No re-classification Sample Clauses
The "No re-classification" clause prohibits the parties from changing the categorization or status of certain items, assets, or obligations once they have been initially classified under the agreement. In practice, this means that if a financial instrument, contract term, or asset is designated in a specific way at the outset, it cannot later be re-labeled or moved to a different category to achieve a different legal or financial outcome. This clause ensures consistency and predictability in the treatment of key elements throughout the duration of the agreement, preventing parties from manipulating classifications to gain an unfair advantage or circumvent contractual obligations.
No re-classification. An Elective Deferral contributed to the Plan either as a Pre-Tax Deferral or as a ▇▇▇▇ Deferral may not be re-classified as the other type of Elective Deferral.
No re-classification. An Elective Deferral contributed to the Plan either as a Pre-Tax Deferral or as a R▇▇▇ Deferral may not be re-classified as the other type of Elective Deferral; provided, however that a Pre-Tax Deferral may be converted to a R▇▇▇ Deferral by means of an In-Plan R▇▇▇ Rollover under Section 3.08(E). However, if a Participant validly elected to make a Pre-Tax Deferral or a R▇▇▇ Deferral, and the Plan Administrator or a vendor mistakenly classified it incorrectly, the Plan Administrator will re-classify the Elective Deferral, plus the earnings thereon, as the Participant had elected prior to withholding the Elective Deferral from the Participant’s Compensation.