Overtime Rate In accordance with the applicable wage and hour laws, the overtime rate will be one and one-half (1-1/2) of an employee’s regular rate of pay. The regular rate of pay will not include any allowable exclusions.
Daily Overtime All employees shall be paid the applicable overtime rate of time and one-half (1-1/2) for all time worked in excess of eight (8) hours per day.
Determination of One-Month LIBOR Pursuant to the terms of the Global Agency Agreement, the Global Agent shall calculate the Class Coupons for the applicable Classes of Notes (including MAC Notes on which the Exchange Administrator has directed the Global Agent to make payments) for each Accrual Period (after the first Accrual Period) on the applicable LIBOR Adjustment Date. U.S. dollar deposits with a maturity of one month set by ICE Benchmark Administration Limited (“ICE”) as of 11:00 a.m. (London time) on the LIBOR Adjustment Date (the “ICE Method”). ICE’s Interest Settlement Rates are currently displayed on Bloomberg L.P.’s page “BBAM.” That page, or any other page that may replace page BBAM on that service or any other service that ICE nominates as the information vendor to display the ICE’s Interest Settlement Rates for deposits in U.S. dollars, is a “Designated Page.” ICE’s Interest Settlement Rates currently are rounded to five decimal places. If ICE’s Interest Settlement Rate does not appear on the Designated Page as of 11:00 a.m. (London time) on a LIBOR Adjustment Date, or if the Designated Page is not then available, One-Month LIBOR for that date will be the most recently published Interest Settlement Rate. If ICE no longer sets an Interest Settlement Rate, Xxxxxxx Mac will designate an alternative index that has performed, or that Xxxxxxx Mac (or its agent) expects to perform, in a manner substantially similar to ICE’s Interest Settlement Rate.
Overtime Rates All overtime hours shall be compensated at the rate of time and one- half (1-1/2).
Sleeping Room Rate(s) A. The Contractor shall provide sleeping rooms to the Attendees at the following rate during the Program:
i. For single occupancy room, $@@@.@@ per night per room.
B. The Contractor agrees that it will waive all applicable taxes and surcharges for Attendees listed on the Master Account Approval List, pursuant to the Hotel/Motel Transient Occupancy Tax Waiver (Exemption Certificate for State Agencies) form signed by the Judicial Council and included in this Agreement in Exhibit H.
C. The Contractor may xxxx tax and/or surcharges, and/or tourism fees, if any, in addition to as included in the sleeping room rate, as set forth in this provision.
D. The Contractor shall extend the sleeping room rate to Attendees two (2) Days before the Program and two (2) Days after the Program based on availability.
Wage Rate The hourly rates for full-time junior and adult apprentices as set out in this agreement shall apply to school based apprentices except that the school based apprentice for pay purposes will be paid a further 25% of hours to the actual hours worked for off the job training.
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.
Limit on Rate of Interest (a) No Payment shall exceed Lawful Rate. Notwithstanding any other term of this Agreement, the Borrower shall not be obliged to pay any interest or other amounts under or in connection with this Agreement in excess of the amount or rate permitted under or consistent with any applicable law, rule or regulation.
Laws Affecting LIBOR Rate Availability If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for any of the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain any LIBOR Rate Loan, such Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly give notice to the Borrower and the other Lenders. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances no longer exist, (i) the obligations of the Lenders to make LIBOR Rate Loans and the right of the Borrower to convert any Loan or continue any Loan as a LIBOR Rate Loan shall be suspended and thereafter the Borrower may select only Base Rate Loans hereunder, and (ii) if any of the Lenders may not lawfully continue to maintain a LIBOR Rate Loan to the end of the then current Interest Period applicable thereto as a LIBOR Rate Loan, the applicable LIBOR Rate Loan shall immediately be converted to a Base Rate Loan for the remainder of such Interest Period.
Calculation of Overtime If the overtime work has been carried out before as well as after the regular working hours during a certain day, the overtime periods shall be added together. Only full half hours are included in the calculation.
