Alternate Rate. Subject to clause 8.06, whenever an employee is assigned to perform the regular duties of a higher rated position for at least a full day or shift, he/she shall be paid the minimum of the hourly rate for the position of the higher classification or an increase of sixty-five cents (65¢) per hour, whichever is the greater.
Alternate Rate. Notwithstanding any other provisions herein, if any requirement of law, regulation, order or decree or any change therein or in the interpretation or application thereof shall make it unlawful for the Funding Parties to make or maintain or supply funds for Funded Amounts available at a rate based on the LIBOR Rate as contemplated by the Operative Documents, the Commitments of the Funding Parties hereunder and under the other Operative Documents to make Funded Amounts at a rate based on the LIBOR Rate shall forthwith be canceled and the Funded Amounts then outstanding, if any, shall, if and when required by such law, be converted automatically to bear interest at a rate reasonably comparable to the applicable LIBOR Rate plus the Applicable Spread or, if such rate is not available, at the Alternative Rate. If any such conversion of the interest or Return rate applicable to the Funded Amounts is made on a day which is not the end of an Interest Period, Lessee shall pay, on such conversion date, on a pro rata basis, to each Funding Party interest or Return, as applicable, at the related LIBOR Rate, plus the Applicable Spread or other applicable amount pursuant hereto on the affected Funded Amounts to the date of such automatic conversion and, upon the request of any Funding Party, shall pay to such Funding Party such other amount or amounts as may be necessary to compensate such Funding Party for any loss or expense which such Funding Party deems to be material as reasonably determined by such Funding Party and which has been sustained or incurred by such Funding Party in respect of such Funded Amounts as a result of such conversion. A certificate as to any additional amounts payable pursuant to the foregoing sentence submitted by a Funding Party to Lessee shall be conclusive absent manifest error. As soon as practicable, any Funding Party shall notify Lessee of any event of which it has knowledge occurring after the date of this Participation Agreement, which will cause or is likely to cause a conversion of the interest or Return rate applicable to Funded Amounts pursuant to this Section 7.5, and such Funding Party shall designate a different funding office or take such other action to avoid the need for, or to reduce the amount of compensation related to, such conversion of the interest or Return rate applicable to Funded Amounts which would not, in the sole opinion of such Funding Party, be otherwise disadvantageous to such Funding Party.
Alternate Rate. Upon the occurrence (and failure to cure) of any Event of Default, or upon the maturity hereof (by acceleration or otherwise), the entire unpaid principal sum, at the option of Authority, shall bear interest, from the date of occurrence of such Event of Default or maturity and after judgment and until collection, at the ―Alternate Rate,‖ such rate being the highest interest rate then permitted by law. Interest calculated at the Alternate Rate, when and if applicable, shall be due and payable immediately without notice or demand. Developer agrees that in the event of any Event of Default, Authority will incur additional expense in servicing the loan evidenced by this Note and will suffer damage and loss resulting from such Event of Default. Developer agrees that in such event Authority shall be entitled to damages for the detriment caused thereby, which damages are extremely difficult and impractical to ascertain. Therefore, Developer agrees that the Alternate Rate (as applied to the unpaid principal balance, accrued interest, fees, costs and expenses incurred) is a reasonable estimate of such damages to Authority, and Developer agrees to pay such sum on demand.
Alternate Rate. Subject to clause whenever an employee assigned to the regular duties of a higher rated position for at least a full day or shift, shall be paid the minimum of the hourly rate for the position of the classification or an increase of thirty cents per hour, whichever is the greater. Effective October this rate increases to cents This clause does not apply to an employee in a trainee classification. The foregoing alternate rate provisions shall apply to periods during which the employee is absent on leave, receiving sick pay in accordance with or on paid or on annual vacation, provided such employee has been continuously at such alternate rate for at least three (3) months and such period has not been interrupted by an aggregate of absences on paid leave, sick pay, paid holidays or vacation in excess of twenty (20) working days prior to such absence on paid leave, These provisions shall apply only when the three (3) continuous months has been and such employee is being paid such alternate rate at the commencement of such absence and such alternate rate be paid only to the extent that it would have been paid had the employee remained at work. Subject to clause where an employee is assigned the regular of a higher rated and actually works sufficient aggregate time to qualify for an increment within the eighteen month period following the Initial assignment such position, shall be granted such increment effective the beginning of the pay period nearest the date on which qualifies for such increment. In to actual worked, and pursuant to clause all time that an employee is absent on leave, receiving sick pay in accordance with Article (Sick Pay) or on paid or annual vacation shall apply towards an employee's aggregate in qualifying for an increment. An employee may qualify for any subsequent increments in the same manner as set out above and begin to accumulate such aggregate qualifying time immediately following the effective date of the initial increment. All employees shall as a condition of their In payroll direct deposit.
