Higher Rating. When an employee is requested to relieve in a position of higher rating, he shall receive for the full period of relief, an increase equal to one (1) increment above the rate he is presently receiving or the starting rate of such higher position, whichever is greater, and in no instance may an employee receive a rate which is greater than the maximum rate for each classification. If a paid holiday occurs during the relief, it shall be considered to be one (1) shift. The employee, when relieving outside the bargaining unit, shall be deemed to be covered by this Collective Agreement during the period of temporary transfer.
Higher Rating. When an employee is detailed to relieve in a position of higher rating for one (1) full shift he/she shall receive the starting rate applicable to the position for the entire period of relief.
Higher Rating a) When an employee is relieving in a position of higher rating for one (1) full shift he/she shall receive the starting rate applicable to the position for the entire period of relief.
b) Only time spent at work will be paid at the higher rate of pay. Any paid leave or vacation taken while relieving at the higher rate of pay will be paid out at the employee’s regular rate of pay.
c) It is understood that the above does not apply when employees are filling a posted position at a higher rate for a period longer than four (4) months.
Higher Rating. For example, an "A-" S&P Rating and a "Baa1" Moodx'x Xxxing would result in a Commitment Fee percentage equal to 0.10%. In the event the S&P Rating and the Moodx'x Xxxing differ by two levels, the Commitment Fee shall be that corresponding to that level which is in between the two applicable levels. For example, a "BBB+" S&P Rating and a "Baa3" Moodx'x Xxxing would result in a Commitment Fee percentage equal to 0.15%. In the event the S&P Rating and the Moodx'x Xxxing differ by more than two levels, the Commitment Fee shall be that corresponding to the level immediately above the lower of such Ratings. For example, an "A-" S&P Rating and a "Baa3" Moodx'x Xxxing would result in a Commitment Fee percentage equal to 0.15%. In the event: (i) the S&P Rating and the Moodx'x Xxxing correspond to different levels and (ii) both such Ratings are below level 5 (i.e. level 6 or level 7), then the Commitment Fee shall be that corresponding to the lower Commitment Fee. For example a "BB" S&P Rating and a "Ba3" Moodx'x Xxxing would result in a Commitment Fee percentage equal to 0.375%. In the event only one rating agency exists or continues rating the Company's long term senior unsecured debt, such agency's rating shall be used for purposes of the above table. In the event: (i) neither agency exists or continues rating the Company's long term senior unsecured debt or (ii) the Company no longer has any outstanding long term senior unsecured debt to be rated, the Commitment Fee for the first 90 days after such occurrence shall be the Commitment Fee in effect as determined using the above immediately prior to such occurrence. During such 90-day period, the Agent Bank and the Company shall negotiate in good faith to agree upon a new pricing grid or other appropriate pricing terms. Any such new grid or pricing terms shall be approved by the Majority Banks. In the event the Agent Bank, the Company and Majority Banks cannot agree upon such new pricing grid or pricing terms by the end of such 90-day period, the Commitment Fee shall be that corresponding to level 5 of the above table for the remainder of the term of this Agreement. Any necessary adjustment in the Commitment Fee pursuant to the terms hereof shall become effective immediately upon any change in a Rating.
