Senior Bump Clause Samples
The Senior Bump clause establishes that, in the event of a payment shortfall or liquidation, senior creditors are given priority over junior creditors in receiving payments. This clause typically applies in structured finance or debt agreements, where multiple classes of debt exist, and ensures that senior debt holders are paid in full before any distributions are made to subordinated or junior debt holders. Its core practical function is to allocate risk and clarify the order of payment, thereby protecting the interests of senior creditors and providing certainty in the event of financial distress or insolvency.
Senior Bump. Seniority permitting, a Flight Attendant who is not designated as Reserve may change her/his assigned reserve month by bidding “Reserve” in a month that she/he would not be on the assigned reserve list. Such election must be made prior to the opening of the PBS process and will result in a reserve line of flying. The Flight Attendant will not be eligible for a regular line of flying. When a Flight Attendant bids onto reserve out of regular rotation, it changes her/his future reserve cycle with one exception: A Flight Attendant who is on reserve by her/his own choosing during the same month they are on more than three (3) days approved vacation in a month or Personal Leave (PLOA) have not fulfilled their reserve obligation.
i. When a Flight Attendant desires to initiate "Senior Bump”, she/he must indicate such preference.
ii. Flight Attendant who is designated as Reserve but desire to be bumped off should bid a regular trip selection(s) and/or reserve selection(s). The Flight Attendant's desire will be honored only if her/his seniority who has not already bumped a more senior Flight Attendant off reserve.
iii. Should the number of Flight Attendants desiring to bump onto reserve exceed the number of Flight Attendants desiring to bump off reserve, the junior Flight Attendant(s) may be displaced from the planned reserve list.
iv. Flight Attendant(s) who are bumped off or are displaced from the planned reserve list will be considered available for the next month's reserve rotation.
Senior Bump. Seniority permitting, a Flight Attendant who is not designated as Reserve may change her/his assigned reserve month by bidding “Reserve” in a month that she/he would not be on the assigned reserve list. Such election must be made prior to the opening of the PBS process and will result in a reserve line of flying. The Flight Attendant will not be eligible for a regular line of flying. When a Flight Attendant bids onto reserve out of regular rotation, it changes her/his future reserve cycle with one exception: A Flight Attendant who is on reserve by her/his own choosing during the same month they are on more than three (3) days approved vacation in a month or Personal Leave (PLOA) have not fulfilled their reserve obligation.