MULTIPLE RATES. Borrowers understand and agree that: (i) subject to the provisions of this Agreement, the Line Base Rate and the Line LIBOR Rate may apply simultaneously to different parts of the outstanding principal balance of the Line, (ii) the Line LIBOR Rate applicable to any portion of outstanding principal of the Line may be different from the Line LIBOR Rate applicable to any other portion of outstanding principal of the Line, (iii) portions of the Line bearing interest at the Line LIBOR Rate must be in a minimum increment of Five Hundred Thousand Dollars ($500,000.00) and multiples of One Hundred Thousand Dollars ($100,000.00), (iv) as of any one time or from time to time, there will be no more than four (4) different rates of interest applicable to advances and loans made under the Line (for example, three (3) Line LIBOR Loans bearing different Line LIBOR Rates and all remaining outstandings bearing interest at the Line Base Rate); and (v) Bank shall have the right to terminate any Line Rate Period and the Line LIBOR Rate applicable thereto, prior to maturity of such Line Rate Period (without any prepayment penalty payable by Borrowers as a result of such termination), if Bank determines in good faith (which determination shall be conclusive) that continuance of such interest rate has been made unlawful by any law, statute, rule or regulation, to which Bank may be subject, in which event the principal to which such terminated Line Rate Period relates thereafter shall earn interest at the Line Base Rate.
MULTIPLE RATES. (a) If an Employee works hours for which this Agreement:
MULTIPLE RATES. If an employee, other than an employee to whom Schedule applies, works more than of hi on a higher-rated job than his regular classification, he will be paid the higher rate for the whole ARTICLE INDUSTRY FUND
MULTIPLE RATES. If an employee, other than an employee to whom Schedule applies, works more than fifty percent (50%) of his shift on a higher-rated job than his regular classification, he will be paid the higher rate for the whole shift. ARTICLE INDUSTRY FUND
MULTIPLE RATES. Overtime and penalty rates in this Agreement are not cumulative. Where multiple rates apply, the employee is entitled to the highest of the rate, but not both.
MULTIPLE RATES. Borrowers understand and agree that: (i) subject to the provisions of this Agreement, the Prime Rate and the LIBOR Rate may apply simultaneously to different parts of the outstanding principal balance of the Line, (ii) the LIBOR Rate applicable to any portion of outstanding principal of the Line may be different from the LIBOR Rate applicable to any other portion of outstanding principal of the Line, (iii) portions of the Line bearing interest at the LIBOR Rate must be in a minimum increment of One Million Dollars ($1,000,000.00) and multiples of One Hundred Thousand Dollars ($100,000.00), (iv) no more than three (3) LIBOR Rate advances shall be outstanding at any one time, and (v) Bank shall have the right to terminate any Rate Period and the LIBOR Rate applicable thereto, prior to maturity of such Rate Period (without any prepayment penalty payable by Borrower as a result of such termination), if Bank determines in good faith (which determination shall be conclusive) that continuance of such interest rate has been made unlawful by any law, statute, rule or regulation, to which Bank may be subject, in which event the principal to which such terminated Rate Period relates thereafter shall earn interest at the Prime Rate.
MULTIPLE RATES. Borrowers understand and agree that: (i) subject to the provisions of this Agreement, the Certificate Rate, the National Commercial Rate and the LIBOR Rate may apply simultaneously to different parts of the outstanding principal balance of the Line, (ii) the LIBOR Rate applicable to any portion of outstanding principal of the Line may be different from the LIBOR Rate applicable to any other portion of outstanding principal of the Line,
MULTIPLE RATES. If an employee, other than an employee to whom Schedule applies, works more than of his shift on a higher-rated job than his regular classification, he will be paid the higher rate for the whole shift. ARTICLE INDUSTRY FUND Effective May the Emplovers agree to contribute eight cents per hour for each hour worked by all employees covered by this Agreement to the Industry Fund. Effective July this amount shall be increased to ten cents per hour. Effective May the Employers agree to contribute five cents per hour for each hour worked by all employees covered by this Agreement towards an Industry Liaison Fund. The Employers agree to remit the contribution required under Article to the Union (or, where applicable, to any one of the Local Unions to which Schedule applies) not later than the day of the month following the month for which the contribution is due. It is agreed that Employers shall use the Welfare Contribution Form (or such other form as is specified by the or any one of the Local Unions to which Schedule applies) the calculation and remittance of the Industry Fund contribution. The Union agrees that these sums, which represent each Employer's contribution to the cost of negotiating and administering this Agreement, shall be forwarded to the Association on a monthly basis. , ARTICLE MAINTENANCE OF CONDITIONS The Council, the member Unions of the Council and the Local Unions covered by the schedules hereto shall not enter into any agreement, arrangement or understanding which includes wages or conditions which are inferior to those contained herein for work covered by this Agreement, save and except where such wages and conditions are part of the Agreement between The Labourers' and Operating Engineers' Bargaining Agencies, Designated pursuant to Section of the Act. If the Council, a member Union of the Council or a Local Union covered by the Schedules hereto enters into an agreement, arrangement or understanding in violation of the foregoing, this agreement shall be amended such that the wages and conditions of such agreement, arrangement or understanding shall become the wages and conditions applicable to all work covered by such agreement, arrangement or understanding within the geographical area of the Council, member Union or Local Union which was party to the agreement, arrangement or understanding.
