Combined Overhead. The sum of the payroll additives and general administrative overhead expressed as a percent of the direct labor cost.
Combined Overhead Sample Clauses
Related to Combined Overhead
Overhead and Profit The percentage for overhead and profit to be used in calculating additive changes in the Work (not including changes covered by unit prices) shall not exceed the percentages for each category listed below. Said percentages for overhead and profit shall be applied only on the net cost of the changed Work, (i.e., the difference in cost between original and revised Work).
Overhead Contractors’ and its Subcontractors’ overhead shall include but not be limited to, all administration, supervision, scheduling, construction engineering, estimating, accounting, coordination, shop drawings and other submittals, record drawings, clerical services, documentation, reporting, transportation of personnel, security, communications, offices, small tools, legal services, insurance, financing and other construction services, goods and incidentals necessary or required to complete the Work in accordance with the proposed change order, except for direct cost items. Direct cost items shall only include labor, overtime and shift work, social security, and unemployment insurance and fringe benefits required by agreement or custom and workers' compensation insurance; materials and supplies whether unincorporated or consumed, rental machinery and equipment whether rented from the Contractor itself or others and excepting small tools; transportation of materials, supplies, machinery and equipment to the job site; temporary facilities; cleaning; testing, power and utilities; premiums for all bonds; permit fees and sales, use and other taxes not exempted.
Cost Overruns The Borrower shall ensure that all cost-overruns over the estimated construction costs of the Project as certified by a quantity surveyor or the Architect or as ascertained by the Lender as and when they occur shall be funded by the Borrower’s own equity;
Limit on Operating Expenses The Advisor hereby agrees to limit the Fund’s current Operating Expenses to an annual rate, expressed as a percentage of the Fund’s average daily net assets for the month, to the amounts listed in Appendix A (the “Annual Limit”). In the event that the current Operating Expenses of the Fund, as accrued each month, exceed its Annual Limit, the Advisor will pay to the Fund, on a monthly basis, the excess expense within the first ten days of the month following the month in which such Operating Expenses were incurred (each payment, a “Fund Reimbursement Payment”).
Consolidated Capital Expenditures (i) Company will not, and will not permit any of its Subsidiaries to, make or commit to make Consolidated Capital Expenditures in any Fiscal Year, beginning with the Fiscal Year ending December 31, 2003, except Consolidated Capital Expenditures which do not aggregate in excess of the corresponding amount set forth below opposite such Fiscal Year: Fiscal Year ending December 31, 2003 $ 5,000,000 Fiscal Year ending December 31, 2004 $ 5,000,000 Fiscal Year ending December 31, 2005 and each Fiscal Year thereafter $ 7,000,000 provided that (a) if the aggregate amount of Consolidated Capital Expenditures actually made in any such Fiscal Year shall be less than the limit with respect thereto set forth above (before giving effect to any increase therein pursuant to this proviso) (the “Base Amount”), then the amount of such shortfall (up to an amount equal to 50% of the Base Amount for such Fiscal Year, without giving effect to this proviso) may be added to the amount of such Consolidated Capital Expenditures permitted for the immediately succeeding Fiscal Year and any such amount carried forward to a succeeding Fiscal Year shall be deemed to be used prior to Company and its Subsidiaries using the amount of capital expenditures permitted by this section in such succeeding Fiscal Year, without giving effect to such carryforward and (b) for any Fiscal Year (or portion thereof) following any acquisition of a business (whether through the purchase of assets or of shares of capital stock) permitted under subsection 6.7, the Base Amount for such Fiscal Year (or portion) shall be increased, for each such acquisition, by an amount equal to the product of (A) the lesser of (x) $5,000,000 and (y) 4% of revenues of the business acquired in such acquisition for the period of four Fiscal Quarters most recently ended on or prior to the date of such business acquisition multiplied by (B) (x) in the case of any partial Fiscal Year, a fraction, the numerator of which is the number of days remaining in such Fiscal Year after the date of such business acquisition and the denominator of which is 365 (or 366 in a leap year), and (y) in the case of any full Fiscal Year, 1. (ii) The parties acknowledge and agree that the permitted Consolidated Capital Expenditure level set forth in clause (i) above shall be exclusive of the amount of Consolidated Capital Expenditures actually made with the proceeds of a cash capital contribution to Company (including the proceeds of issuance of equity securities) made by Parent from the issuance by Parent of its equity Securities after the Closing Date and specifically identified in a certificate delivered by an Authorized Officer of Company to Administrative Agent on or about the time such capital contribution is made; provided that, to the extent any such cash capital contributions constitute Net Securities Proceeds after the Closing Date, only that portion of such Net Securities Proceeds which is not required to be applied as a prepayment pursuant to Section 2.4B(ii)(c) (or pursuant to the First Lien Credit Agreement) may be used for Consolidated Capital Expenditures pursuant to this clause (ii).
