Substitute Rates. If upon receipt by the Agent of a Borrowing Advice relating to any Borrowing or of a Notice of Conversion/Continuation:
(a) the Agent shall determine that by reason of changes affecting the London interbank market, adequate and reasonable means do not exist for ascertaining the applicable Eurodollar Rate with respect to any Interest Period; or
(b) the Agent shall determine that by reason of any change since the date hereof in any applicable law or governmental regulation (other than any such change in the regulations described in the definition of Eurodollar Rate Reserve Percentage in Section 1 hereof), guideline or order (or any interpretation thereof), the adoption or enactment of any new law or governmental regulation or order or any other circumstance affecting the Lenders or the London interbank market, the Eurodollar Rate shall no longer represent the effective cost to the Lenders of U.S. dollar deposits in the relevant amount and for the relevant period; or
(c) Agent shall determine that, as a result of any change since the date hereof in any applicable law or governmental regulation or as a result of the adoption of any new applicable law or governmental regulation, the applicable Eurodollar Rate would be unlawful; then, the Agent will promptly so notify the Borrower and each Lender, whereupon, the obligation of the Lenders to make or maintain Eurodollar Rate Loans hereunder shall be suspended until the Agent upon the instruction of the Required Lenders revokes such notice in writing. Upon receipt of such notice, the Borrower may revoke any Notice of Borrowing or Notice of Conversion/Continuation then submitted by it and, at its election, submit a Borrowing Advice or Notice of Conversion/Continuation selecting another Type of Loan. If the Borrower does not revoke such Notice or give a Notice as provided herein, the Lenders shall make, convert or continue the Loans, as proposed by the Borrower in the amount specified in the applicable notice submitted by the Borrower, but such Loans shall be made, converted or continued as Base Rate Loans instead of Eurodollar Rate Loans.
Substitute Rates. 17 2.9 Fees............................................................17 2.10
Substitute Rates. Employees shall not lose pay when substituting for other employees. When clerks or assistants are required to substitute for a secretary for a full day, they will be paid at the minimum secretarial hourly rate or their regular hourly rate, whichever is greater. When teacher assistants, who are certified to teach, are assigned to a substitute teaching position, they shall continue to be paid their designated hourly rate of pay or the certified substitute teacher hourly rate of pay, whichever is greater. These teacher assistants must be fully qualified as a teacher (excluding a provisional and/or substitute certification) in the State of Illinois. They must also have their certificate registered in DuPage County and on file with the Human Resources Department.
Substitute Rates. The issues of daily rates for substitute teachers and nurses will be referred to the school committee personnel subcommittee for analysis, discussion and action.
Substitute Rates. Substitute rates will be based on the part-time salary paid for that class and will be computed by using the number of instructional days that class meets, plus the pay for the final, pro-rated to 70%.
Substitute Rates. If upon receipt by the Bank of a Borrowing ---------------- Advice relating to an Advance:
(a) the Confirming Bank shall determine in accordance with the provisions of the Confirming Bank Agreement that by reason of changes affecting the New York City certificate of deposit market and/or the London interbank market, adequate and reasonable means do not exist for ascertaining the applicable CD Rate and/or Eurodollar Rate, respectively, with respect to any Interest Period; or
(b) the Bank shall determine that by reason of any change since the date hereof in any applicable law or governmental regulation (other than any such change in the regulations described in the definition of Eurodollar Rate Reserve Percentage in Article I hereof), guideline or order (or any interpretation thereof), the adoption or enactment of any new law or governmental regulation or order or any other circumstance affecting the Bank or the New York City certificate of deposit market and/or the London interbank market, the CD Rate and/or Eurodollar Rate, determined in accordance with the Confirming Bank Agreement shall no longer represent the effective cost to the Bank of certificates of deposit and/or of U.S. dollar deposits, respectively, in the relevant amount and for the relevant period; or
(c) the Confirming Bank or the Bank shall determine that, as a result of any change since the date hereof in any applicable law or governmental regulation or as a result of the adoption of any new applicable law or governmental regulation, the applicable CD Rate and/or Eurodollar Rate, would be unlawful; then, and in any such event, the Bank and the Borrower shall agree upon a rate of interest applicable to the Advance that is reasonably judged by them to be the nearest equivalent of the selected rate; provided, however, that if no such rate is judged by them to be equivalent to the selected rate, the basis for determining the rate of interest and the Interest Period shall be the Reference Rate for an Interest Period of 30 days.