Alternate Rate. Upon the occurrence of any Event of Default, or upon the maturity hereof (by acceleration or otherwise), the entire unpaid principal sum, at the option of Agency, shall bear interest, from the date of occurrence of such Event of Default or maturity and after judgment and until collection, at the “Alternate Rate”, such rate being the highest interest rate then permitted by law. Interest calculated at the Alternate Rate, when and if applicable, shall be due and payable immediately without notice or demand. Developer agrees that in the event of any Event of Default, Agency will incur additional expense in servicing the loan evidenced by this Note and will suffer damage and loss resulting from such Event of Default. Developer agrees that in such event Agency shall be entitled to damages for the detriment caused thereby, which damages are extremely difficult
Alternate Rate. Upon the occurrence of any Default, or upon the maturity hereof (by acceleration or otherwise), the entire unpaid principal sum, at the option of Agency, shall bear interest, from the date of occurrence of such Default or maturity and after judgment and until collection, at the “Alternate Rate”, such rate being the highest interest rate then permitted by law. Interest calculated at the Alternate Rate, when and if applicable, shall be due and payable immediately without notice or demand. Borrower agrees that in the event of any Default, Agency will incur additional expense in servicing the loan evidenced by this Note and will suffer damage and loss resulting from such Default. Borrower agrees that in such event Agency shall be entitled to damages for the detriment caused thereby, which damages are extremely difficult and impractical to ascertain. Therefore, Borrower agrees that the Alternate Rate (as applied to the unpaid principal balance, accrued interest, fees, costs and expenses incurred) is a reasonable estimate of such damages to Agency, and Borrower agrees to pay such sum on demand.
Alternate Rate. Upon the occurrence of a LIBOR Phase-Out Event (as defined below), the Purchaser and the County agree to use their best efforts to select a mutually agreeable alternate index to be used in replacement of the LIBOR Index Rate that complies with current proposed or final safe harbor regulations of the Internal Revenue Service, which may be the Secured Overnight Financing Rate (“SOFR”), and to amend the Bond Indenture to include appropriate modifications to implement such new rate mode into the Bond Indenture. Any such amendment to the Bond Indenture shall be in accordance with Article IX of the Bond Indenture and will require the delivery of a Favorable Opinion of Bond Counsel as set forth in Section 9.02 of the Bond Indenture. For the avoidance of doubt, the occurrence of a LIBOR Phase-Out Event and the amendment of the Bond Indenture to implement a new alternate rate mode shall not be construed as to require the County or the Purchaser to convert to such new rate mode and any subsequent conversion to such mode shall be in accordance with Section 2.04(d) of the Bond Indenture.
Alternate Rate. Subject to clause whenever an employee is assigned to perform the regular duties of a higher rated position for at least a full day or shift, shall be paid the minimum of the hourly rate for the position of the higher classification or an increase of sixty-five cents per hour, whichever is the greater. Subject to clauses and where an employee is assigned to perform the regular duties of a higher-rated position and actually works sufficient aggregate time in such higher-rated position to qualify for an increment or an automatic adjustment, shall be granted such increment effective the beginning of the pay period nearest the date on which qualifies for the increment. An employee may qualify for any subsequent increments in the same manner as set out above and will begin to accumulate such aggregate qualifying time immediately following the effective date of the initial increment. All employees shall, as a condition of their employment, participate in payroll direct deposit. The City may set rates of pay for new or changed classifications and shall advise Local of such new or changed classifications at least ten working days prior to the implementation of the new or changed rate of pay changed classification. If Local is of the opinion that the rate is unfair or improper, Local shall have the right of filing a grievance in accordance with the procedure as set forth in clause (Policy Grievances) hereof.
Alternate Rate. For any day, for any Alternative Currency, the sum of (a) a rate per annum quoted or established as the “prime rate” appearing on a nationally recognized screen (or if no such screen is available a similar rate quoted by a nationally recognized bank) as determined by the Agent in its reasonable discretion, in consultation with the Borrower and based on market conditions, reflecting the cost to the Lenders of obtaining funds in such Alternative Currency, plus (b) the Applicable Margin for LIBOR Rate Loans. When used in reference to any Loan, “Alternate Rate” refers to whether such Loan is bearing interest at a rate determined by reference to the Alternate Rate.
