6Rates. Subject to the Contract Documents, Mine Plus will be paid an hourly charge-out rate determined by reference to the table of hourly rates attached to this Article 3.6 and PART THREE – FEE PARTICULARS of the Work Order for all time spent by its Personnel in the performance of the Services as verified by time sheet records submitted to and approved by the Client. Mine Plus acknowledges and agrees that the Hourly Rates are inclusive of salary, wages, burdens and benefits, overtime allowance, bonus, tele-medical costs, overhead expenses and profit. The Client and Mine Plus acknowledge and agree that the Hourly Rates: -Are in US Dollars ($); -Are subject to annual adjustment on January 1st of each year based on Inflation rate for the previous calendar year; -Do not include any taxes or VAT; The Company shall pay the Consultant for the Services on a fees basis as per Hourly Rates values based on resources: European resources: $/h US resources: $/h Executive 210 Executive 270 Management/Technical 130 Management/Technical 205 Senior 110 Senior 140 Junior 90 Admin 60
6Rates. The interest rate on Loans denominated in Dollars or an Alternate Currency may be determined by reference to a benchmark rate that is, or may in the future become, the subject of regulatory reform or cessation. Regulators have signaled the need to use alternative reference rates for some of these benchmark rates and, as a result, such benchmark rates may cease to comply with applicable laws and regulations, may be permanently discontinued or the basis on which they are calculated may change. The London interbank offered rate, which may be one of the benchmark rates with reference to which the interest rate on Loans may be determined, is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the ICE Benchmark Administration (“IBA”), the administrator of the London interbank offered rate, and the Financial Conduct Authority (the “FCA”), the regulatory supervisor of IBA, announced in public statements (the “Announcements”) that the final publication or representativeness date for the London interbank offered rate for: (a) Sterling, Yen and Euros will be December 31, 2021, (b) Dollars for 1-week and 2-month tenor settings will be December 31, 2021 and (c) Dollars for overnight, 1-month, 3-month, 6-month and 12-month tenor settings will be June 30, 2023. No successor administrator for IBA was identified in such Announcements. As a result, it is possible that commencing immediately after such dates, the London interbank offered rate for such currencies and tenors may no longer be available or may no longer be deemed a representative reference rate upon which to determine the interest rate on applicable Loans. There is no assurance that the dates set forth in the Announcements will not change or that IBA or the FCA will not take further action that could impact the availability, composition or characteristics of any London interbank offered rate. Public and private sector industry initiatives have been and continue, as of the date hereof, to be underway to implement new or alternative reference rates to be used in place of London interbank offered rates. In the event that the London interbank offered rate or any other then-current Benchmark is no longer available or in certain other circumstances set forth in Section 3.5(c), such Section 3.5(c) provides a mechanism for determining an alternative rate of interest. The Agent will notify the Borrower, pursuant to 1...
