracting Authority’s finance system to make payment to the supplier for the goods/services received.  Electronic Invoices - Supplier submits an electronic invoice either directly to PECOS P2P/relevant system (cXML) and/or via the SG eInvoicing Solution, which can go again direct to PECOS P2P or a Contracting Authority’s finance system.

  • Investment Options You may direct the investment of your funds within this IRA into any investment instrument offered by or through the Custodian. The Custodian will not exercise any investment discretion regarding your IRA, as this is solely your responsibility. There are certain fees and charges connected with your IRA investments. These fees and charges may include the following. • Sales Commissions • Set Up Fees • Investment Management Fees • Annual Maintenance Fees • Distribution Fees • Surrender or Termination Fees To find out what fees apply, refer to the investment prospectus or contract. There may be certain fees and charges connected with the IRA itself. (Select and complete as applicable.) Annual Custodial Service Fee* $ No Charge Overnight Distribution $ 16.50 Wire Fee $ 12.50 Transfer Out Fee $ The greater of $100.00 or $25.00 per position Other (Explain) We reserve the right to change any of the above fees after notice to you, as provided in your IRA agreement. *The annual custodial fee will be borne by your Investment Advisor.

  • Partial or No Exercise of the Over-allotment Option In the event the Over-allotment Option granted to the underwriters of the IPO is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of Shares) shall forfeit any and all rights to such number of Shares (up to an aggregate of 750,000 Shares and pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and all other initial stockholders prior to the IPO, if any) will own an aggregate number of Shares, not including Shares issuable upon exercise of any warrants or any Common Stock purchased by Subscriber in the IPO or in the aftermarket equal to 20% of the issued and outstanding Shares immediately following the IPO.