Banked Overtime (a) Compensating time off shall not be given in lieu of overtime pay unless the employee so chooses. Employees who wish to bank overtime must confirm same in writing to the Company between March 1st and March 15th and again between September 1st and September 15th of each calendar year. Employees shall be entitled to cancel their decision to bank overtime at any time. In such cases, the employee shall provide the Company with a written notice confirming same, and shall not be eligible to resume banking overtime until the following March 1st or September 1st, as the case may be. (b) Accumulated banked overtime hours shall be shown on the employee's weekly pay stub until implementation of the Workbrain System, at which point such information will be available for review through that System. (c) Banked overtime shall accumulate at the rate of one and one-half (1½) or two (2) hours of paid time off, as the case may be, for each hour of overtime worked. Employees shall only bank overtime exceeding one (1) hour. If overtime worked does not exceed one hour, such overtime shall be paid out. (d) Employees shall have the option of cashing in all or any portion of said banked overtime at any time he or she chooses. Banked overtime that is subsequently cashed in by an employee shall be paid to the employee at the regular hourly rate of pay said employee was being paid at that time. All banked overtime must be used or cashed in by the end of the calendar year in which it was earned, unless otherwise mutually agreed to between the employee concerned and the Company. Separate cheques will not be issued for banked overtime but, when paid out, the banked overtime amount will be itemized separately on the employee’s pay record. (e) Subject to the following paragraph, each employee shall decide when his or her compensating time off is to be taken except that no such time off can be taken on the working day immediately preceding and following a general holiday without the prior approval of the Company. Compensating time off shall be granted to employees on a first come first served basis. Seniority shall only apply and be the governing factor in situations where on the same day, too many employees put in a request to take compensating time off at the same time. A maximum of four (4) employees per day shall be entitled to use their banked overtime. These amounts may be increased from time to time at the discretion of the Company. (f) All banked time off requests must be submitted by the Monday of the week preceding the requested time off. The minimum amount of such time off that can be taken at any one time shall be four (4) hours. The Employer agrees to respond to the employee’s request within twenty-four (24) hours. Should no response be given by the Employer, then permission for the time off will be deemed to have been granted (g) For the purpose of using banked overtime for regularly scheduled days off (excluding shut downs), each employee shall have the ability to use a maximum of forty (40) hours while working eight (8) hour shifts and forty-eight (48) hours while working continental shifts per calendar year. All other overtime banked shall be paid out to employees upon request. Should an employee want to take off more than the maximum hours off noted above per calendar year, a written request will be submitted to the Company for consideration and will be approved at the Company’s discretion. (h) No requests for time banked time off for regularly scheduled days off, between April 15th – December 31st of each year will be approved until after the vacation planner has been finalized for the year. Once the planner has been finalized all requests will be granted on a first come first serve basis. (i) No employees will have the ability to request regularly scheduled days off (excluding shut downs) during the prime time vacation period for the use of banked overtime. (j) All employees hired after April 15, 2015 will not be eligible to bank overtime.
Project Cost Overruns In the event that the Recipient determines that the moneys granted pursuant to Section II hereof, together with the Local Subdivision Contribution, are insufficient to pay in full the costs of the Project, the Recipient may make a request for supplemental assistance to its District Committee. The Recipient must demonstrate that such funding is necessary for the completion of the Project and the cost overrun was the result of circumstances beyond the Recipient's control, that it could not have been avoided with the exercise of due care, and that such circumstances could not have been anticipated at the time of the Recipient's initial application. Should the District Committee approve such request the action shall be recorded in the District Committee's official meeting minutes and provided to the OPWC Director for the execution of an amendment to this Agreement.
Turn-Over After the occurrence and during the continuance of any Default (including the commencement and continuation of any proceeding under any Bankruptcy Law relating to any other Loan Party), each Guarantor shall, if the Administrative Agent so requests, collect, enforce and receive payments on account of the Subordinated Obligations as trustee for the Secured Parties and deliver such payments to the Administrative Agent on account of the Guaranteed Obligations (including all Post Petition Interest), together with any necessary endorsements or other instruments of transfer, but without reducing or affecting in any manner the liability of such Guarantor under the other provisions of this Guaranty.
Profits and Losses For financial accounting and tax purposes, the Company’s net profits or net losses shall be determined on an annual basis in accordance with the manner determined by the Board. In each year, profits and losses shall be allocated entirely to the Member.
Variances From Operating Budget Furnish Agent, concurrently with the delivery of the financial statements referred to in Section 9.7 and each monthly report, a written report summarizing all material variances from budgets submitted by Borrowers pursuant to Section 9.12 and a discussion and analysis by management with respect to such variances.