Substitute Rates. Employees shall not lose pay when substituting for other employees. When clerks or assistants are required to substitute for a secretary for a full day, they will be paid at the current Step 5 hourly pay rate of the Secretary Hourly Rate Schedule or their regular hourly rate, whichever is greater. Any 10-month secretary who volunteers to substitute for a 12-month secretary on a workday(s) outside of their 10-month work calendar, i.e., during summer months, shall be paid at the current Step 5 hourly pay rate of the Secretary Hourly Rate Schedule. When teacher assistants, with a professional educator license, are assigned to a substitute teaching position, they shall be paid 1.5 times their current hourly rate. These teacher assistants must be fully qualified as a teacher (excluding a provisional and/or substitute license) in the State of Illinois. They must also have their license registered in DuPage County and on file with the Human Resources Department.
Substitute Rates. Employees shall not lose pay when substituting for other employees. When clerks or assistants are required to substitute for a secretary for a full day, they will be paid at the current Step 5 hourly pay rate of the Secretary Hourly Rate Schedule or their regular hourly rate, whichever is greater. Any 10-month secretary who volunteers to substitute for a 12-month secretary on a work day(s) outside of their 10-month work calendar, i.e., during summer months, shall be paid at the current Step 5 hourly pay rate of the Secretary Hourly Rate Schedule. When teacher assistants, who are licensed to teach, are assigned to a substitute teaching position, they shall continue to be paid their designated hourly rate of pay or the licensed substitute teacher hourly rate of pay plus $14.00 per day (prorated at an additional $2.00 per hour), whichever is greater. These teacher assistants must be fully qualified as a teacher (excluding a provisional and/or substitute license) in the State of Illinois. They must also have their license registered in DuPage County and on file with the Human Resources Department.
Substitute Rates. If upon receipt by the Agent of a Borrowing Advice relating to any Borrowing or of a Notice of Conversion/Continuation:
(a) the Agent shall determine that by reason of changes affecting the London interbank market, adequate and reasonable means do not exist for ascertaining the applicable Eurodollar Rate with respect to any Interest Period; or
(b) the Agent shall determine that by reason of any change since the date hereof in any applicable law or governmental regulation (other than any such change in the regulations described in the definition of Eurodollar Rate Reserve Percentage in Section 1 hereof), guideline or order (or any interpretation thereof), the adoption or enactment of any new law or governmental regulation or order or any other circumstance affecting the Lenders or the London interbank market, the Eurodollar Rate shall no longer represent the effective cost to the Lenders of U.S. dollar deposits in the relevant amount and for the relevant period; or
(c) Agent shall determine that, as a result of any change since the date hereof in any applicable law or governmental regulation or as a result of the adoption of any new applicable law or governmental regulation, the applicable Eurodollar Rate would be unlawful; then, the Agent will promptly so notify the Borrower and each Lender, whereupon, the obligation of the Lenders to make or maintain Eurodollar Rate Loans hereunder shall be suspended until the Agent upon the instruction of the Required Lenders revokes such notice in
Substitute Rates. I. If the Cetes Rate ceases to exist, FOCIR will calculate the applicable ordinary and moratory interest, or the moratory interest applicable to the Indebtedness, in accordance with the following priorities:
(a) The Outstanding Debt in effect will accrue ordinary interest at the annual rate obtained by adding 2.5 (two point five) percentage points to the TIIE Rate. In an even of delay of the timely and complete payment of the amounts derived from the Debt, the unpaid amount will accrue moratory interest from the date of its occurrence until the date on which it is fully paid, payable on demand, at the annual rate obtained by multiplying the Constant by the ordinary rate specified in the preceding paragraph (a) above.
(b) If the TIIE Rate ceases to exist, the Ioutstanding Debt in effect will accrue ordinary interest at the annual rate obtained by adding 2.5 (two point five) percentage points to the CCP. In the event of a delay in the timely and full payment of the amounts derived from the Debt, the unpaid amount will accrue moratory interest from the date of its occurrence until the day on which it is fully paid, payable on demand, at the annual rate resulting from multiplying the Constant by the ordinary rate specified in the preceding paragraph.
II. If not possible to determine the interest in accordance with this Agreement, FOCIR may consider the debt payment term to be accelerated and in such case, the PURCHASER, at the request of FOCIR, for a term of ten (10) calendar days there from , will prepay the Indebtedness without penalty or premium, together with the interest accrued and unpaid as of that date, determined pursuant to the last calculable interest rate as set forth hereunder. If the PURCHASER does not make such prepayment pursuant to the stipulations hereof, from that date moratory interest will generate in favor of FOCIR, as of the due date of such term, same that will be payable on demand, and will be calculated at the set fifth in paragraph (b) above, which will be calculated at the last applied rate.
