Standby Rates Sample Clauses

Standby Rates. If the Buyer requires Seller’s service representative to remain locally and available to work “on call”, the Buyer will be billed a minimum of eight (8) hours per day at the applicable rate. If Seller’s service representative is called to the site after the normal working day is complete, overtime rates will apply for the additional time. In the event Seller’s service representative is not able to work at the site for reasons beyond Seller’s control, Standby Rates will apply at the applicable rate. In the event the Buyer requires Seller’s service representative to remain locally but not to report to the site on any weekday, weekend, or holiday, the time will be billed at the normal daily rate.
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Standby Rates. D2.1 Due to the nature of its operation, the Corporation may direct an employee to be available for work outside normal working hours, and he/she shall be eligible for inconvenience pay at the following rates:
Standby Rates. If the Buyer requires Seller’s service representative to remain locally and available to work “on call”, the Buyer will be billed a minimum of eight
Standby Rates. Unless otherwise specified, a standby rental rate is payable for Equipment that is put on ‘hold’ at XXXXX Premises for the priority use of the Hirer. The standby rental rate will apply from the date agreed between XXXXX and the Hirer. The Hire Fee is payable once the Equipment has been dispatched from XXXXX'x Premises.
Standby Rates. Standby rates shall commence when the rig, while in readiness to commence or resume operations, has been shut down for a period of eight (8) consecutive hours with full crews and twelve (12) consecutive hours without crews per occurrence awaiting instructions, equipment, materials or services to be provided by Venoco.
Standby Rates. Subject to the Annual Escalator, for any location at which Drilling Services are to be performed by TDI, TLR agrees to compensate TDI at the rate of REDACTED* per hour for Short Term Standby (defined below) and REDACTED* per hour for Long Term Standby (defined below). For purposes of this Services Agreement, the following terms shall be defined as follows: (i) "Long Term" shall mean and refer to a period of time that exceeds 12 hours; (ii) "Short Term" shall mean and refer to a period of time that is equal to or less than 12 hours; and (iii) "Standby" shall mean and refer to any interruption in the operation of Drilling Services, which is not directly caused by the failure of TDI, its equipment or employees, including (by way of illustration and not of limitation), any time during which operations are suspended as a result of awaiting water for drilling purposes, weather, regulatory agencies, or suspensions directed by TLR or its representatives, employees, clients or other subcontractors.

Related to Standby Rates

  • Applicable Margin As of any date of determination and with respect to the Revolving Credit Loans, the applicable margin set forth in the following table that corresponds to the Leverage Ratio for the most recently completed period for which a report in substantially the form of Exhibit D signed on behalf of the each Borrower by a Responsible Officer of such Borrower was required to be delivered hereunder: Level Leverage Ratio Base Rate Revolving Loans Base Rate Conversion Loan LIBOR Revolving Loans LIBOR Conversion Loan I < 2.50:1.00 0.75 % 1.25 % 2.50 % 3.00 % II > 2.50:1.00 1.00 % 1.50 % 2.75 % 3.25 % The Applicable Margin shall, in each case, be determined and adjusted quarterly on the date five (5) Business Days after the date on which the quarterly financial information and reports are delivered to the Agent and the Lenders in accordance with the provisions of Sections 5.1(b) and (d) (each an “Interest Determination Date”), provided that until the first Interest Determination Date following the Closing Date, the Applicable Margin shall be as set forth in Tier II above. Such Applicable Margin shall be effective from such Interest Determination Date until the next such Interest Determination Date. Notwithstanding anything to the contrary set forth above, (a) if the Borrowers shall fail to provide the financial information and reports in accordance with the provisions of Sections 5.1(b) and (d), such Applicable Margin shall, on the date five (5) Business Days after the date by which the Borrowers were so required to provide such financial information and certifications to the Agent and the Lenders, be the percentage set forth in Tier II above until such time as such information and reports are provided, whereupon the Applicable Margin shall be determined as set forth above, and (b) if an Event of Default shall occur, such Applicable Margin shall, on the date the Event of Default occurs, be the percentage set forth in Tier II above until such time as such Event of Default is cured or waived, whereupon the Applicable Margin shall be determined as set forth above. In the event that any financial statement delivered pursuant to Section 5.1 is shown to be inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would, have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, and only in such case, then the Borrowers shall, promptly upon receipt of written notice of such inaccuracy (i) deliver to the Agent a corrected financial statement for such Applicable Period, (ii) determine the Applicable Margin for such Applicable Period based upon the corrected financial statement, and (iii) promptly pay to the Agent the accrued additional interest owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with Section 2.8(c); provided that non-payment as a result of such inaccuracy shall not in any event be deemed retroactively to be an Event of Default pursuant to Section 8.1(a), and such amount payable shall be calculated without giving effect to any additional interest payable on overdue amounts under Section 2.5(d) if paid promptly on demand. This is in addition to rights of the Agent and Lenders with respect to Sections 2.5(d) and 8.2 and other of their respective rights under this Agreement.

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