Rank in Class Defined Clause Samples
The "Rank in Class Defined" clause establishes the order of priority or seniority among different classes of securities, creditors, or claims within a financial or legal arrangement. In practice, this clause specifies which class of stakeholders—such as secured creditors, unsecured creditors, or equity holders—will be paid first in the event of liquidation, bankruptcy, or distribution of assets. By clearly defining the ranking, the clause ensures transparency and predictability regarding the distribution of proceeds, thereby reducing disputes and clarifying the risk profile for all parties involved.
Rank in Class Defined. For purposes of layoff rank shall be defined as the length of continuous service in a class series as determined by County personnel records while occupying a permanent position within the County. Continuous service for purposes of ranking for layoff shall be defined to include work related injury leave of up to one (1) year’s duration.
Rank in Class Defined. For purposes of layoff rank shall be defined as the length of continuous service in a class series as determined by County personnel records while occupying a permanent position within the County. Continuous service for purposes of ranking for layoff shall be defined to include work related injury leave of up to one (1) year’s duration. A class series is defined as a group of classes having common characteristics and/or promotional opportunities (e.g., as it applies to employees of the Sheriff’s Office covered by this Agreement, a class series is identified by the first two digits (36) of the County’s class code). In the event of a tie in ranking, the seniority definition in Section 13 shall be utilized.
Rank in Class Defined. For purposes of layoff rank shall be defined as the length of continuous service in a class series as determined by County personnel records while occupying a permanent position within the County. Continuous service for purposes of ranking for layoff shall be defined to include work related injury leave of up to one (1) year’s duration. A class series is defined as a group of classes having common characteristics and/or promotional opportunities (e.g., as it applies to employees of the Sheriff’s Office covered by this Agreement, a class series is identified by the first two digits (36) of the County’s class code).
Rank in Class Defined. Rank shall be defined as the length of continuous service in a class series as determined by County personnel records while occupying a permanent position within the County. Length of continuous service is prorated based on the employee’s regular schedule (FTE, full-time equivalent). Continuous service for purposes of ranking for layoff shall be defined to include work related injury leave of up to one (1) year's duration.
Rank in Class Defined. Court General Unit MOU For purposes of layoff rank shall be defined as the length of continuous service in a class series as determined by Human Resources records while occupying a regular position within the Court. Continuous service for purposes of ranking for layoff shall be defined to include work related injury leave of up to one (1) year's duration.