Automatic Adjustment definition

Automatic Adjustment between redeterminations in connection with:

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Automatic Adjustment means a change to monetary compensation that is applied without action by the board due to fixation against an identified index;

Automatic Adjustment means the average percent change in base compensation of police officers in other civil service cities in Texas having a population from 80,000 to 300,000 within the Metropolitan Statistical Areas, as determined by the Joint Committee, plus two percent (2%) until the average market level is reached. The average percent change in base compensation shall be based upon the fiscal year of each city and shall be calculated as follows: CCPD means the Baytown Crime Control and Prevention District.

Examples of Automatic Adjustment in a sentence

• If the owner of a New England Mutual Affected Policy timely elects to receive the Adjustment Amount in the form of a cash payment, the Company shall mail such cash payment no later than 10 days following the Automatic Adjustment Date.

• On the Automatic Adjustment Date, the Adjustment Amount shall automatically be applied to purchase paid-up additional insurance coverage on the policy, unless the owner of a New England Mutual Affected Policy has previously notified the Company of an election to receive the cash payment option described in Section XVI.C.2 below.

• No later than 30 days preceding the Automatic Adjustment Date, the Company shall mail a letter to the owner of each New England Mutual Affected Policy, the form and content of which shall be approved by the Department prior to mailing.

• No later than 20 days following the Automatic Adjustment Date, the Company, through one of its officers who is a member in good standing of the American Academy of Actuaries, shall deliver a written certification to the Department describing in detail the benefits provided by the Company for each New England Mutual Affected Policy under this Section XVI.

• At the Issuers’ request on no less than 5 calendar days’ notice prior to the Automatic Adjustment Notice Date, the Trustee shall deliver, in the Issuers’ name and at its expense, the Merger Notice to each Holder at such Holder’s address appearing in the register of Holders.

• As a condition to any Automatic Adjustment, the Issuers shall provide, and the Trustee shall be entitled to rely upon, an Officers’ Certificate.

• Notwithstanding the foregoing, the Automatic Adjustment (as defined below) shall not require any consent of the Common Stockholders, Preferred Stockholders, Warrantholders, Key Investors, Key Investor Deciders or any other Person.

• The letter shall advise that unless the Company receives notification of the owner's election to receive the Adjustment Amount in the form of a cash payment on or before the Automatic Adjustment Date, the Adjustment Amount will automatically be applied to purchase paid-up additional insurance coverage.

• The Global Securities from which beneficial interests are exchanged pursuant to the Automatic Adjustment shall be canceled following the Automatic Adjustment.

• The letter shall advise that unless the Company receives notification of the owner’s election to receive the Adjustment Amount in the form of a cash payment on or before the Automatic Adjustment Date, the Adjustment Amount will automatically be applied to purchase paid- up additional insurance coverage.