Temporary Loans. (a) The Company may loan an employee as set out in Article 8.01 provided the employee has the required qualifications to perform the job, or can be adequately instructed to perform the job, in a timely fashion.
Temporary Loans. The Company has the right to temporarily loan employees from one department to another department based upon workload or business priorities. Should the need arise to loan employees, the Supervisor, in both the outgoing and incoming departments, will communicate the employees to loan and the anticipated length of the loan to the department Union Xxxxxxx(s).
Temporary Loans. (a) The Company may loan an employee to a different de- partment or production process building providing the employee has the required qualificationsto perform the job, or can be adequately instructedto perform the job, in a timely fashion when the job is general labour tasks (examples include small packaging, drumming, jug xx- xxxxxx, assisting with grinding /blending operations). The employee with the highest seniority and required qualifications will be given the first opportunity to work or decline the temporary loan. If necessary the employee with the lowest seniority and required qualifications will be loaned and thereafter successively until the required number of employees have been loaned. An employee with seniority rights on loan will be paid the higher of the two hourly rates, if different. Employees who transfer to a new job are not eligible to apply for a job in a similar job classificationwith the same hourly rate for a period of six months from the expiration date of the previous posting. Employees who transfer to a temporary job created by an approved leave of absence will continue to accumu- late seniority in the former department or production process building. If the employee does not return from the leave of absence, the job opening will be re-posted as a permanent job and Article will apply. Employees who transfer to the Trades Department must enroll in the applicable training program directly upon transfer to that department. Shouldthe applicant fail to enroll and/or fail to complete the training program satisfactorily, the employee will be placed in the first vacancy within the plant for which he is qualified. Completing the training program satisfactorily shall be deemed to mean obtaining the diploma, certificate or ticket in an appropriate timeframe as determined by the governing body of the organization responsible for conducting the train- ing program. In the case of no governing body, the Company will set the Standards to qualify the employee.
Temporary Loans. Each Temporary Lender with a Temporary Loan Commitment severally agrees to make a loan (a "Temporary Loan", which so long as it shall be outstanding shall be a "Loan" hereunder) to Company on the Supplemental Borrowing Date in an amount equal to its Temporary Loan Commitment; the aggregate amount of the Temporary Loan Commitments is $10,000,000. The proceeds of the Temporary Loans shall be deposited into a deposit account at JPMorgan Chase Bank which shall be a blocked account until repayment of the Temporary Loans for the benefit of the Temporary Lenders. The Temporary Loans shall be used for the purposes identified in subsection 2.5G. The Temporary Loans shall be due and payable on the earlier of (a) the date on which the issuance of the Senior Unsecured Notes in an aggregate principal amount of $25,000,000 has occurred or (b) the date that is one Business Day after the Supplemental Borrowing Date, and shall be paid on such date from (i) if the Senior Unsecured Notes have been issued in an aggregate principal amount of $25,000,000, the proceeds of such Senior Unsecured Notes or (ii) if the Senior Unsecured Notes have not been issued in an aggregate principal amount of $25,000,000, the funds on deposit in such blocked account at JPMorgan Chase Bank, unless otherwise agreed by Company and the Temporary Lenders. Company hereby agrees that JPMorgan Chase Bank may debit such blocked account to repay in full the Temporary Loans with such funds on deposit. Company may make only one borrowing of the Temporary Loans. Amounts borrowed under this subsection 2.10 and subsequently repaid may not be reborrowed. The Temporary Loans may be prepaid by Company at any time from the funds on deposit in such account at JPMorgan Chase Bank. The Temporary Loans shall bear interest on the unpaid principal amount thereof from the date made to the date such Loans are repaid in full at a rate per annum determined by reference to the Base Rate plus 2.75%, which shall be payable in arrears upon repayment in full of such Loans.
Temporary Loans. The Metropolitan Council may, after the authorization of bonds under this section, provide funds immediately required for the purposes of subdivision 1 by effecting temporary loans upon terms as it shall by resolution determine, evidenced by notes due in not exceeding 24 months from their date, payable to the order of the lender or to the bearer, to be repaid with interest from the proceeds of the bonds when issued and delivered to the purchaser. The temporary loans may be made without public advertisement. History: 1995 c 195 art 1 s 13; 1Sp2003 c 1 art 2 s 135 403.33 [Repealed, 2013 c 32 s 12]
Temporary Loans. The proceeds of the Temporary Loans shall be deposited into the deposit account referred to in subsection 2.10 and thereafter applied (i) if the Senior Unsecured Notes are issued in an aggregate principal amount of $25,000,000, for working capital and general corporate purposes, including to prepay outstanding Swing Line Loans and Revolving Loans in accordance with subsection 2.4B(i) or (ii) if the Senior Unsecured Notes are not issued in an aggregate principal amount of $25,000,000, to pay or prepay the Temporary Loans.
Temporary Loans
