Alternate Rate Clause Samples

Alternate Rate. Anything herein to the contrary notwithstanding, if, on or prior to any Interest Determination Date: (a) the Administrative Agent reasonably determines that quotations of interest rates for the relevant deposits referred to in the definition of “LIBOR” in Section 1.01 are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest on such Interest Determination Date as provided herein; or (b) the Administrative Agent receives notices (each a “Market Disruption Event Notice”) from the Lenders constituting the Majority Lenders that LIBOR for any Interest Period will not adequately reflect the cost of making, funding or maintaining the Loans (any of the events set forth in paragraphs (a) and (b) of this Section 2.10, hereinafter a “Market Disruption Event”); then the Administrative Agent shall notify the Borrower and each Lender thereof within three (3) Business Days of the occurrence of such Market Disruption Event and the following provisions shall apply: (i) During the thirty-day period following the date of any such notice (the “Negotiation Period”), the Lenders and the Borrower will negotiate in good faith for the purpose of agreeing upon an alternative, mutually acceptable basis (the “Substitute Basis”) for determining the rate of interest to be applicable to the Loans, and any other amounts hereunder not paid when due, from time to time and if, at the expiry of the Negotiation Period, the Lenders and the Borrower have agreed upon a Substitute Basis and any required governmental approvals therefor have been obtained, the Substitute Basis shall take effect from such date (including such retroactive date) as the Lenders and the Borrower may in such circumstance agree. (ii) If, at the expiry of the Negotiation Period, a Substitute Basis shall not have been agreed upon or any required governmental approvals therefor shall not have been obtained, and the Lenders constituting the Majority Lenders shall reasonably determine and individually notify the Administrative Agent in writing by way of an interest-setting notice, such notice to be substantially in the form of Exhibit G hereto, that LIBOR will not adequately and fairly reflect the cost to such Lender of funding and maintaining the outstanding affected Loans, and any other amounts hereunder not paid when due, for the applicable Interest Period, then, the Administrative Agent shall so notify the Borrower of the Majority Lenders’ reasonable determi...

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. 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 an annual Variable Prime-Based Rate equal to the Prime Rate plus the Margin.

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 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. ▇▇▇▇▇▇▇▇▇ 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. ▇▇▇▇▇▇▇▇▇ agrees that in such event

Alternate Rate. If, at any time during the term of this Agreement, the Administrative Agent, acting in good faith, determines, or the Majority Lenders, acting in good faith, determine and notify the Administrative Agent (which determinations shall be final, conclusive and binding upon the Borrower) that, on a basis that is expected to be temporary: (a) adequate and fair means do not exist for ascertaining the rate of interest on a SOFR Loan, or (b) Adjusted Term SOFR or Term SOFR is not available for the relevant period for any reason, or (c) Adjusted Term SOFR or Term SOFR does not accurately reflect the effective cost to the Lenders of making, funding or maintaining a SOFR Loan and/or the costs to the Lenders are increased or the income receivable by the Lenders is reduced in respect of a SOFR Loan, or (a) the making, funding or maintaining of a SOFR Loan or a portion thereof by a Lender has become impracticable by reason of circumstances which materially and adversely affect the relevant interbank market, the Administrative Agent will promptly so notify the Borrower. Thereafter, (x) the right of the Borrower to request an Advance by means of a SOFR Loan shall be and remain suspended until the Administrative Agent or the Majority Lenders, as the case may be, determine and the Administrative Agent notifies the Borrower that the condition causing such determination no longer exists, and (y) any notice of Drawdown or Rollover in respect of a SOFR Loan which is outstanding shall be cancelled and any outstanding notice of Conversion to convert a USBR Loan into a SOFR Loan shall be cancelled and the request for a Drawdown or Rollover by means of a SOFR Loan shall be deemed to be a request for a Drawdown of, or Rollover to, a USBR Loan in the amount of the requested SOFR Loan. The Administrative Agent shall promptly notify the Borrower of the suspension of the Borrower’s right to request an Advance by means of SOFR Loan and of the termination of any such suspension.

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. Alternative Currency. At any time, any of Euro, Sterling, Canadian Dollar, and Australian Dollar, so long as, in each such case, at such time (i) such Currency is dealt with in the London interbank deposit market or, in the case of Canadian Dollars or Australian Dollars, the relevant local market for obtaining quotations, (ii) such Currency is readily available to all Lenders and freely transferable and convertible into Dollars in the London foreign exchange market, (iii) the LIBOR Rate can be calculated therefor as provided in the definition thereof for such Currency for an Interest Period of one month or such other Interest Period selected by the Borrower pursuant to and in accordance with the terms of this Agreement (as reasonably determined by the Agent), and (iv) no central bank or other governmental authorization in the country of issue of such Currency is required to permit use of such Currency by any Lender for making any Loan hereunder and/or to permit the Borrower to borrow and repay the principal thereof and to pay the interest thereon, unless such authorization has been obtained and is in full force and effect.

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.