In the Same Level or Lower Class Sample Clauses
The "In the Same Level or Lower Class" clause establishes that certain rights, obligations, or privileges apply only to parties, assets, or entities that are within the same hierarchical level or a lower class within a defined structure. In practice, this means that benefits or restrictions set out in the agreement are not extended to higher-ranking or superior classes, but are limited to peers or subordinates. For example, in a corporate context, this could restrict voting rights or profit distributions to shareholders of the same class or those holding subordinate shares. The core function of this clause is to maintain organizational hierarchy and prevent unintended extension of rights or obligations to higher classes, thereby ensuring clarity and proper allocation of privileges within the structure.
In the Same Level or Lower Class. A laid off or displaced employee who had achieved permanent status in a class at the same or lower salary level as determined by the salary schedule in effect at the time of layoff may displace within the department and in the class of an employee having less seniority; the least senior employee being displaced first, and so on with senior displaced employees displacing junior employees.